Different property manager provide different set of property management services, and their task varies depending on how you want them to work for you and your rental property. Some managers act as the go-between the landlord and tenants, while others manage the day to day operations of the real estate business, saving their clients from the hassles and headaches of being a landlord. These services include advertising the property, accommodating prospective tenants, screening tenants, conducting the necessary maintenance and repairs on the property, collecting monthly rents, communicating between owner and tenants, as well as serving up evictions.
What are typical property management services?
The responsibility of the property manager will vary depending on the type of hands on work, the salary requirements, and the specific terms in the management contract. Though usually the property management services will include:
Setting the Initial Rent Level
- Though you can always set the rental rate for your rental property yourself, a property manager will help you calculate and assess the most competitive market rental rate. The manager will use his skills, his experience, and his judgment on pricing the rental rate at the highest rate while fulfilling any open vacancies. Doing so will increase the margins for the landlord, while increasing the property manager’s commissions; a win-win situation for both parties.
- Property managers are responsible for advertising and marketing your rental property to quickly fill vacancies with tenants. They have the marketing skills and experience to make effective ads. They also make recommendations on cosmetic improvements ideas to makeover your property and better its chances to get tenants in fast.
- Property managers are also responsible for screening potential tenants and go through their applications. Sometimes filling vacancies quick may lead to leasing to the wrong tenants. However, property managers are well suited to read people and know who is or isn’t the best fit for you and your rental space. Property managers also run credit check reports and criminal background check to know more about who the potential applicants are and to know who pays on time and who the problematic and stressful tenants are.
- These people are responsible for handling lease; setting up the length of the lease, and make sure it adhere all the important provisions to protect the interest of the real property owner. This includes determining the right amount for the security deposit.
Handling Tenants’ Complaints and Emergencies
- Managers act like landlords, and like any other good landlord, they handle the issues and needs of the tenants, such as to confirm and execute maintenance requests, to handle noise complaints, and to call contacts for emergency situations.
Handling Move Outs
- Property managers are also responsible for conducting a move out inspection of the rental property when tenants vacate. The managers would check the units for damages and figure out how much should be deducted from the security deposit to fix any problems.
Dealing with Evictions
- Evicting problematic tenants can be a very stressful and demanding, and this is maybe, the most important role of property managers, as they save clients from all the headaches of evictions and deal with it instead.