No two property management companies are the same, but they share a lot of common responsibilities. Property managers are required to handle tasks like finding tenants, property maintenance, financial reporting, and many others so that your rental properties are kept clean, safe, and profitable. In particular, there are nine essential property management responsibilities that help preserve and even grow the value of your real estate investment properties.
1) Attracting and Screening Tenants
One of the primary things that a property manager does is the job of attracting and screening tenants. This is most often the first thing that comes to mind when property owners think about the work of property managers. In the event of a vacancy, the Mundelein property manager is responsible to push the property effectively in the market— creating a campaign for it. And as applicants come in, it’s up to the manager to thoroughly screen them, meeting with them to show the house as well as managing the application process from start to finish.
2) Lease Documents and Signing
Property management companies would have professional lease documents on the ready for owners to customize and use. The property managers not only prepare and obtain approval of all lease documents and addenda, but they also coordinate document signings and related tasks.
3) Setting Competitive Rental Rates
To keep their property competitive in the local market, property owners can ask their property management companies to help them set the best monthly rental rate for their property. Larger companies like Real Property Management Northwest Chicago Suburbs also offer the service of collecting and analyzing detailed market data specific to your area, and from that, create a custom assessment just for you.
4) Rent Collection
Pretty much all property management companies function as rent collectors as well. As technology gets better and better, this process has been simplified and automated. Now, more than ever, rent collection can be done quickly and efficiently. By offering online rent payment to tenants and automatic deposits to property owners, property managers ensure a consistent stream of rental income each and every month.
5) Maintenance and Repairs
Another significant responsibility that property managers have is making sure that the rental property is in good condition. It’s crucial that your rental house is safe and habitable. It should, at least, meet these standards before it can be made profitable. This is why many property management companies have regular maintenance and repair services. They often team up with local vendors, contracting them to do the tasks at preferred rates.
6) Knowledge of Landlord-Tenant Law
Property managers often have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. Knowing the laws well can help them handle difficult tenant situations safely and legally, making sure they won’t do anything to compromise the owner when dealing with tenant death, divorce, and evictions. Property managers who know the law and keep it help protect Mundelein property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
On top of managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Most property management companies give detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
How the move-in and move-out process is handled is another common responsibility of the property manager. To keep the number of days a property is vacant at a minimum, a property manager often starts searching for a new tenant as soon as the current one gives notice of their intent to vacate. This will maximize the profits of the property leased during the transition. When the tenant leaves, a property manager can get the home ready for the next tenant quickly and efficiently, relying on a network of service technicians to help ensure your vacancies between tenants are as short as possible.
9) Effective Communication
As a property owner, you must know that your property is being managed professionally and efficiently. This is why many property managers will supply regular updates about how your property is doing, as well as any concerns or other issues that may arise. While effective communication is one responsibility that some property management companies sometimes overlook, finding a property manager that offers ongoing communication is the key to your long-term satisfaction.
These nine essential responsibilities make choosing a suitable property management company one of the most crucial decisions that a real estate investor can make. Each of the tasks performed by a property manager means one less task on your plate, freeing you to spend your time on growing your business. At Real Property Management Northwest Chicago Suburbs, we do this by taking on all of the essential property management responsibilities – and much more. Our property management professionals can help you to maximize your rental home’s potential through our proprietary systems and world-class services. To learn more, contact us today.
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