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9 Essential Property Management Responsibilities

Cleveland Property Manager Having a Conversation with Their TenantsAlthough there are fundamentally no two property management companies that are the same, a lot of them share many common responsibilities. From spotting tenants to property maintenance to financial reporting – and everything in between – property managers usually deal with the many tasks necessary to keep your rental properties 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

Probably one of the first things that a property owner ponders when thinking about the role of a property manager is the job of attracting and screening tenants. In case there is a vacancy, it is the job of the Cleveland property manager to market the property efficiently and thoroughly screen applicants, meeting with them to show the house as well as managing the application process from start to finish.

2.)Lease Documents and Signing

The majority of property management companies will have professional lease documents that can be at a minimum—be partially customized for multiple owners. 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

Most property management companies will assist property owners in determining the best monthly rental rate for your property. Larger companies, including Real Property Management Stellar, have the capacity to collect and analyze detailed market data specific to your area, on top of creating a custom market assessment exclusively for you.

4.)Rent Collection

One more common feature of many property management companies is their role as rent collectors. In a progressively digital world, this process is turning out to be more and more mechanized, which means that rent collection happens more quickly and more 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

One significant responsibility of property managers is keeping the rental property in good shape. Any rental house has to be safe and habitable before it can be profitable. This is why property management companies usually offer regular maintenance and repair services, often contracting with local vendors at preferred rates.

6.)Knowledge of Landlord-Tenant Law

Property managers often have detailed knowledge of state, local, and even federal landlord-tenant laws and regulations. This thorough knowledge helps them to handle difficult tenant situations, including death, divorce, and evictions, both safely and legally. By understanding and abiding by the laws, property managers help protect Cleveland property owners from legal liability.

7.)Budgeting, Accounting, and Financial Records

On top of managing the day-to-day physical maintenance, property managers are also responsible for maintaining an acceptable operation budget and keeping detailed financial records. Many property management companies will furnish detailed statements of all income and expenses for each property, records that can make tax filing much easier.

8.)Efficient Turnaround

Taking on the move-in and move-out process is another common responsibility of the property manager. In the interest of keeping a property leased at all times, a property manager will often start looking for a new tenant as soon as the current one gives notice of their intent to vacate. Once the tenant has moved out, a property manager can help get the home ready for the next tenant in a quick and well-organized manner, relying 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 must know that your property is being managed professionally and efficiently. This is why many property managers will supply regular updates about how your property is doing, as well as any concerns or other issues that may arise. While 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.

In Conclusion

These nine essential responsibilities make choosing the suitable property management company one of the most crucial 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 Stellar, 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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