Owning multi-residential rental properties means you have a lot of affairs to manage during your free time. It’s important for you to understand what task specifically goes into rental property management before outwardly deciding if you have to hire somebody else to do it or do the job yourself.
First-time investors may miscalculate the property’s maintenance needs and assume that the only thing they need to make a profit is to raise the rental income so as to cover the mortgage costs and additional expenses. Unfortunately, things don’t work that way. The property management cost should be considered as well.
Property Management Company Responsibilities
Regardless if you decide to handle the property management details of your rental homes yourself or you opt to delegate the job to somebody else, you have to realize what tasks need to be one on a regular basis. Familiarize yourself with the tasks listed below and decide if they are things that you can do or want to do.
- Property maintenance
Every rental property requires emergency and routine maintenance. Upkeep is actually twice as needed on rental properties than your own home. One of the jobs of property management companies is to schedule seasonal maintenance to keep every part of the home functioning as designed, paying special attention to the gutters, HVAC systems, and plumbing fixtures.
- Filling up vacancies
As a rental property owner, you know that renters always come and go. At some time, your property is full of tenants. On other times, you’re missing almost a dozen renters. Property management services also include finding tenants, talking to prospects, arranging property visits, and showing them around the property. Property managers are also tasked to process rental applications, which include screening and approving possible tenants.
- Improve tenant relations
If ever a tenant has any problem with the dwelling, they’ll run to property managers to tell them about it. This is the reason why property managers should be sociable and efficient. Property managers serve as the renter’s contact person renters if they need anything or if they have a complaint about the property.
- Collecting rent
Rent collection is a responsibility of property managers, too. This seems like an easy job if all tenants tend to pay on time. But for those who don’t, property managers should do the follow-up. The same goes true for undelivered checks, out-of-town tenants, and similar incidents.
- Enforcement of Lease
Lease terms and contracts are prepared for a reason. Once these documents have been signed for by the renters, they have to be enforced by the property managers. The contract should always be aligned with the local laws you can execute a Cure or Quit Notice if needed.
These are the things that you must do, in case you want to assume the role of the property manager in your own rental homes. If you can’t do any one of the jobs listed above for any reason, then it is best that you hire a competent individual who can handle them more efficiently. All these property management tasks are necessary to get your rental business making huge income as it should.