By Jay Holman
Owners of residential income property usually don’t possess the time for the ongoing issues that are part of the property rental business . Prospective investors in apartment complexes, houses, condominiums and other rental properties assign these issues to a property management company.
Management companies accomplish a variety of activities :
- The first responsibility of  a property manager should maximize an owners income from their property  This is the foundation underlying all honest property management.
- If the space to be rentedis not occupied and in showable condition the first job tackled by the property management firm isfinding tenants The most often used means of attracting mew tenants are newspapers and internet directories such as Craigslist.
- The the property management firm should usually have a potential tenant to complete. a lease application. Generally, this should be done before a showing since the rental application assists the property management company evaluate the potential tenant prior to showing The lease application will also form the basis for checking out the applicant’s suitability, Once a renter has been located the lease is executed, the damage/security deposits are collected along with the appropriate rent and themove-in date is established. date the tenant will move in is established
- Dealing with tenant complaints
- Maintenance
- Lawn care
- 24/7 emergency response .
- Collecting rents
- Insuring tenant adheres to the terms of their lease
- Evictions
- Recording collections and expenses
- Paying property related bills (taxes, insurance, water, etc.)
- Providing monthly financial reports
- Advising Investors concerning property improvements when necessary
- Communicating effectively with owners
All of the above functions are an unavoidable of a landlords life. Property management is an involved and formidable business requiring an eclectic skill set. . A property manager is indispensable when the properties in question are not local to the property investor’s location , but even if the property owned is local most investors find their lives are easier when the details and hardships of property management are placed in the hands of a professional.