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.
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.
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.
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.
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