What Exactly Will Your Property Manager Offer
You probably know that your property manager will manage your property for you. But what exactly will your manager be doing? It is important to have succinct details of what property managers do. Besides understanding services on offer, you will be in a position to ask the right questions.
Below are some key responsibilities to expect from your property manager and some of the questions you should not forget to ask.
Value the Property
Your property manager should do research in the given area where your property is located and calculate an average best pricing for it. Also, you should get recommendations on necessary repairs and renovation that would help improve the performance of your property in the market.
Also, the manager should take care of property documentation, meaning he should provide a written description of the property including clear photos of the interiors and exteriors. Documentation is important in marketing because a good outlook of your premise will increase the chances of leasing it out at a good price.
Manage Tenant Selection and Move-In
Your property manager should guide you through on the type of tenants that are good for your property. For instance, if you have residential apartments, it is important to know whether to allow smoking and pets in the premise. Also, the manager should screen interested parties by checking their background, verifying identity, and checking out if they have a bad rental history. Tenant screening helps keep your property safe.
Manage Legal Issues
You may not be well aware of all legal requirements and responsibilities meant for property owners. Your property manager should prepare for you all legal documents required and, more importantly, keep them updated in case legal requirements are amended, or new ones are introduced.
Also, in case your tenants violate the terms of the contract, it's the responsibility of the manager to follow through with law enforcement, file relevant documentation, and advise you how to go about it.
Maintenance and Inspections
Besides collecting rental income on your behalf, filing taxes, paying for insurance and mortgage, and keeping updated financial records, your manager should take care of property maintenance. This includes hiring licensed contractors to maintain the interiors and exteriors of your property.
Maintenance also involves ensuring policies that protect your property are followed. For example, for a residential place, the manager should ensure people don't run businesses from their sitting room or kitchen. Running commercial services, such as a bakery, should be done in a commercial place where necessary precautions are in place.
Questions Not to Forget
When you approach a property management company ask whether:
- They offer a payment system for rental income
- Do marketing and advertising
- Allow you to choose when to receive rental income
- Have any hidden or extra charges not mentioned in the contract
Although your property manager will take care of everything to do with the management of your property, it's important to know what to expect and the right questions to ask to ensure you stay in control and that your property is safe.
For more information and options, talk with different property management companies in the area, such as Verse Property Group.