When you hire someone or a company for a job, you want to know what to expect and hiring a residential property management company is no different. Knowing the management company’s duties will allow you to demand services from them and hold them accountable if they’re not fulfilled.

Responsibilities of Residential Property Management

When the residential property management company you hire does its job right, your life will be much easier. You’ll have time to focus on other things like investing in more property, advancing your career, or focusing on your hobbies.

Finding Tenants and Collecting Rent

Proper marketing can make a world of difference when it comes to your property. With the right marketing, you’ll reach more people. Having more potential tenants means you’ll have a bigger number of people to choose them which can make the selection process easier.

It’s not just enough to find tenants to occupy your property, you want them to stay for a long time. Tenants who pay their rent and time and don’t cause problems will provide you with a stable source of income.

On the other hand, a high rate of evictions and turnovers means your property will be empty several times during the year. You don’t need to worry about collecting rent or evictions when you have a property management or manager working for you. They’ll take care of these.

Maintenance and Repairs

When you own property, you must make sure that everything is working fine and that the tenants don’t have any complaints. This isn’t just to comply with rules and regulations, but also to keep tenants happy.

It’s part of the residential property management company’s job to regularly maintain the place. If tenants have any complaints or want anything fixed, they should get in touch with the company, not with you.

Financial Records

Management companies are responsible for creating financial reports. These reports are monthly and should be shown to you. You should have access to them whenever you want. Management companies are there to make your life easier and they get paid for it, but the money is still yours.

When selecting a management company, you need one that has been around long enough to know the market. It should also be very knowledgeable when it comes to rules and regulations to make sure your property is up to standards.

Competence with management software and financial reporting is also desirable. Having a system for everything and being organized minimizes the margin of error. It’s always better to have a plan than to come up with one along the way.

Finally, the best management companies have employees that are great with people. Property management isn’t just about maintenance and collecting rent, it’s about dealing with people and their needs.

Finding the right residential property management company isn’t easy, but when it happens, you won’t look back. You’ll realize that it’ll take so much off your hands so you can focus on anything else you want in life.