Most people have heard of a property manager, but do you know what property managers do? To put it simply, property managers handle just about everything having to deal with your rental unit so you don’t have to. They will work with many different types of rental properties, including detached single family homes, large apartment complexes, and sometimes even commercial rental spaces.
Rent
A property manager is in charge of most aspects of the rent from setting it to collecting it.
- Set Rent Prices: The property management company is in charge of setting the rent. They will do research to set a price that coincides with the other properties in the area that are similar to yours while maximizing profits and being attractive to renters. The company can also adjust rent up or down as they deem necessary.
- Collect Rent: It is up to the property management company to collect rent. This can be convenient for tenants because a lot of property management firms are able to take credit cards or do online payments. If rent is not paid on time the company will chase down the offending tenant and charge late fees.
Repairs and Maintenance
In most property management agreements, the company will be responsible for most repairs and general property upkeep.
- General Upkeep: The company will use their in-house maintenance staff or hire trustworthy contractors to check for leaks, remove snow, landscape, remove trash and other types of preventative maintenance and upkeep.
- Repairs: When something inevitably breaks at the worst possible time (and it will) the company will get the call and fix the problem or hire someone to do it. This means that you won’t be the one to get a call at 2 in the morning in January that the furnace went out and everyone is freezing.
Handling Tenants
The property manager will generally handle most issues with tenants. This can mean solving issues, resolving conflicts, choosing reliable tenants, and evicting others.
- Find Tenants: The company will advertise a vacancy, and try to find the best person to fill it. This can include doing criminal background checks and credit checks.
- Handle Issues: Disputes happen. When they do, the company will take care of them whether they are between tenants, neighbors, or the management company themselves.
- Evictions: Evictions are unpleasant and messy situations. It helps to have an experienced partner in your corner looking to protect your interests. Having a property management company take care of your eviction protects you from legal issues.