Property management is a service provided to real estate owners to manage their properties on their behalf. Property management companies offer a variety of services including tenant screening, lease agreements, maintenance services, and rent collection. A property manager acts as the liaison between the landlord and the tenants, ensuring the smooth operation of rental properties.
A property manager’s responsibilities include:
Property management is important because it takes the burden of managing rental properties off landlords. Property managers have in-depth knowledge of local laws and regulations, which can help landlords avoid legal troubles. They also have experience dealing with problematic tenants, which can save landlords time and money.
Tenant screening is an important aspect of property management. It involves conducting background checks on potential tenants, including credit checks, criminal records checks, and rental history checks. This helps ensure that tenants are capable of paying rent on time and are unlikely to cause problems.
Lease agreements are legally binding contracts between landlords and tenants. They outline the terms and conditions of renting a property, including rent payments, security deposits, maintenance responsibilities, and other rules for living in the rental property.
Maintenance services involve conducting regular inspections of the rental property to identify any maintenance needs. This can include repairs to appliances such as refrigerators or stoves, fixing plumbing issues or HVAC systems.
Rent collection involves collecting rent payments from tenants in a timely manner. The property manager may use various methods to collect rent payments, including online portals, bank transfers or physical checks.
