What Does A Residential Property Management Company Do?
Sometimes landlords need more help. As the landlord of a building, there’s a lot to keep track of, and the responsibilities can become overwhelming. A property management company can help take much of the workload off the landlord’s plate.
A property management company is a third party that the landlord or investor hires to manage the day-to-day operations of a rental property. Every landlord/property management agreement will vary based on needs, the type of property and costs. The management company will directly communicate with tenants and prospective tenants.
Reasons to Hire a Property Management Company
Below are some of the responsibilities of a property management company:
- Rent – The property management company will be the ones who determine the rental prices (based on local real estate/market research) to bring tenants into the property. The company will collect the rent from the tenants due on set dates each month and enforce late fees for those who do not pay on time. The company also will adjust the rent each year according to the state’s laws.
- Tenants – The property management company is responsible for finding new tenants and filling vacancies. The company does this through advertising. Once finding a possible tenant, the company will screen the tenants through credit and criminal background checks. The company sets the lease terms, prepares the lease, and determines the amount owed for a security deposit. Once a tenant is moved in, the company will be contacted for all requests and emergencies. The property manager will inspect a rental unit before a person moves out to evaluate the condition of the space. Once the tenant moves out, the property manager will repair any damages and find a new tenant.
- Evictions – If a tenant fails to pay rent of breaks the rental agreement, the company is responsible for filing for an eviction and following the protocol to evict the renter
- Maintenance and repairs – The property manager is responsible for keeping everything in the building in working order and safe. Some responsibilities include: fixing toilets, fixing broken pipes, trash removal, exterminations, and more.
- Law – The property management company has a strong knowledge and expertise on the state’s landlord-tenant law.
- Budget – The property manager is in charge of managing the budget for the building.
- Records – The company keeps a record of everything that occurs in the building from paid rent to repair costs and complaints.
When should you hire a property management company? You should consider hiring a property management company if you have multiple rental properties, you don’t live near your property or properties, you don’t enjoy day-to-day management, you don’t have time (if you have another job), and you can afford it.
Work with A Jacksonville Property Management Company
If you have had an unpleasant experience trying to rent your house on your own, don’t live near your property, or don’t have much time, it may be in your best interest to consider a residential property management company. Our Jacksonville property management company, Quest Real Estate, LLC will deal with all the day-to-day operations, so you can enjoy the benefits of owning a rental property. We have been helping many others as a property management company since 1985.
At Quest Real Estate, we provide aggressive marketing, advertising, and showing of your property, prepare leases, have 24-hour emergency maintenance coordination, collect rent, and more.