A Few Basic Responsibilities Of Any Residential Property Management Company
Managing properties is a difficult task! It’s even difficult if you are staying miles away from your real estate property in any state. If you have shared your property on rent, managing the tenants, addressing their complaints, regular maintenance of the property, and managing legal formalities becomes quite a difficult task for any landlord. If you as a landlord is staying in the same city, where your property is situated, and you have enough time to go through these issues, it’s absolutely fine! But for most landlords, it’s highly convenient to allow their properties to be managed by a Residential Property Management Company in return to a pre-negotiated cost. For all those landlords looking forward to Residential Property Management may need to know some of the basic responsibilities of any Property Management Company to help them to choose the better one for a reliable property management.
Responsibility 1: Marketing the property:
Any Residential Property Management company looks for profit in its deals. This is the reason, why they are responsible for marketing of the property with better options. Good advertising, following up leads, skillful negotiation with the prospective tenants, and showing the property to the tenants. Normally the property management firms set a deal with the landlords on percentage basis and this is the reason why it’s the responsibility of property management firm to bring the best value for the property.
Responsibility 2: Selecting good tenant:
When you handover your property to a Residential Property Management company, they select the best tenants as per the prevailing market rates. They are responsible for screening, categorization and selection of the best tenant fit in all respect for your property. It may include a full background check of the prospective tenant in order to verify his credentials, identity, earning, rental history and credit scores. After all a property manager needs to ensure that the tenant pays the rent in time and regularly in order to gain his share of the deal.
Responsibility 3: Managing day-to-day activities and issues:
When you have handed over your property for Residential Property Management, the company taking the deal has the responsibility to manage all activities related to maintenance and tenant grievances. The company needs to ensure that the commitments to the tenant are fulfilled completely and need to take care of the property as per local legislation. The Company should pay all applicable taxes on behalf of the landlord, perform all maintenance activities related to electrical, water supply, cable connections, gas connections, civil construction, sewerage, etc. and also maintain proper security of the property being managed. The Residential Property Management Company is also responsible for preventive maintenance of the property in all the above aspects.
Responsibility 4: Collecting rent in time:
This is probably the most important aspect expected to be managed by any Residential Property Management. As the landlord hands over all responsibility of the property to the property managers, it’s the Property Management Company’s responsibility to collect rent in time and as per the agreement. Usually this aspect is dealt by the Residential Property Management quite seriously, as their fees also dependant on the rent collected from the tenant.
Understanding these responsibilities helps a landlord to select the best Residential Property Management Company as per the nature of the property.