If you are used to dealing with friendly tenants who pay their rent on time and always leave your property in perfect shape, you can easily be tempted to disregard the services of a property manager.
If you have owned a rental property for any time, you know that rental management can be rewarding. Nonetheless, you must have likely discovered that property management requires commitment and effort.
When you first invest in property, things rarely go as you imagined. You may find yourself dealing with complicated characters. Property managers provide a middle between your tenants and you, allowing you to strain less over things that happen at the property and concentrate more on enjoying the fruits of your investment.
While managing your property on your own may be an ideal option if you live near your property, are a handy person, and have enough time at your disposal, in many cases, this isn’t practical. If you have several buildings as investments, most likely, you will not be able to address all issues that crop up in every building you own. Usually, landlords seek services from property management firms to run day-to-day operations and address individual tenant concerns.
What are the responsibilities of a property manager?
Property managers have several responsibilities, some of which are;
Screen and Attract tenants; A rental property investment is not viable if vacant buildings or units do not generate income. A property management company such as Aurora Property Management company will market your property; This might include showing apartments to prospective tenants, advertising, and explaining restrictions, such as pets or smoking. When a tenant wants to sign a lease, your property manager will carry out a screening of renters, including confirming employment, a credit check, and contacting references.
Collect rent; property market conditions change; thus, property management companies should keep up with changing trends. An experienced property manager like Aurora Property Management company will research competitive properties and advise on appropriate adjustments to make on your rental rates. Moreover, the property managers will collect rent and execute rules about delayed payments.
Carry out repairs; Property managers fix broken items or hire experts to do it. Fixing things such as clogged drains, leaking pipes, faulty air conditioning systems, and snow removal fall under their responsibility. Organizing garbage collection, pest control, landscaping, and tiding up common areas are extra duties your manager can perform. The property manager acts as the first contact for the renter’s concerns and has the fundamental role of settling them.
Dispute resolution; Rental property managers are well versed with landlord-tenant responsibilities and rights. Retaining deposits in case of property damage, ensuring compliance with safety rules, or evicting rogue tenants are all property manager’s responsibilities. Any hired management company or person should have the necessary experience and deep knowledge in these areas.
Financial management; property managers must follow the given budget for maintenance, building operations, emergencies, dispute resolution, and marketing. They are expected to keep proper records regarding the money collected and spent.