What Do Property Management Services Involve?
There is no denying that real estate investment has become a profitable business. However, it involves a lot of risk and work. A successful investor knows how to manage everything from investing in properties to managing their finances. It is a difficult business with a lot of regulation. That is why professional investors prefer to work with property management services. These services do much more than finding tenants and receiving rent checks. Here are some key responsibilities of a reliable property management service.
1. Rent Responsibilities
If you have hired a property manager, you no longer have to worry about dealing with any rent issue. Your property manager will manage everything like:
- Rent Setting: It is the responsibility of your property manager to set the right rent for your apartment. Since property managers are professionals, they keep themselves updated regarding market rents. They know the right market value of the properties located in your area and also when they can be increased and by how much because they know the city and state laws in this regard.
- Rent Collection: Your property manager is there to save you from the hassles of collecting and managing rent. She will schedule everything, set a fixed rent collection date to ensure there is no disruption in your cash flow.
- Legal Responsibilities: If you find dealing with legal matters of the property difficult, let your property manager take charge. She knows the laws and how to keep the property out of trouble. This is an important factor if you are not reading and keeping up with the ever changing laws.
2. Tenant Responsibilities
Property management services also manage tenants. It is one of their core responsibilities.
- Finding Tenants Property managers process everything in a professional way. They know how to find suitable tenants for you. They design persuasive ads for your apartment buildings to attract suitable tenants. The best thing a good property manager can do for you is put good tenants in your building.
- Tenants Screening With their consistent screening methods, property management service assesses the reliability of tenants. It includes checking tenant’s credit cards, financial background, and criminal background. Their professionalism makes the job easier. They are better at assessing and choosing the right tenants for your apartment buildings.
- Lease Handling It includes setting and incorporating the right lease terms and clauses in your rental agreement. The laws and what must be included changes every year so this is an on-going process that must be kept up on to have a good legal lease in place.
- Emergencies/ Complaints and Move out Handling Your property manager is a go-to person if your tenant has any complaints or he or she faces an emergency situation. They have the right contacts to tackle the issues like water supply, noise complaints, leaks, etc.
- Moreover, when your tenant decides to move out, your manager inspects the unit, checks damages and determines the security deposit that needs to return to your tenant within 3 weeks in California.
3. Property Maintenance
Property management services provide property maintenance. It keeps your unit in top-notch condition. It hires professionals who personally care to ensure that everything at your property is taken care of in a professional manner and quickly. #1 reason a tenant will move is lack of or slow maintenance.
Overall, your property manager professionally deals with all your property management related issues. From maintaining records and budgets of your property to supervising it for maintenance and looking to resolve any liabilities, it is a solution to all your problems – okay not all but at least for your apartment building. For great property management or for any questions contact Kari at SKY Properties, Inc. Kari@SKYprop.LA