We recently took a look at some of the responsibilities of a property management company, and today, we’ll be concluding our two-part series. Last time, we covered responsibilities related to rent, tenant management, maintenance and repairs. This time, we’ll be diving into landlord-tenant law, supervising, budgeting, records, and taxes. If you are a property owner looking for a property management company that can improve your property’s value and provide you with incredible service, look no further than Real Property Management Central Arkansas. Located here in Little Rock, we have extensive experience and knowledge of the area, the market, and how to properly maintain your property. Now, without further ado, let’s check out those other responsibilities.
-Landlord-Tenant Law
In order to provide the best service possible to both property owners and tenants, a property management company must have in-depth and thorough knowledge of landlord-tenant law on both a state and national level. These laws will determine the proper ways to screen tenants, handle security deposits, terminate a lease, perform an eviction, and how to comply with the proper safety standards. The Landlord-tenant law is in place to protect the rights of everyone involved, and as such, a detailed understanding of how it works, who it affects, and how to implement the necessary processes to ensure those rights are protected.
The two major federal landlord-tenant laws affecting landlords, tenants, and property managers are the Fair Housing Act and the Fair Credit Reporting Act. The Fair Housing Act is in place to prevent discrimination based on race, color, national origin, religion, sex, familial status, and disability when screening new tenants. The Fair Credit Reporting Act requires an applicant’s permission to run a credit report during the application process.
-Supervising Responsibilities
Depending on the size of the property, there will likely be other employees involved, including a concierge, security personnel, and someone in charge of maintenance. A property management company will be in charge of supervising their work, ensuring they are doing their job properly. They will also be in control of setting these employees’ salaries, as well as ending their employment if their performance is not up to standards or if they violate policy.
Property management companies will also be in charge of supervising vacant properties. This is important to make sure no vandalism has taken place and that the property is in good condition in the event that you have a new tenant ready to fill that vacancy. Additionally, they will perform routine maintenance to further ensure the property’s condition is protected. The property management company will also be in charge of ensuring all contractors and repair professionals complete their work in a timely manner and the work meets the standards for a new tenant.
-Budget and Records Management
A property management company can take responsibility for managing the budget for a property. This requires them to operate within the set budget for the property when it comes to maintenance and other necessary expenses. If an emergency situation arises where the tenants or physical structure are in danger, they can use their discretion to order repairs or other expenses without worrying about the budget. The safety of tenants falls under landlord-tenant law.
Property management companies need to keep extensive and thorough records as they pertain to the property. This includes all income and expenses, as well as a record of all inspections, signed leases, requests for maintenance, any complaints, repair records, repair costs, routine maintenance performed and how much that cost, rent collection records, and insurance costs. These records are vital to the success of a rental property and must be easily accessible.
-Taxes
A property management company will have knowledge of property taxes and can help the property owner with how to properly file the taxes for their investment property. If the property owner requests it, a property manager can file the taxes for the property.
Having a property management company on your side has a lot of benefits. The responsibility they take for making sure everything related to running your property goes smoothly not only takes stress off your shoulders, it will also improve your property’s value. Here in the Little Rock area, Real Property Management Central Arkansas provides excellent property management services to help you maximize your investment. Call us today to learn more about how we can help make your property succeed.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
