What does a property management company do?
The property manager must have knowledge about the real estate market. They need to know about competitive rental properties and since they are responsible for marketing the home, they need to use special promotions and advertising strategies. Good property managers will maximize occupancy and rental rates. The manager is an expert when it comes to operating expenses and budgets. They use the current market to set an appropriate rental rate and they have experience with financial statements and income taxes. All of their financial information is reported back to the property owner.
Once the property management company finds a tenant, they must work to keep the place occupied. The management company takes care of tenant requests. If a resident has a problem, the management company attempts to fix the issue. Besides that, they also monitor lease requirements and collect rent. If a tenant is not paying their rent, the management company takes care of the eviction process.
When dealing with facility management, the property manager must maintain the structure of the building. If there is an electrical issue, the manager will hire an electrician. The management company is required to monitor the quality of repairs and they have a budget with specific expenditures that they are required to follow. Along with that, the manager must also maintain outdoor areas. For instance, they will hire a gardener to take care of the plants. A building that has been cared for has a better tenant retention rate.
The final thing that a property management company must do involves administration work. They are required to keep records of everything that takes place and must keep meticulous records for accounting and tax purposes. This is also essential for liability reasons. All tenant interactions must be recorded by the manager. In fact, many states have specific real estate property laws for the management company to follow.
Reference Property Management Direct
Post by Joanne
Vanderhoef
Marketing and Media Specialist
Marketing and Media Specialist
The Management Group
Property and HOA Management in Vancouver WA and Portland OR
http://www.TMGnorthwest.com
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Property management companies can take the hassle out of renting in a big way. When you're first getting started renting property, I personally would recommend that you manage your property because doing it yourself saves you money that you would normally pay a property management company.
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