What to Expect from a Property Management Company? Wednesday, January 04, 2017
If you own a number of properties (or even one) but don’t have a lot of time on your hands, then consider the professional services of a property management company. Property management is a way for an owner of rental or commercial properties to ensure their property is in good hands. It’s a way to free up time and bridge any management gaps that you may experience while overseeing your properties; whether it’s a commercial properties in Columbus, Ohio, industrial properties in Bexley, Ohio, or residential properties in Dublin, Ohio. But what should you expect from a property manager? We’ve outlined the most pertinent tasks below, which are typically expected from property management companies.
Managing Day-to-Day Affairs
The first service that you should expect is for your property manager to run the day-to-day affairs of your buildings. That typically means:
- Managing complaints
- Being present for maintenance, installations, and expansions
- Making sure that lease agreements are being fulfilled
- Acting as a liaison between you and your tenants
It’s your property manager’s job to keep you fully abreast of all that goes on in or around your property; on the other hand, he or she will not come to you with every issue that develops. A professional property management company is able to determine when you need to be informed about matters in advance, and when you can be updated after the matter has already been resolved.
Another service that you can expect from a property management company is tenant management. Your property manager will make sure you acquire new tenants and help them settle in. Some companies will also market your property, but that’s not generally a service that’s required. However, they can talk to interested prospects, show the prospects around the property or inside vacant units; they can also handle all of the paperwork that is involved, and address any concerns that future tenants might have. They also are usually responsible for starting an eviction processes, should an event come to that. Overall, these are most commonly the tasks involved with tenant management:
- Find tenants to fill vacancies
- Show prospective tenants vacant units, as well as around the property
- Screen tenants
- Manage leases, from conception to execution
- Set rent and security deposit amount
- Collect security deposits
- Handle tenant requests, complaints, or emergencies
- Delicately handle evictions
Management of Property Maintenance and Repairs
A property management company is also expected to manage all maintenance of both the interior and exterior of the property. Such tasks usually require the manager to:
- Perform frequent inspections
- Initiate preventive property maintenance
- Repair any issues or hire a professional to fix the issue
Rent management is one of the main duties expected from any property manager. While it may seem simple, it’s quite an arduous task that requires the manager to:
- Collect rent on time
- Strictly enforce late fees
- Adjust rent amount when necessary
Hire a Property Management Company You Can Trust
Overall, the purpose of hiring a property management team is to make sure that somebody you can trust is watching over your property. It’s almost impossible for an owner to deal with the minor necessities that are involved in owning a rental property, especially if you have other business to attend to. And, as a property owner, you are likely an expert in a field other than property management. That’s why hiring professionals with many years of experience is not just easier on you; it can also be a solid business decision to make sure the best person you can find is in charge, even if it isn’t you.
In order for a property to run efficiently, you’ll need an expert in the field who is always ready to manage the daily operations, and immediately (and proactively) resolve any issues. To get the job done right, you need a reliable, reputable, and trustworthy property management company to handle all of your property management needs. Contact The Robert Weiler Company today at 614-221-4286.