When many people consider the role of a property manager, they think about handling maintenance requests and processing rent payments. While these are both critical components of the position, there are many other functions that are required to adequately serve clients. Let’s take a look.
A property manager typically has unique experience in certain markets, and can use this knowledge to set an accurate rental amount. In addition, managers often perform the following services:
One of the most time-consuming aspects of renting a property is marketing the listing, preparing the property, and evaluating prospects. A property manager will have the experience necessary to ensure that you have qualified tenants and the marketing chops to find them. Duties include the following:
o Cleaning it and updating the interior, if necessary
o Maintaining landscaping, if applicable
o Signs
o MLS listings
o Advertising on paid and free rental websites
o Fliers
o Ads in print publications
Leave the particulars of rent collection to a property manager to avoid directly accepting money from your tenants. A qualified professional will collect the rent, enforce late fees, and track down any outstanding payments.
An effective manager will oversee a comprehensive move-in process that includes an inspection and documentation that tracks any issues related to the condition of the property. In addition, he or she will:
Eviction is a scenario that no one wants to deal with, but a property manager can make it easier. Managers are well versed in legal proceedings and can act on behalf of the property owner in court. They will:
Occasional inspections are needed to ensure that tenants are properly taking care of a property. Spotting issues early can prevent owners from having to spend significant money on renovations. Managers will perform inspections (both inside and outside) on a predetermined schedule to look for any safety hazards, repair needs, lease violations, or code violations, and send the owner periodic documentation about the property’s condition.
It’s important to accurately track all income and expenses involving rental properties. A property manager will provide you with the necessary details to accurately file taxes, among other functions:
An effective manager will have an experienced team of contractors at the ready when repairs are needed. They can:
Similar to the move-in process, a move-out inspection ensures that any damages are identified and deducted from the security deposit. Duties include:
While this is by no means a comprehensive list of property management duties, it should give you a good idea of the role that a quality manager can play in overseeing your property. If you’re interested in partnering with a professional property management company that can offload the stress of dealing with your rental in South Florida, contact Morris Southeast Group today at 954-474-1776 or at kenmorris@morrissegroup.com.
Tags: Property Manager