What are the Responsibilities of a Property Management Company?

Being a landlord has a lot of responsibilities to it, including the responsibility of the many small tasks that need to be done that you may not have anticipated when you decided to invest in a rental property. From managing tenants to dealing with repairs, to handling bookkeeping, there is a lot to do, and you may be too busy from a day job, or in other aspects of your life, to handle it all. What can you do if you are feeling overwhelmed? Consider a search for property management companies near me; but what exactly are the responsibilities of a property management company?

Property Advertising

Finding tenants can sometimes be difficult, so the first task of property management companies near me is to put out advertisements for any vacancies you may have on your properties. They’ll use whatever platforms are appropriate for your region to ensure a good coverage and quick turn-over for empty units.

Tenant Screening

Once you have some tenants lined up, you need to choose the right one for your unit—one that will be responsible, that will not cause damage, that has a good tenant history, and that will be able to pay rent on time. Property managements companies near me will go through the process of screening your potential tenants, from background and credit checks to their history with previous landlords. Property managers are also up to date on anti-discrimination laws when it comes to tenant choosing.

Tenant Move-In

Having a new tenant move in is more complicated than just signing a paper and handing over the keys. Property management companies near me will go through the process of ensuring a fair lease, a proper rent rate for the local area, for negotiating lease start and end dates, as well as for gathering the first and last months’ rent and for handling move-in inspections with photo evidence. They’ll also prepare a welcome kit for your tenants with all the pertinent information they need, along with the key.

Maintenance, Repairs and Complaints

If your new tenants have any issues with maintenance, repairs, or other issues, they will all go through your property management company first before coming to you. Property management companies near me will also provide a 24/7 hotline so you won’t have tenants calling you in the middle of the night with an emergency.

Rent Collection

Collecting rent can sometimes be a hassle, especially if it isn’t done through automatic deposits. Property management companies near me will handle gathering rent, tracking down unpaid rent, dealing with rent reminders, and, if needed, initiating and handling the entire eviction process for unpaid rent for you.

Property Inspections

Having inspections yearly is an important preventative measure to take when you own rental properties. Property management companies near me set up inspections once a year to go through units to check for issues that need repaired—small issues tenants may not notice can become big ones quickly.

Tenant Move-Out

When a tenant moves out, property management companies near me will do damage inspections and provide a list of estimated damages to the former tenant. They’ll return any remaining security deposit to former tenants. They will also be responsible for re-keying all the locks and making repairs. After, they’ll clean the unit and put it back up for advertising.

Bookkeeping

Dealing with your bookkeeping can take up a lot of time, so property management companies near me will do it for you. Sending out rent receipts, annually reporting financial statements and expense reports, documenting payments made on your behalf, reporting yearly tax information, documenting repair expenses, filing work orders, etc. are all included in the property management company’s responsibilities.

Handling everything there is to do for managing a rental property can be complicated and can take up a lot of your time, but if you search for property management companies near me, you’ll find companies, like Trustart Realty, that are able to professionally manage your property for you. Contact us for more information.