Property management is the process of managing real estate available for lease and involves overseeing routine operations such as collecting rental payment and looking for potential occupants for a space. The property manager often manages another entity or party’s property.
It’ll take more than one article to discuss everything property management entails, but today, we’ll be discussing the major types of services property managers provide.
1. Property assessment
Property managers examine properties inside and out and prepare necessary documentation about their findings. This allows them to determine what repairs or improvements the property may need to enhance the monthly rent while ensuring good ROI. They also do extensive research to figure out a fair yet desirable rental rate for the property.
Managers are responsible for creating marketing and advertising campaigns designed to inform people about available properties and encourage them to rent them. They also cooperate with realtors, communicate with potential tenants, ensure properties are as alluring as possible, and more.
3. Tenant selection
To determine if a potential tenant is the ideal candidate to lease a property to, the manager investigates their background to confirm their identity, credit history, income, and other pertinent details.
4. Dealing with tenants
Managers help tenants move into and out of properties, collect rental fees, and evict those guilty of infractions. These processes require a lot of paperwork, communication with the tenants, and in the case of evictions, coordination with law enforcement and the court.
Properties require regular inspections to ensure they’re in good condition and free of possible hazards. Managers also look out for lease and code violations.
In case properties need repairs or remodeling, managers provide and supervise various maintenance crews. They establish policies designed to prevent repairs and determine when repairs are required. They build a network of trusted contractors and assign tasks to the right people. They’re also responsible for clearing outdoor areas of trash, debris, leaves, or snow.
7. Assistance with legal issues
In case of litigations or legal disputes, managers provide owners advice and refer them to qualified attorneys.
8. Assistance with financial matters
Managers provide accounting services, document expenditures, make annual financial reports, and more.
Of course, property managers provide such a wide range of services that the above list is by no means a complete list of their responsibilities and duties. If you’re eager to know more information about property management, please feel free to contact So Cal Property Enterprises, Inc. through its corporate website, or give us a call at (888) 828-9444. We’d be glad to hear from you!