Hiring a professional property management service is one of the biggest and toughest decisions you will make as a landlord. Property management companies are the huge asset to your business and add significant value to your investment.
What Does a Property Manager Exactly Do?
A property manager is responsible for everything that goes on related to your rental property and performs a number of different tasks that saves you from stress and lots of legwork. They are qualified to perform,
– Monitoring properties under management
– Supervising the maintenance of investment properties
– Helping tenants move out
– Collecting rents and other expenses
Here we’ve listed the important aspects every property managers should possess to become a better consultant than others.
A good property manager makes sure that the tenants stay in the property and works towards keeping quality renters in properties as long as possible. They perform timely renewals to improve the value of the property and avoid the cost of turning over the unit. The repairs and enhancements are done periodically to justify the increase in rent and secure tenant retention.
Effectively Markets Properties to Qualified Tenants
A qualified property manager just doesn’t market the vacancy to the public but makes all the efforts to find qualified tenants. Some property managers even invest in effective property management software to streamline the marketing aspects of investment properties. They place ads on local classified and community magazines to generate more quality leads and conduct a comprehensive background checks to filter out the weeds.
They perform preventive maintenance and regular building maintenance to avoid any costly repairs and complex maintenance issues. If preventive maintenance isn’t done periodically then it might lead to expensive damage in the future. They also obtain multiple quotes from vendors to choose the one who offers services at reasonable prices.
Protect Documentation and Control
It’s a property manager’s duty to maintain proper documentation control on behalf of the landlord. They store a varied pool of owners and tenant’s private data including account numbers, social security numbers, driver’s licenses numbers and more. They also ensure that the information they have collected and maintain is accurate and kept safe.
Lastly, property managers should communicate openly with clients and tenants during the course of the property management. They should also communicate effectively with entities like attorneys, city inspectors, renovation contractors, utility companies, roofers, plumbers, electricians, ad agencies, background check service providers, collection agencies, real estate agents/brokers, and other business managers and document the communication for future follow up.
The author has 27 years of experience in the industry as property manager and writes about the various aspects followed and to be included in the property management services. Visit propertymanagerskc.com for more.