If you’re a landlord with multiple residential and real estate properties on rent, you’ll know how important it is to hire a residential property management company. Property management companies plan to make property management the easiest for the landlord. When it comes to a residential rental, we’re talking about a thriving asset that needs good care and maintenance to reap long-term profits.
Landlords find it increasingly difficult to manage multiple rental properties. It’s an additional hassle if they’re located at different locations. Another tricky task in property management is to keep complete records of payments made by the tenant.
The worth of rentals is only increasing with each passing day, and so is their rent. Property rents are expected to go even higher than what they were the last year. With the rent only rising, the landlord doesn’t want to deal with complaining tenants or tenants who keep delaying payments. Rental property managers take care of all matters related to rent collection and rental record keeping. Property managers are also responsible for following up with tenants on matters of rentals.
Property Management Services for Property Reports
An up-to-the-mark property management service in Federal Way makes sure its services cover the rental’s maintenance costs. Such services also issue a property management report to keep the landlord well aware of the activities carried out at the rental. The primary purpose of property management reporting is to keep the landlord informed of all the property maintenance and the landlord’s rental account updates.
Managing your properties all by yourself? That must be difficult! Email us your query at Sensible Home Management to learn about our residential property management services in King County, WA.
Here’s what property management reports contain:
Official Profit Statements
The property was rented to garner profits from it. If the expenditure exceeds the property rent, you must develop timely plans about how long the maintenance would continue and impact profits. Property management reports are designed to keep the landlord well-informed about how their property is faring!
Profit statements are the monthly records of the rent collected against the expenditure on property maintenance. These records also depict the year-to-year performance of the landlord’s property. It’s a smart way of calculating investment returns on an entire fiscal year.
Our real estate firm in WA, King County, also considers the property’s maintenance costs. Not just that, the company also offers a detailed account summary of the amount and times cash was withdrawn to maintain the residential property.
Property Maintenance Reports
All year round, residential properties go through rigorous wear and tear caused due to usage or harsh weather conditions. The repair and maintenance of a residential property are the landowner’s responsibility. The landowner should ensure the property is well maintained before tenants move in.
Federal Way residential property management services make sure they offer home maintenance services to landlords. The report for home maintenance also makes it to the home management reports offered by residential property management companies. Its contents include:
Accounts of Preventive Maintenance
Not all care and maintenance of a property is offered once it has suffered some damage. That’s post-damage maintenance and repair. A property needs continuous repair to avoid hefty post-damage maintenance.
A worn-out roof, scraping paint, and old pipeline repair are preventive maintenance measures to avoid serious damage later. A property management report has all the dates of preventive property activities recorded.
Note that these repairs are not urgent. You can do them as per your convenience and budget. Always consult with your property manager before making major decisions about property maintenance and security measures.
While property repair is the landlord’s responsibility, the tenant must maintain appliances and domestic equipment.
Experts suggest that all those property damages that don’t directly affect the livability in the rental are paid for by the tenant. For property damage to be considered, efficient property inspection and reporting are required.
Here’s where a great Pierce County property inspection service would come in. Property inspections are the leading source for all the rental data and damage information collected. Teams with an eye for inspecting every nook and cranny of the house are required for the rental.
Reporting About Lease Violations
A lease is a legal document about the terms and conditions a landlord sets for their properties. A violation of the lease could lead to legal proceedings of eviction. Maintaining a lease is crucial for both the tenant and the landlord since it also ensures both parties refrain from indulging in criminal activities or renting their property to unlawful persons.
If you’re too conscious about property management reports, you can consult with your property manager about the ways and duration of the property inspection.
Re-Renting and Lease Violation
This is quite a known process in America. Many tenants rent properties only to re-rent them at higher rates to other tenants. This practice may not be acceptable for some landlords. You can put a clause against the practice in the lease and make sure your property management service engages in timely property inspection drills.
You need an active and vigilant team to manage your residential real estate. Our skilled team at Sensible Home Management has been offering tenant screening services in Pierce County for a long time. Our rental market network helps us offer incredible property inspection services. To benefit from affordable property management services in Pierce County, contact us at (253) 236 0337.