What Exactly Do Property Management Companies Do For Landlords?

By
Services for Real Estate Pros with Goodjuju

If you own more than one property, you already understand how difficult it is to ensure that every property you own, whether residential managed or commercial managed (or even HOA and apartment management), is in the best possible condition. Coming back to a property you own after several months to find it in a mess is nothing short of distressing. Therefore, to mitigate such problems, having someone look after your property while you’re away is a wise thing to do.

Managing your properties becomes even more difficult if you live in a different city. This is where the role of property management companies comes into play.

As you can tell by the name, a property management company manages your property in exchange for a fee. No matter where you are, you can have a property manager look after your property and the tenants, in case you’ve given your property on rent.

To help you understand the role of a property management company better, we’ve listed down all that a property management company does.

Maintenance of Your Property

The first responsibility of a property manager in California and most other states is to ensure that your property is maintained in the top condition. After you sign the contract and hand over your property to a property management company, it is the company that is responsible for addressing any maintenance or repair work that needs to be done.

Collection of Rent

If you’ve given your property on rent, the responsibility of rent collection also falls on the property management company. The company makes sure the rent is collected on time. It also has the authority to update the rent as time passes.

Tenant Management

It is also the responsibility of the property management company to bring in the best tenants. The company will run background checks on the potential tenants and finalizes the tenants that it is sure won’t create any problems in the future.

Moreover, a property management company also oversees tenant turnover. When the tenant contract is nearing its end, it is the job of the property management company to ensure that they get new tenants.

Repair Work

As we’ve mentioned earlier, it is the job of  property managers to keep your property in the best condition. It’ll address any areas on the property where repair is needed. You pay the fee upfront, and any further costs that go into the maintenance work are paid by the management company.

Property Supervision

The scope of what a property management company does is quite wide. It keeps your property under its supervision and surveillance to ensure that nobody tries to take advantage of the fact that you’re not around to keep an eye on the property.

Tax-Related Activities

It is possible to miss out on tax deadlines when you’re away, especially if you are in another state than your rental property. For example, if you live in Texas, but you own a rental property in Phoenix, AZ, you would want to hire a Phoenix property management company to handle your rental and keep you current. To save yourself from any legal troubles, having a property management company ensure that you don’t miss out on such deadlines is a lifesaver. A property management company is involved in all tax-related activities that are associated with your property and ensure that your reputation as a law-abiding citizen is maintained.

 

If you’re worried about leaving your old home unattended, you need not worry. A property management company will take full responsibility for your property. It ensures that any time you decide to return, you’ll find your property just like you left it, if not better

Comments (6)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Welcome to the ActiveRain community. Congratulations on your first post.

Mar 20, 2020 02:53 PM
Landon Murie

thanks John Pusa!

Mar 21, 2020 09:37 AM
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Congratulations on publishing your first blog post on ActiveRain, I hope that this platform is successful for you and your clients.

Sara

Mar 20, 2020 11:00 PM
Landon Murie

Thanks Sara Wagner 

Mar 21, 2020 09:38 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Landon Murie welcome to ActiveRain and congratulations on successfully posting your first blog.

Mar 25, 2020 03:37 PM
Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Love the house picture. Welcome to ActiveRain and good job on your first blog post. Be sure to ask if you have any questions.

Mar 26, 2020 08:02 PM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I haven’t made a mortgage PMT in 20 years . I haven’t paid my real estate taxes in 15 years. I haven’t supervised any repairs or gotten bids for 20 yrs. I haven’t signed a lease in 20+ yrs. WHY - Because I hire Talent!!! My Property Mngr. Is a General Agent and does all of that for me  

Apr 26, 2020 05:54 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

May 14, 2020 08:45 PM