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Property management is the control, oversight, and management of physial property or real estate. It covers commercial, residential, or land real estate. The management fulfills the role of caring for and monitoring real estate, making themselves accountable for and attentive to its critical lifespan and condition.
Property management also involves overseeing physical assets, equipment, personal property, and tooling necessary for building. This could include repairing and maintaining end item deliverables.
Property management’s key purpose is to assign manpower, processes, or systems to manage the life cycle of any acquired property.
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The property manager’s role is to advertise your rental property, craft lease agreements, handle tenant inquiries, screen applicants, select suitable candidates, conduct a move-in inspection, and collect rental income. In addition, the company schedules necessary maintenance, presents financial statements to you, and issues any other relevant information regarding your investment.
Generally, a property manager will manage routine tasks you delegate to them and preserve property value to generate income. Their roles revolve around 4 main things: The rent, the property, tenants, and owners.
The Rent
Property managers take on setting the right rent amount on behalf of owners. Setting the right amount attracts quality renters and ensures the owner gets a decent income. In addition, your property manager will collect rent and communicate to tenants in case of rental adjustments.
- Rent Setting
Property managers understand your area’s market pricing range for rental properties. They also have ways of assessing various features incorporated in your property, setting rent accordingly to ensure the owner capitalizes on their investment and the rentals get occupied. A property management company can also help you set up a rent payment schedule that works for both you and your tenants. This could include setting up automatic payments, allowing for online rent payments, or even accepting credit cards. Having a rent payment schedule that is easy for your tenants to follow will help reduce late payments and missed rent.
- Rent Collection
Rent collection is achieved in different forms, and the property managers set policies to facilitate the process. Whatever the method, it should guarantee the highest prompt payments with little effort from tenants and management. Rental collection policies may include online payments, mailed cash, certified funds and personal checks. The property manager also handles late payments, unpaid rent, and tenants’ eviction due to payment failure.
- Announcing Rent Raise
In case of rent increases, property managers address it to tenants in legal and appropriate means. They may educate tenants on the pros and cons of matching rental prices to market rates, including addressing tax increases facilitating maintenance and improvements.
The Property
Property managers are responsible for physically safeguarding rental property through regular repairs and maintenance. That way, the property stays in proper, livable conditions for current tenants. It also keeps its attractiveness and stays rent-ready for future occupants.
- Maintenance
To keep the property in great condition, property managers will routinely perform preventive maintenance. These maintenance tasks are on-site. Others may hire vendors for the job. Maintenance works may incorporate HVAC servicing, landscaping, animal proofing the exterior, and gutter cleaning.
- Repairs
Property managers will communicate all issues needing repair to the property owner and schedule repairs as appropriate. Other concerns can be carried to owners by tenants. Typical repairs may include broken railings, HVAC and plumbing, and shared light-bulb replacements.
- Inspections
Typical repairs can escalate to costly repair when left unattended. The property manager checks different property components regularly, communicates to the owner, and schedules repairs and maintenance. Inspections can cover various forms: drive-by inspections and seasonal or move -in/-out inspections.
Tenants
Among many primary responsibilities, handling tenant-related issues is crucial. These issues may include developing and enforcing lease terms, screening tenants, managing tenant funds, handling bad tenants, and addressing complaints.
Finding new tenants is an essential task for property managers. They address vacant properties through marketing support and finding quality clients for the property. Owners may find an empty property a huge concern, and managers avail themselves to get the property rented quicker. They may use rental post signs, online stage advertisements, or use referrals from current tenants.
In addition, property managers must screen tenants. Screening ensures only qualified tenants are allowed as per the owner’s requirements. Therefore, they will abide by lease terms, pay rent on time, and handle the owner’s property well. Legal tenant screening can incorporate the following: credit check, criminal background, employment verification, and positive rental history. The manager may also enforce penalties like fines, eviction from the property, and contract termination to protect the agreement.
Overall, the property manager will attend to tenant complaints and evictions. Tenant complaints are typical in rentals, and solving them consumes considerable time. Tenants’ complaints may cover property integrity or address neighbor-related issues through a written email or online tenant portal.
In some cases, some complaints may result in the legal evictions of some tenants from the property. Eviction processes often take long, and the management observes the right legal procedures, ensuring issues are handled appropriately.
Owners
If you are a property owner, the property management reports to you directly. In addition, their report regarding the property performance, legal issues, and owner funds must be relevant.
Given that it’s a form of investment, owners will want to hear how their property performs. And the management must actively communicate maintenance requirements, vacancy rates, business policies, expenses, and legal issues related to their property and income. To communicate to the owners effectively, property managers may link the owner to an online property performance portal (owner portal) or reach out via email or phone call. And sometimes, managers may offer owners valuable input regarding rental rates, legal issues, or property maintenance and repairs.
Overall, property managers handle owner funds. These are rents they collect from tenants and disburse to property owners. In addition to collecting owner funds, they should handle it properly in legal terms. That may include secluding owner funds from operating capital.
