What does a Property Manager or Property Management Company do?
A property manager or property management company will market your rental property to minimize vacancies and maximize income. This will be done by one or multiple mediums, such as advertising the property on their website, online advertising, newspaper advertising, placing a for rent sign on the property and by adding the property to their posted rental vacancy lists.
A property manager or property management company will fill vacancies with qualified tenants. A qualified tenant is a tenant who passes a background and credit verification check as well as receiving a good reference from current and past landlords and employers.
A property manager or property management company will perform maintenance on your rental property and keep the property in good condition and ensure the property maintains curb appeal and maintains the property in a marketable condition. A property manager or property management company will have an in-house team of maintenance technicians or will have established relationships with maintenance and mechanical vendors, such as plumbers, electricians, appliance repairmen, snow removal companies and lawn care companies to ensure routine maintenance and emergency repairs can be done in a timely fashion at a reasonable hourly rate.
A property manager or property management company will negotiate leases and maintain proper record keeping. A Property Manager or Property Management Company will also ensure that upon expiration of the lease that the tenant signs a lease extension to ensure longer tenant retention.
A property manager or property management company will collect rents, collect security deposits (damage deposits) and maintain tenant relations.
A property manager or property management company will ensure all activities comply with all Federal, State Local Laws such as following all guidelines for return of damage deposits upon the tenant vacating the property. Many State laws require that damage deposits and deductions from the damage deposits be documented and given to the tenant within a specified time-frame. For example, if a tenant moves out of a property and the damage deposit is not returned to the tenant or the tenant is not notified with an itemized list of deductions from the damage deposit, the tenant may be entitled to legal damages as well as their full security deposit returned to them.
A property manager or property management company will keep a record all income and expenses for a property on a monthly basis and report all income and expenses to the property owner as well as disburse any net income. A reputable property manager or property management company will provide documentation and receipts of all necessary repairs on the property.
A property manager or property management company will provide annual reports documenting income and expenses for the year as well as comply with the Internal Revenue Service time-frames for reporting.
A property manager or property management company will keep you informed as to the status of the property, such as expected vacancies and a plan for marketing and re-renting the unit as well as expected time frame of vacancy, necessary maintenance and projected future maintenance needs of the property to ensure the asset is protected and to maintain tenant retention.
