The United States property management industry generates roughly $69 billion in annual revenue — all thanks to their trusty property managers. If you are considering a property manager for your property, or if you are looking to join the property management business, any certified property manager will allow an owner to have access to a profession to maintain their property.
Search around for property management companies in your area and ask what they can do for you and what benefits they can offer people in the rental business. The best property management companies will enable you to leverage established vendor relationships, staffing efficiencies, and good practices for maintenance programs to minimize your costs. With the property management industry growing at an annual rate of 3.1%, it may be the best time to find a certified property manager. Here are some of the duties required by these individuals:
Leasing and Marketing Duties:
- Maintain a daily calendar and schedule move-ins, move-outs, tours, and vendor activity
- Visit with walk-in home owners in the office and help them determine their needs for their property
- Follow-up with prospective tenants who have no left a deposit yet, so the owner doesn’t have to
- Fill out and submit paperwork regarding rental applications. This is not a homeowner’s duty!
- A top property manager will manage the tax reporting and responsibilities involved
- Review lease expiration dates and how each monthly payment should be made and to whom the tenants should pay it
- Fix any broken appliances or call the companies to come in a fix appliances
- Clean the property before showing prospective tenants and after tenants have moved out
- Maintain any yard work, snow shoveling, etc. that is described in the tenant contract
- Assess any previous damages before tenants move in, and note any damages after they move out
- Maintain the property’s appearance when it is vacant; remove trash and debris from the yard
- Suggest to the property owner an installation of new appliances that could end up saving them money
All property management companies will be happy to answer any other questions you may have regarding what their duties and benefits are. Hiring a property manager allows you to reduce some of the responsibilities involved by outsourcing them to a third party. The last thing you want to do is deal with unruly tenants. It would be wise to consider a property manager because you will be able to manage your time efficiently. Get more info here.