Responsibilities of a Property Management Company: Part One

At Real Property Management Central Arkansas, we pride ourselves on providing exceptional property management services to help you maximize your investment in a rental property. However, you may not be familiar with the responsibilities of a property management company, so we are going to detail them for you today. While a property manager’s responsibilities may change depending on the type of property, these are the most common things they would be responsible for. This will be part one in a two-part series taking a look at these responsibilities. For the best property management services in Little Rock and Jonesboro, give Real Property Management a call today!

Rent

A property manager will commonly deal with many aspects as they pertain to rent. That can include setting rent, collecting rent, and making adjustments to rent rates.

Setting rent:

A property manager will determine what the right rent level is for your property to attract prospective tenants. With their experience in the market where the property is located, as well as the rent of comparable properties nearby, they are qualified to determine what is a price that isn’t so steep it scares people away but is still enough to ensure you’re getting the return on your investment you are looking for.

Collecting rent:

Property managers will ensure cash flow is smooth by setting a date when they collect rent, as well as enforcing late fees strictly when payment is not given.

Adjusting rent:

Rent can be increased on a yearly basis by a fixed percentage, typically determined by individual state or municipal law. A property manager can also decrease the rent if they feel it is necessary to attract new tenants.

Managing Tenants

Another key responsibility of a property manager is managing tenants in many ways, including finding tenants, screening them, handling leases, complaints, emergencies, move outs, and evictions.

Finding tenants:

A property manager is responsible for filling vacancies. To do this, they will advertise the rental along with information that will attract tenants. Due to their experience in bringing in prospective tenants, they can offer advice regarding improvements that can make the property more attractive.Screening tenants: To ensure high-quality tenants are staying in your rental property, a property manager will run credit and background checks. This helps them determine who will be able to pay their rent on time, have an extended tenancy, and create fewer issues on the property.

Handling leases:

A property manager will be able to set the lease term and ensure it contains all of the necessary clauses needed to protect the property owner. This will also include setting the amount of security deposit that is needed.

Complaints and emergencies:

Property managers will deal with maintenance issues, noise complaints, and have the necessary contacts to handle any emergency situation that may arise.

Move-Outs:

The manager will be responsible for inspecting the unit for damage to determine how much of the security deposit will be returned to a tenant after they move out. Once the property is empty, the property manager will be responsible for cleaning the unit, repairing damages, and filling the vacancy.

Evictions:

If a tenant is unable to pay their rent or violates their lease in some other way, a property manager knows the correct way to file and go forward with the eviction process.

Maintenance and Repairs

A property manager is responsible for ensuring a property is in safe and habitable condition. This includes the physical management of the property, which requires them to perform regular maintenance and emergency repairs.

Property maintenance:

In order for a property to be attractive and functioning, regular maintenance must be performed. For instance, they will be responsible for handling any extermination needs, checking for leaks, landscaping, snow shoveling, and removing trash. When a property is regularly maintained it keeps current tenants happy while making it more attractive to new tenants, as well.

Repairs:

Any time there is an issue, a property manager needs to either fix it themselves or hire the appropriate professional to make the repair. Because of this, property managers often have a large network of reliable plumbers, electricians, carpenters, and other contractors they can contact to handle any issue that comes up.

That covers the first half of our look at the responsibilities of a property manager. We’ll be diving back into this subject in the near future, so keep an eye on this space for more information. In the meantime, call Real Property Management Central Arkansas to learn how we can take your rental property to the next level.