The Responsibilities of a Property Management Company

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When you own an investment property, you may be interested in hiring a property management company to handle the day-to-day operations of your property for you. Property management companies can provide a number of services for you as a property owner and make the process of owning investment property much simpler.

Property Maintenance

One of the primary responsibilities of a property manager is to keep the property in working condition. The property management company has to be able to perform regular maintenance to the property. If the property is damaged or needs some type of repair, it will be up to the property management company to repair it or to contract with a professional who can do the job. The owner of the property often does not deal with any of these issues, and it is up to the property manager to handle them.

Filling Vacancies

When a tenant moves out of a property, it is up to the property management company to fill the vacancy. During this time period, the property manager will have to get the property back up to a desirable condition. The property management company also will advertise the vacancy and will interview potential tenants for the property. Property managers have to be careful in choosing tenants so that they choose one who pays the rent on time and does not destroy the property.

Tenant Interactions

One of the biggest responsibilities of the property management company is to handle tenant interactions. When a tenant needs to contact someone about the property, they contact the property manager. For example, when the toilet overflows and floods the unit, the property manager will get a phone call. The property manager has to be able to deal with stressful situations and make the best of a crisis. Property management companies have to deal with the problems that tenants have and try to make them happy.

Collecting Rent

Another important responsibility of the property management company is to collect the rent from the tenant. At the beginning of each month, the property manager will collect a rent payment from each tenant. If the tenant does not pay by a certain date, the property manager may impose a late fee. If the tenant does not pay, the property manager has to begin the process of evicting him. When the property manager receives a payment, she then take her fee and send the rest to the owner of the property.

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