Before deciding whether or not you will need a property management company, it is essential to understand their roles. That way, you can make an informed decision that suits your needs and properties.
If you're entertaining the idea of getting professional help for your rental but still asking yourself, 'What does a property management company do?', you're at the right place! In this article, we'll walk you through the role of a property manager and their everyday duties and responsibilities.
What is Property Management Company?
A Property Management Company is a business or organization that manages real estate and rental properties. Property managers handle leasing, collecting rent, maintenance issues, tenant relations, and compliance with relevant laws for their clients. Property Management Companies have experienced professionals knowledgeable about all aspects of property management.
What Does Property Management Company Do?
Property managers typically manage a property's day-to-day operations, including screening tenants, collecting rent payments, and handling maintenance issues. Property management companies also handle legal tasks such as evictions and preparing leases. In addition, property managers may oversee multiple properties for one or more clients. Property Management Companies strive to maximize returns on investments while minimizing costs and liabilities for their clients. Property managers handle tasks such as:
- Property Market Research and Analysis - Property managers use market research to determine the most appropriate pricing structure, which helps landlords maximize profits while keeping tenants satisfied.
- Property Showings - Property managers coordinate with prospective tenants to scheduling showings of available properties, evaluate tenants to ensure they meet the criteria established by the owner, and conduct lease negotiations.
- Property Maintenance - Property managers are responsible for ensuring that all maintenance needs at a rental property are met, including scheduling repairs and preventative maintenance as necessary. Property managers may also be responsible for coordinating with outside contractors when more specialized work is needed.
- Property Rent Collection - Property managers are responsible for collecting rent payments from tenants, tracking tenant accounts, and ensuring that all late fees and other relevant charges are paid when due. Property managers may also provide tax advice to landlords regarding rental income.
- Property Legal Compliance - Property managers must stay up to date on applicable laws related to rental properties, including tenant-landlord laws and regulations, fair housing laws, rent control regulations, building codes, and health and safety regulations. Property managers must also ensure that all paperwork related to rental properties is kept up to date and in compliance with these laws.
Property Management Companies are an invaluable resource for landlords who want a professional to manage their rental property. Property managers can help landlords maximize profits and minimize liabilities. Property management companies can also provide invaluable advice and assistance regarding tenant relations, rent collection, maintenance issues, legal compliance, and more.
Are you in search of a Property Management Company in Seattle? Davis Management Group, LLC is a highly recommended Property Management Company providing expert property management services tailored to the needs of your property and investment strategy.
