A property management company is hired to see beyond the horizon of real estate operations for landlords. They control the daily operations for a rental property. Being In control comes in hand with some responsibilities. The six most important responsibilities you should know are:
A property management company handles the rent on behalf of the landlord. They should set the rent prices and when the need arises, adjust them accordingly. Being in control they should set a deadline for rent payment and penalize delayed payments.
The management company acts as an intermediary between the landlord and the tenant. lt’s their responsibility to handle emergencies, complaints and move outs. They should always ensure that all vacancies are filled up within no time. An added benefit for those that require property management near myrtle beach is that the property manager will also ensure that your home hasn’t taken on any water, which is a regular occurrence during hurricane season.
Having the premises full is not the end, there should be tenant screening to know if they’re criminals. This will help to create a good image of the premises to other people and keep the tenants living there feeling safe. Upon handling leases they should ensure that the tenant has renter’s insurance as a way of protecting the landlord’s property.
Responsible for Maintenance of the Property
The property should always be maintained in good condition and should always be safe for tenants. Some activities involved in property maintenance are cleaning and draining gutters and drainage, ensuring all security lights are functional, removing trash from the premises and always check for leaks. In case of any problem, repairs should be made immediately. Property companies should have a good connection with electricians, carpenters, and plumbers in order to fix problems as soon as they arise. Along with property maintenance, the property management will always ensure that vacant rooms are locked. This will prevent the vacant room from being misused by tenants or outsiders.
Manage Budgets and Maintain Records
This task belongs to the property managers. They should ensure that they operate within the set budget. In case there are emergencies, either for the tenants or for the property itself, they have the right to use funds set aside on the budget to handle emergencies. Also they should keep records for activities concerning the property. The records must include both the income and the expenses. More details about the records should be records of rent collection, cost of repairs and maintenance, insurance payments and other costs upon handling tenants complaints.
Property and Personnel Supervision
It’s the property manager’s duty to supervise the property. He should ensure everything is in good condition and has the authority to impose fines to those who mishandle the property and to report crimes that happen on the property. Luckily, for those that need property management near easley sc, the crime rate is so low that there’s little risk of crime happening on your property, but it could also be tenant related. For example, if a tenant breaks a window or door, the property manager is responsible for fining them before they move out of the premises. On the other hand personnel supervision are employees working for the good or betterment of a particular property. They can be security or cleaning personnel. A property manager hires them, set their salaries, pays them, and relieves them from their duties if they are under performing or not performing at all. He should ensure that they report to work at the expected time and utilize their work hours.
Beware of Landlord – Tenant Law
A property manager having been put in control of this property, he should have a clear understanding of the national landlord-tenant law. He should know the proper ways to terminate a tenant’s lease, how to set and manage security deposits, and how to screen a tenant before accepting them to the property.
It’s of importance to hire property management companies for your property. It’s evident how important their role is to best manage your property. Having hired them as a landlord you reduce almost all duties of your property down to a certain fee that you agree on with them. It’s really the best of both worlds, making money as the owner, and having a another company be responsible for all the day to day details.
Have you had experience with a property manager or have you used one for one of your properties? We would love to hear from you and learn from your experiences as well.