What does a property management company do?

While hiring a property manager comes at a cost, many owners view it as an investment. They handle a wide range of responsibilities, from day-to-day tasks to challenges like eviction. And they save you time and energy. Here are some of the ways a manager can support your rental business.

Sources And Tenant Screens

Property management companies are responsible for finding new tenants and moving them in. Thus, they take over when it is time to attract potential occupants and show them the good. They also select rental applicants because they want reliable tenants.

Once that person moves in, they become responsible for the well-being of that resident. This includes addressing their concerns or possibly moving them.

Collects the rent

Collecting rent is a standard responsibility for a property manager. But they do more than pick up your check for you.

They analyze market conditions to inform rental prices. So you make a profit while your tenants pay a competitive price for the unit. This is important because it helps you avoid vacations, which are a financial liability. A property manager also handles the rental agreements for you, although you should be the one signing the document.

Manage unpaid bills

Tenants issues are also on the agenda of property managers. Thus, when a tenant is in arrears with payment or violates the terms of their rental agreement, they take care of it. This may mean collecting late payments or handling the eviction process. The rental agreement usually defines how managers should deal with broken rules or repeat offenders.

Performs routine maintenance

Property management companies regularly perform maintenance on properties. Their preventative care means the property remains in great condition. In addition, they respond to customer requests.

If a problem arises with the unit, the manager hires staff to resolve it. A property management company can arrange maintenance such as landscaping, painting or repairing drywall, and repairing household appliances.

Since the owner assigns them this role, they may also have to perform inspections of the touring units.

Handles tenant complaints

If a tenant needs to make a request or file a complaint, they report to the manager – not you. The manager can handle the problem internally if the problem is small enough. But they can also hire external specialists for complex problems. It means that you stay calm no matter what.

Manage invoices and accounting

You would be hard pressed to find an investor who enjoys bookkeeping. Property management companies relieve you of this responsibility, in addition to processing invoices. Some offer the service for free, but it doesn’t hurt to pay for it. A manager can help you minimize taxes or protect important documents, saving you from costly mistakes.