What Does a Property Management Company Do?
If you’re having issues with your rental property, it’s time to consider what might be causing the problems. These issues include late rent payments, decreased profits, or higher operational costs. It’s concerning if you put effort into finding and keeping good tenants, yet you’re still dealing with a lot of tenant turnover and empty units.
Without further ado, here is an outline of the main tasks a property management company does:
1. Ensure Compliance with Landlord-Tenant Laws
A property management company must be aware of and adhere to all landlord-tenant laws. This includes knowing the proper procedures for tenant screening, collecting and administering security deposits, properly terminating a lease agreement, and managing the maintenance of a rental property.
2. Keep Financial Records
The job of a financial record keeper is to keep track of all financial records related to the rental property. They must regularly generate detailed accounting statements for the property’s owner and ensure that all necessary leasing, rent collection, repair, and tenant application documents are up to date and properly stored. They must be highly organized and take great care in ensuring that all records are accurately maintained.
3. Issue Financial Reports
A quality property management firm should provide regular statements that outline the costs and profits of the real estate investment to the investor. Furthermore, they must generate yearly financial records to present yearly tax documents and the IRS Form 1099-misc for reporting the investor’s rental income.
4. Perform Property Inspections
Property managers are responsible for regularly inspecting the properties they manage. They should check the property’s condition before tenants move in and after they move out to ensure any damages are addressed quickly. Additionally, they should periodically inspect the property to make sure it is in good condition and functioning properly.
5. Perform Administrative Duties
Property managers are responsible for handling tenant needs and providing excellent customer service. This may include signing leases, addressing customer grievances, and responding to maintenance requests. They must strive to keep tenants satisfied and ensure the premises are well-maintained.
6. Market Unoccupied Rentals
The job of a property management company is to promote a rental that is not currently occupied. They must use fair and legal methods to advertise the rental, answer questions from potential tenants, show the property to those interested, and assess the qualifications of the applicants.
7. Manage the Rental Home
Rentals property managers need to ensure that the home they oversee is up to code and in good condition. They must coordinate with contractors to arrange necessary repairs and keep the residence livable, so tenants stay long-term. This means abiding by the applicable Habitability Codes.
A property management company is a key asset for property owners and tenants. They provide a range of services that can help to protect both parties in the rental agreement. Property management companies will handle all aspects of your rental property, from tenant screening to rent collection and maintenance, helping save time and money for both the property owner and the tenant. Having a property management company on your side can help to ensure your rental property is managed efficiently and effectively.
At Quest Real Estate, our full-service real estate company has helped clients throughout Northeast Florida since 1985. We specialize in residential and commercial property management, including single-family investment homes, commercial office buildings, restaurant and retail centers, and boutiques. Whether you are buying or selling a home or commercial property or want to relieve yourself of the burden of day-to-day operations, we can help. If you need property management services in Jacksonville, FL, call us today at (904) 373-9171 for a free quote!