Property Management Company Responsibilities And Duties

Property management companies are hired to ensure that rent is paid on time, oversee scheduled maintenance, marketing the property, tenant screening and securing long term tenants. But one of the most important job of a property manager is to increase the value of your property and explore new revenue cash flow for your property

Basic responsibilities and duties of a management company are mentioned below:

• Marketing of the property

A property that is not under a leasing agreement is lost revenue for the owner. In addition to a property manager listing rental property with their local Realtor Association listings, they will typically syndicate the listing out to the higher traffic rental websites in that market.

Property managers not only use high quality camaras but now typically they’ll use 360 imagery and videos to provide you precise virtual tours.

• Tenant Screening

Rather than relying on themselves to perform tenant screenings, property manager uses profession third party source that can perform not only criminal background checks, but also current credit scores from the 3 major credit bureaus.  In addition, a property manager will collect and secure last two years of tax return and last two pay stubs.

• Property maintenance

To avoid loss of income for the owner, property managers typically will include an onsite property condition review. It varies on the property, but it’s recommended at least twice a year. HVAC systems, hot water heaters under the sinks in both the kitchen and bathrooms are typically checked.

Property maintenance is not limited to the inside of the house.  The first think that owner/investor or tenant will see is the outside the house.  Curb side appeal is still relevant regardless if you are renting versus selling.  Proper mowing height and seasonal fertilizing is important for a maintained yard.

• Easy access

A property manager company these days also has an online portal in which tenants can pay rent, have access to their payment history, and can leave a message regarding that particular property. This way it is easy for the tenants to keep up with their rent 24/7.  Property managers today are more transparent and practice “trust accounting”.

• Accurate accounting and reporting

The management company offer monthly reporting as well year end reporting for tax purposes. This is why it is so critical for the property management company practice trust accounting. The funds should be accurate and easily accessible to the landlord/owner.  The income from an owners/landlord could very well leverage them into another rental income property.

Bottom line

Companies that manage properties are a great asset to have managing your real estate portfolio.  There are new additional income streams being offered throughout the calendar year that can increase your income year over year. However, a good property management company will but in place good property practices in regard to scheduled maintenance, marketing and thorough tenant screening. Call a property manager today.

About This Author

Property Management INC Joined: November 19th, 2020