Property Management Services For Real Estate
Property managers undertake the responsibility of repairing, maintaining and managing the security and upkeep of real estate. Their responsibilities also extend to screening tenants, rent collection, setting up budgets, drafting leases and more. They are well-versed with the market and help in increasing the value of property over time.
Following is a list of services provided by property managers:
- Marketing: Property managers help in marketing the property and choosing an appropriate medium to do so. Examples of common mediums of advertizement are print publications, rental listing websites, MLS, email marketing, etc.
- Finances: They offer services related to managing the accounting aspects of a real estate investment. These include receiving rent, maintaining financial records, paid invoices, warranties, etc., annual reporting, and more.
- Tenant Screening: The services include performing background checks for income verification, checking credit history, identity, rental history, etc. This process is necessary for filtering out high quality tenants from the list of applicants.
- Maintenance & Repairs: Property managers are responsible for managing repairs and maintenance of the property allocated to them. They hire a professional team of maintenance crew to handle both indoor and outdoor maintenance (landscaping, trash removal, etc.). Most of them also offer 24/7 emergency services for maintenance issues.
- Legal Aspects: Property managers also play an important role as far as legal issues pertaining to real estate are concerned. They handle legal disputes/litigation, offer advice on qualified attorneys in the area and are aware of the latest local, state and federal laws related to real estate.
- Inspections: They conduct timely property inspections both inside and outside as per a predefined schedule. These inspections help in detecting lease violations, safety hazards, need for repairs, code violations and more. Thereafter, reports about the condition of the property are sent to the property owner.
- Move-Out Procedure: When a tenant moves out, it is the property manager’s responsibility to inspect the property and report its condition to the owner. Along with this, a copy of estimated damages and balance of security deposit are handed over to the owner. The unit is cleaned, locks are re-keyed, necessary repairs are conducted and the property is prepared for being rented out again.