While property management companies are different from each other, they do share a number of common responsibilities. Property managers are required to handle tasks like finding tenants, property maintenance, financial reporting, and many others so that your rental properties are kept clean, safe, and profitable. In particular, there are nine essential property management responsibilities that help preserve and even grow the value of your real estate investment properties.
1) Attracting and Screening Tenants
When property owners consider hiring a property manager, the first thing they think about is probably the manager’s job of attracting and screening tenants. When there is a vacancy, it’s up to the Tulsa property manager to market the property well. And when applicants arrive, it’s also up to them to thoroughly screen them, meeting with them to show the house as well as managing the application process from start to finish.
2) Lease Documents and Signing
Property management companies would have professional lease documents on the ready for owners to customize and use. The property managers not only prepare and obtain approval of all lease documents and addenda, but they also coordinate document signings and related tasks.
3) Setting Competitive Rental Rates
To keep their property competitive in the local market, property owners can ask their property management companies to help them set the best monthly rental rate for their property. Larger companies such as Real Property Management Tulsa can also collect and analyze detailed market data specific to your area. From that data, they can create a market assessment report that is custom-made just for you.
4) Rent Collection
Almost all property management companies also work as rent collectors. As technology gets better and better, this process has been simplified and automated. Now, more than ever, rent collection can be done quickly and efficiently. By offering online rent payment to tenants and automatic deposits to property owners, property managers ensure a consistent stream of rental income each and every month.
5) Maintenance and Repairs
Another significant responsibility of property managers is to do what is needed to fix and maintain the rental property. It’s critical that any rental house must be safe and habitable before letting anyone live in it, much less profiting from it. This is why almost all property management companies have regular maintenance and repair services offered. Many of them contract the projects out to local vendors at preferred rates.
6) Knowledge of Landlord-Tenant Law
Competent property managers should have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. Comprehensive knowledge of these laws allows them to handle difficult tenant situations. So when things like death, divorce, and evictions happen, they know how to deal with it safely and legally. Property managers who know the law and keep it help protect Tulsa property owners from legal liability.
7) Budgeting, Accounting, and Financial Records
Along with managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. These property management companies also produce detailed statements of all income and expenses for each property, records that can make tax filing much easier.
8) Efficient Turnaround
Guiding the move-in and move-out process is yet another common responsibility of the property manager. To attempt to keep a property leased at all times, a property manager usually begins the marketing campaign to find a new tenant as soon as the current one gives notice of their intent to vacate. Once the tenant has left the home, a property manager can begin preparing it for the next tenant. They can do this really quickly since they rely on a network of service technicians to help ensure your vacancies between tenants are as short as possible.
9) Effective Communication
As a property owner, you have to know that your property is being run in a professional and efficient way. This is the reason why a lot of property managers send regular updates about how your property is doing, as well as any concerns or other issues that may arise. Whereas effective communication is one responsibility that some property management companies sometimes overlook, finding a property manager that offers ongoing communication is the key to your long-term satisfaction.
These nine essential responsibilities make selecting the right property management company one of the most significant decisions that a real estate investor can make. Each of the tasks performed by a property manager means one less task on your plate, freeing you to spend your time on growing your business. At Real Property Management Tulsa, we do this by taking on all of the essential property management responsibilities – and much more. Our property management professionals can help you to maximize your rental home’s potential through our proprietary systems and world-class services. To learn more, contact us today.
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