From the types of building managed to the style of management that is applied, the property management can be categorized into different types and styles. Here is a whittled list of services what a property management company offers and specializes in.
A good property management concern performs a detailed analysis of property and creates a documentation of the interior and exterior including photos. After the analysis, they will recommend on repairs and cosmetic improvements that maximize monthly rent while providing good ROI. Based on the collected information, the optimal rental rates are fixed in proportion to the market value.
Market the Property for Rent
These property managers prepare the home for rent, create ads tailored to the property and advertising medium and list the properties for rent in rental listing websites, MLS, fliers and more. They also work with other leasing agents and tenants to find a tenant and collect applications.
Once they receive the application from the tenants, they will perform a complete background check to verify identity, rental history, and more. Based on the predefined tenant criteria they grade tenants and choose the best one to reside in your property.
Tenant Move In and Rent Collection
Property managers draft a leasing agreement and review lease guidelines with tenant regarding things like rental payment terms and required property maintenance. They ensure all agreements have been properly executed and collect first month’s rent and security deposit. Their work doesn’t stop with this. They collect rents periodically, hunt down late payments, and send out pay or quit notices.
Property management companies perform regular property inspections based on the predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc. After the inspection, they will send a complete report on the condition of the property.
Repair and Remodeling
They have an in-house maintenance crew who can be accessed any time to identify and deal with repair needs. They rely only on licensed, bonded and fully insured contractors who have been vetted for good pricing and quality work. These contractors are destined to maintain outdoor areas and perform tasks including leaf and snow removal, landscaping and removing trash and debris. They also maintain a hotline for 24 hour repair and maintenance needs. Their crew is well trained to carry out larger renovation works.
In addition to these services, a professional property management service will also assist you in legal disputes related to your property, finance or accounting, tenant move and more.
This article is authored by James C. Martinez, a leading property management service provider who specializes in all aspects of property management. He has spent the last few years helping Property Management companies utilize the latest technology to thrive. Visit propertymanagerskc.com for more.
The author is a certified property manager of Premier Premier Real Estate Management, Inc. which is a leading property management firm. She shares her expertise on the essential questions to ask a property management firm. Learn more at propertymanagerskc.comThis author has published 16 articles so far.