When you hire a property management company, it’s a good idea to understand what they do and don’t do. Some property managers may do it differently than others, but they all tend to have specific duties to fulfill. Let’s look at the most typical things your property management company will handle.
Handling Rent
It may seem rather basic, but your property management company will collect rent, along with setting rent and adjust it, as necessary. You won’t have to worry about anything when it comes to the actual rent as your property manager will take care of it all.
Even when it comes to enforcing late fees, your property management company will take care of it.
Managing Tenants
Tenants are rather important to your rental properties. When you hire a property management company, they will take care of everything necessary to serve your tenants.
At Suncoast Rentals, we take care of finding and screening tenants, along with fielding complaints, handling emergencies, dealing with move-outs, and handling the leases. We will even handle the eviction, if necessary.
A good property management company will take care of everything necessary to find, screen, keep, and serve your tenants.
Maintenance
Your properties will need repairs and maintenance from time to time. When this happens and a tenant informs the property manager of the issue, it will be handled. You won’t need to worry as your property management company will take care of the maintenance and repairs needed.
Budget and Records
A good property management company will help set the budget for your properties and will also maintain all necessary records. Since property management companies understand the landlord/tenant laws, they will know what to keep records for and what is expected when it comes to these records.
Important records, such as income, expenses, inspections, signed leases, complaints, repair records, rent collection, insurance records, and more will be handled by your property management company.
Marketing
Along with the above tasks, your property management company will also handle marketing your property when it needs a tenant. Whether this means listing it on real estate websites, creating signs, or taking care of paid and free rental listings online, they will take care of it all.
Some of the other things property management companies take care of include:
- Handling security deposits
- Terminating leases
- Evicting tenants
- Making sure the property metes property safety standards
- Supervising other employees on the property
- Securing vacant properties
- And More!
When you grow your rental business to a point where you need to hire a property management company, you’ll have much less to worry about. You’ll be able to turn over your properties to your manager and they will take care of the rest.
The exact responsibilities of your property manager will vary depending on the type of property and the terms of your contract. Managing a large apartment complex is a bit different compared to managing a dozen single-family homes. Make sure you understand the terms of your contract with your property management company.
