Far from being a “hands-off” investment, income-producing properties require constant attention to both maintain and increase their value. A property manager’s focus is on achieving ownership’s goals and maximizing the property’s return. By taking on day-to-day tasks such as rent collection, tenant relations, property maintenance, reporting, and even leasing, property managers can be a valuable resource to property owners and their tenants alike.
What does a Property Manager Do?
Tenant Relations – A property management company works with tenants from move-in to move-out and handles everything in between. They are the eyes and ears for the property and ownership, maintaining relationships with tenants and handling concerns on behalf of the owner. Their professional services help retain quality tenants through their responsiveness and ability to offer solutions.
Who Collects the Rent?
Rent Collection – A key to the success of any investment property is the on-time collection of rent. Property managers work to make the rent collection process as simple as possible for tenants using the latest software and technology. They will collect rent and pursue any delinquent rents. They will also assist with the eviction process if necessary.
Who Do Tenants Call?
Property Maintenance – Routine property inspections are performed to ensure the general condition of the property and the manner in which tenants are maintaining their spaces. In the event of emergencies, a property manager fields emergency calls and will arrange and oversee repairs and maintenance by hiring qualified insured tradespeople.
Quarterly and Annual Management Reporting
Financial Reporting – A professional property management company will utilize the latest software in order to remain up-to-date with all aspects of the accounting requirements. They will also provide regular reports to the property owner, which makes tax time easier for ownership.
What if a Tenant Leaves?
A professionally licensed property management company can help owners locate, screen, and secure quality tenants for vacancies that arise. From lease negotiations to tenant move-ins, property managers
can ensure that build-outs are completed timely, required permits and other documents are received, and the space is delivered to everyone’s satisfaction.
Why Should I Hire a Property Manager?
Perhaps the most important benefit of hiring a property management company is the peace of mind it provides to owners, knowing they have a team of professionals relieving them of day-to-day tasks. With their pulse on industry best practices, risk mitigation, the latest technology, and networks, a professional property management company is truly essential to the success of an investment property.