Most of us know that property management companies exist, but you may not be familiar with all of the responsibilities their job entails. By definition, a property management consultant or company is a neutral third party that is specifically hired to handle the day to day operations of a real estate investment.
The specific responsibilities of this role will depend upon the terms of their management contract and their property management training, but here is a brief look at the top 5 most important responsibilities of a property management company:
Rent – A property management company is responsible for creating the initial rent level, collecting monthly rent from residents, and increasing or decreasing rent amounts according to market demand.
Managing Residents – This is easily one of the more complex components of property management. The company you hire to manage your properties will be responsible for attracting new residents, screening new applicants, handling leases, dealing with emergencies and complaints, assisting with move outs, and dealing with eviction of residents.
Repairs and Maintenance – A property management company is responsible for the physical management of the property, and this role includes emergency repairs and routine maintenance (including preventative maintenance).
Supervision – Not only must a property manager look after vacant properties, but they are also responsible for managing other employees of the property, like handymen and security personnel.
Maintaining Record/Managing the Budget – A property management company will create a set budget for the property and is responsible for remaining within the confines of this budget. Furthermore, they must also maintain all pertinent records. In some instances, they will also be responsible for handling the taxes associated with the real estate.
