What Are The Responsibilities of a Property Management Company?
Are you thinking of hiring a property management company to help manage the responsibilities that come with owning a property? If you own a rental property and self-manage it, you may find there is a lot more to being a landlord than you originally anticipated.
You may be wondering what exactly a property management company is and what its responsibilities entail when it comes to handling your investment property. We’ll be giving you the rundown of what an experienced, qualified property management company can offer you.
Property Advertising
One of the most critical responsibilities your property management company has is advertising your vacant property to a high-quality tenant pool. They use a diverse set of platforms such as the MLS to expose your property to a broad group of prospective tenants. They will also communicate directly with those who reach out with interest in your property.
Tenant Screening
Your property manager will thoroughly screen all potential tenants. This includes background and credit checks to ensure they have no criminal background, previous evictions, or outstanding debts.
Good property management companies have reliable and verified screening process that helps them select tenants who will:
- Rent long-term
- Pay on time
- Minimize wear and tear of the property
- Cause fewer problems
Additionally, your property management company is responsible for avoiding any discrimination regarding fair housing laws and screening potential tenants.
Maintenance, Repairs, and Complaints
Anytime your tenant has a maintenance or repair request, your property management company will be the one who takes care of it. Many property management companies also offer access to an on-call maintenance crew that is available 24/7. Not having to take after-hour calls from tenants is one of the best benefits of enlisting the help of a team of property managers.
Not only do they have the resources to handle emergencies, but they also take the pressure off of you, the property owner, to be available all the time.
Rent Collection
Receiving rent payments, tracking down those that haven’t paid, sending out rent reminders, and disbursing payments are another huge responsibility that is in the hands of your property management team.
Property Inspections
Making sure your property is being well cared for throughout the lease term takes a lot of effort. That’s why having a property manager to conduct inspections can be a big help. Not only do they check to make sure everything is okay with your tenants, but your property manager can also make sure your tenant is fulfilling lease obligations.
Finding small maintenance issues and fixing them before they turn into more significant problems, and finding out what would make your tenants happier will ultimately aid you in your quest for success as a property owner.
Work With The Best
Property management responsibilities can be overwhelming if you’re self-managing your property. That’s why it is vital to invest in having a knowledgeable and experienced property manager by your side to get the most out of your investment.
At Harbor Property Management, our goal is to allow you, the property owner, as little involvement as necessary to collect rent, tenant issues, service issues, complaints, and anything else.