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9 Essential Property Management Responsibilities

Nelson County Property Manager Having a Conversation with Their TenantsEven though no two property management companies are completely alike, many of them have common responsibilities that they share. There are tasks like finding tenants, property maintenance, financial reporting, and many others that property managers have to handle to keep your rental properties clean, safe, and profitable. In particular, there are nine essential property management responsibilities that help preserve and even grow the value of your real estate investment properties.

1) Attracting and Screening Tenants

When property owners consider hiring a property manager, the first thing they think about is probably the manager’s job of attracting and screening tenants. When there is a vacancy the Nelson County property manager steps in to, first, market the property effectively, and then, second, thoroughly screen applicants, meeting with them to show the house as well as managing the application process from start to finish.

2) Lease Documents and Signing

Owners can ask their property management company for professional lease documents which they can customize however they want and then use. The property managers not only prepare and obtain approval of all lease documents and addenda, but they also coordinate document signings and related tasks.

3) Setting Competitive Rental Rates

Many property management companies will help set the most optimal rental rate for the property. This way, the property owners will have a rental home that is competitively priced and attractive to high-quality tenants. Larger companies— Real Property Management Cairn being among them— have the ability to collect and analyze detailed market data specific to your area. This data can be processed and used to create a custom market assessment that is tailored to fit you.

4) Rent Collection

Practically all property management companies are also rental collectors. That’s a very common feature shared by these companies. In a world that is moving really fast toward digital solutions, this process has been simplified and expedited. This means that rent collection, now more than ever, can be fast and efficient. By offering online rent payment to tenants and automatic deposits to property owners, property managers ensure a consistent stream of rental income each and every month.

5) Maintenance and Repairs

A significant responsibility that property managers have is ensuring that the rental property is well-maintained and kept in good condition. It’s very important that your rental house is safe and habitable before you think about its profitability. This is the reason why property management companies usually offer regular maintenance and repair services. Usually, they contract it out to local vendors at preferred rates.

6) Knowledge of Landlord-Tenant Law

Good property managers must have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. Comprehensive knowledge of these laws allows them to handle difficult tenant situations. So when things like death, divorce, and evictions happen, they know how to deal with it safely and legally. By knowing what the laws are and obeying them, property managers protect Nelson County property owners from legal liability.

7) Budgeting, Accounting, and Financial Records

Together with managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Many property management companies submit detailed statements of all income and expenses for each property, records that can make tax filing much easier.

8) Efficient Turnaround

Managing the move-in and move-out process is also a common responsibility of the property manager. To keep the property leased at all times, a property manager usually starts marketing the property and looking for a new tenant as soon as the current one gives notice of their intent to vacate. After the tenant moves out, a property manager can help get the home ready for the next tenant quickly and efficiently, relying on a network of service technicians to help ensure your vacancies between tenants are as short as possible.

9) Effective Communication

As a property owner, you must know that your property is being managed professionally and efficiently. This is why a lot of property managers will send regular updates about how your property is doing, as well as any concerns or other issues that may arise. Whereas effective communication is one responsibility that some property management companies sometimes overlook, finding a property manager that offers ongoing communication is the key to your long-term satisfaction.

In Conclusion

These nine essential responsibilities make choosing the right property management company one of the most significant decisions that a real estate investor can make. Each of the tasks performed by a property manager means one less task on your plate, freeing you to spend your time on growing your business. At Real Property Management Cairn, we do this by handling all of the essential property management responsibilities – and much more. Our property management professionals can help you to maximize your rental home’s potential through our proprietary systems and world-class services. To learn more, contact us today.

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