Owning a rental property can bring in money and add another asset to your portfolio. It can also take up a lot of time and increase the level of stress in your life. You may even find yourself asking if it is all worth it.
Some of the most successful corporations around the world have latched onto something that has changed the way they do business – for the better. They focus on what they do best and they delegate and outsource everything else. This frees up time to create a stellar business without having to worry about all the general aspects of doing so.
As a landlord or homeowner with a rental property, you can do the same thing when you seek out a property manager to handle things for you.
While there are often different levels of service that you can take advantage of, below is a list of the ten most essential property management duties and responsibilities – and how they can benefit you.
In order to maintain very low vacancy rates, your property needs exposure – and this means property management marketing. There are so many ways to get this job done, whether marketing on websites, social media, in magazines, professional networking, and the like. But if you are not familiar with the process or you don’t have a large network or following, you could be limiting yourself on prospective tenants.
Property managers know just how to sell your rental to the right audience.
If marketing is done right, there will be a big response to the ads – and people are going to want to view the property. As a landlord or homeowner, scheduling these visits can be time-consuming. Property managers plan for this and are always ready to schedule showings and be there to answer any questions of those who are interested.
Tenant screening is one of the most important property management duties and responsibilities. Not having a thorough and reliable tenant screening policy could leave you – and your property – at risk. Property managers, on the other hand, have a tried-and-true screening policy and professional know-how that ensures you find only high-quality tenants to fill your rental space.
A lease is a contract between you and your tenants. It states all the expectations and responsibilities of each – and it contains all the necessary legal jargon that can protect you within the court system should something go wrong.
Sure, you absolutely could print one online. But are you going to trust your legal rights and your property to a free form you found on some shady website?
Property managers have thorough leases that cover all the necessary items and work to legally protect you. In addition, they understand what the lease is saying and can review every paragraph with the incoming tenants so that there is no confusion.
Other important property management duties and responsibilities include rent collection. As a landlord, keeping track of the rent can become a bit tricky; and following up with who owes what, who did not pay, etc. can be stressful. This is especially the case when someone does not pay their rent and then begins avoiding you.
Property management teams have seen all the tricks and they have played all the games. They handle the rent collection and will even move forward with the eviction process if necessary.
Practicing routine maintenance is important for keeping your rental in good condition. Staying on top of this maintenance can be time-consuming.
Property managers have a team that handles routine maintenance throughout the year to ensure that any issues are taken care of proactively.
Plumbing issues, broken appliances, and non-functioning air conditioners become emergency repairs any day or night. As a landlord, you have to handle these repairs yourself or find someone who will. In Arizona, you must adhere to the strict laws around emergency repairs or you could be held liable in court costing you time, and money.
A property management team has a licensed network of individuals that handle emergency repairs of any type within the guidelines of Arizona state laws. Property managers help protect your legal liability by acting on your behalf in compliance with the law.
Walking through the property and assessing its condition is essential at move in and move out. This allows you to take note of any damage that may have occurred during the lease.
Property managers know what to look for and have a good idea of the cost when it comes to returning security deposits after paying for the damage.
Great managers will include all document and reporting management as part of their property management duties and responsibilities. Leases, complaints, payments, repair costs, and so on can lead to a lot of paperwork that is necessary to keep for both accounting purposes and any future legal issues. Keeping track of everything can be a hassle. A good property management team, however, will have an organized – often electronic – method for keeping everything together when you need it.
In addition, a good property manager will provide you with the legally required documents for rental income to provide your tax professional at the end of the year.
Lastly, tenant complaints are never fun. And having to play the mediator between parties, practice your problem-solving skills, and so on can lead to a great deal of stress. Let go of it by hiring a property manager who will effectively address any tenant complaints that arise.
When you hand the care of your rental property over to a property management team, you should be filled with a sense of relief. Your reliance and confidence in this team should be reinforced with a sense of trust that can leave you with nothing but peace of mind.
At Real Property Management Evolve, we help landlords and homeowners free up their time and rid themselves of the stress and frustrations that can come with managing rental properties. We are experts in property marketing, tenant screening, rent collection, maintenance, property inspection, accounting/financial reporting, and more.
As the number one property management team in Phoenix, we are with you every step of the way. You expect a high level of service – and that is what you get. The standard of care you receive from your management team does not end with you – it is used for finding great tenants and caring for your rental property, too.
When you hire a management team for your rental property, they should surpass their essential property management duties and responsibilities, leaving you feeling confident about your decision.