Real estate owners with multiple real estate properties under their name are likely to have too much on their plate. Managing a property is a tricky business and not meant for amateurs. There are some things to keep in mind when looking to hire a property management company. If you’re unsure as to the responsibilities these companies undertake, outlined below are the basics of what to expect.
Managing Daily Affairs
This can include several things when it comes to property management. Ideally, you want to choose a company that has demonstrated expertise when it comes to managing properties such as yours. Bearing this in mind, specialization is critical.
Typically, a property manager will bear the following responsibilities across all kinds of properties:
- Communicating with tenants; entertaining their requests and queries
- Going over maintenance, expansion plans, and/or installations
- Making sure the lease and all clauses contained therein are adhered to
- Representing the owner in their absence
- Making suggestions and devise budgets
Pertinent to mention here is that you will be hiring a property management company so you can stay absolved of the day-to-day problems that crop up. A good property manager is then also expected not to trouble you when it comes to minor things. That said, they should be able to differentiate between what requires your attention and what doesn’t.
This can be a task and a half. Property management companies look out for and oversee all projects that have to do with maintenance and general upkeep. Property managers commit to the following to stay on top of things:
- Performing inspections (interior and exterior)
- Prompting preemptive maintenance measures
- Hiring professionals best suited to the task at hand
When the time comes to rent out your property, property management companies will also help with the leasing process. As a property owner, you should communicate what kind of tenants you are looking to get. Some owners, for instance, are reluctant to rent to students.
Either way, property management companies are expected to prioritize your preferences. They should be talking to prospective parties and giving property tours. Additionally, they should address their questions and concerns, taking care of the paperwork that follows.
There’s a lot more to this than receiving cash at the end of every month. Depending on the situation, this entails the following:
- Ensuring rent comes in on time
- Imposing penalties when rent is overdue
- Maintaining accounts
Needless to say, some tenants can be a challenge to deal with. If such a situation presents itself, property managers should step in, take charge, and do the needful.
If you’re looking for credible property managers in South King and Pierce County in Washington state, get in touch with Sensible Home Management today by calling (253) 236-0337 and let them handle the rest!