WHAT IS THE JOB OF A PROPERTY MANAGEMENT COMPANY?
Managing rental properties for investors/property owners should be more than just collecting the rent. We at 123 Property Management take our job very serious. We believe that our job is not just to collect the rent each month from the tenant and pay the investor his or her share, but to also protect that property owners Real Estate investment.
We also strive to get the highest return possible on that investment.
How do we do that? When a rental property becomes vacant, the first thing we do is go through make sure everything is in working order and then have the home professionally cleaned. We also try to make friends with the near by neighbors and ask them to help keep an eye on the property for us and give us a call if they see or hear anything they think we should be aware of, this in its self is a very valuable tool since we are not there 24/7. Next we try and get the best possible price for the property by checking other comparable properties, we usually get a little higher price for our homes because of some the things we do that other Property Management companies don’t do. (I will go over those things in my next blog). Then it is time to start advertising and showing the properties to potential renters. We meet each and every applicant in person at the home, we have done this long enough that we can tell by observing and listening to them whether we think they will be a good fit. We then have them fill out an application listing their past rental history, work history and we also get their permission to pull a credit report (a lot can be told in the report) we then go back to the office and verify all of the information to make sure everything is correct and we have a good feeling about them. At that time the potential tenant would sign the new lease.
Wait our job is not over, after they have moved in and been there for a month or so we stop by to see how things are going and if they have any concerns (it never hurts to keep tight tabs on tenants). Now we have to drive by and check on all the other rentals that we manage, we do this at least once a month. We also have monthly statements and checks to get out to the property owners in a timely manner (this is done on or before the 10th of each month). There are also phone calls to take from tenants that have problems with something not working properly ect. We believe it is important to take care of these problems as quickly as possible so as not to have larger problems that could potentially cost the investor more money than necessary. We also have semi annual inspections to do, making sure the home is in the best possible condition and that everything is in working order. Depending on the time of year we either have sprinklers that need to be checked and turned on or blown out, furnace or air conditioners that need to be serviced, weeds that need to be addressed by the tenants ect. Sometimes it seems the list never ends, but that is our job as the Property Management Company to protect and serve our home owners and their investments.