A property manager serves an essential role in the housing industry. They are responsible for overseeing property maintenance, tenant affairs, and finances, ensuring a cordial relationship between the tenant and the landlord. If you plan to invest in a new home, you might want to know if you can access property management services for single homes. Let us find out in the blog post below.
What is a property manager?
A property manager is a person or management company responsible for overseeing the day-to-day operations of residential properties. They manage tenants, leases, finances and ensure no problems between a tenant and their landlord occur. Property managers also handle maintenance work, including painting and cleaning. If you live in an apartment complex, the management team will likely oversee several separate units and may not be responsible for your actions.
What is the role of property management services?
Property management companies specialize in the housing industry. Without them, most landlords would find it nearly impossible to operate an investment property with all of the legalities involved and tenant relations that require attention on an ongoing basis. A rental property management company will typically handle the following:
Setting rent
A property management company reserves the right to set the rent. The property manager will analyze the market to determine the current rental rates for comparable properties. They then set a competitive rate in the area to attract new tenants while ensuring a fair return on investment for your rental property.
Screening renters
Tenants are carefully screened before living in an apartment complex, and this service typically extends to homeowners. The property manager ensures that leases comply with local and state laws when you sign a lease agreement. They also vet you to determine your ability to meet all your rental requirements.
Collecting rent
A property management company collects monthly rental payments from tenants on time to avoid falling into arrears or skipping out altogether. They also handle late fees and other charges associated with delinquent rent payments to keep your property financially healthy.
Legal work
A property management company may also be responsible for legal matters related to leasing, eviction, or any other tenant-landlord issues that arise between you and your tenants. You might also need to pay additional fees to the property management company.
Maintenance work
Property managers are often responsible for maintaining your property by handling repair requests, arranging for necessary maintenance tasks, and ensuring tenants do not damage the home with lucid behavior or activity. They may also be required to arrange insurance claims after a tenant has vacated the unit if any damage was done to the rental property.
Ensuring compliance with local, state, and federal laws
Property managers are typically held responsible for ensuring that leases comply with local, state, and federal laws. They also see that you have all the necessary documentation to meet these requirements, so there is no trouble later on down the line.
What are the different types of property managers?
There are two main types of property managers that serve different purposes. These include:
Single-family home or homeowner association manager – Helps homeowners with rental properties like condos and other single-family residences find tenants while also handling the leasing process for them.
Multi-family property managers – These professionals help manage apartment buildings, condominiums, and other multi-family properties. They handle day-to-day operations, including screening tenants, collecting rent, maintaining the property, and enforcing tenant policies.
Can you find property managers for homes?
Yes, property managers are available for properties of all sizes – whether a single-family home or an apartment building. What are the benefits of hiring a professional property manager?
Hiring a professional property manager has numerous advantages for homeowners and landlords alike:
They keep you up to date with your property’s condition
A professional property manager will constantly contact the property owner and update them on any changes that have been made, repairs that need to be done, or other important updates. You can rest assured knowing your real estate investment is being well taken care of even if it isn’t under your direct supervision.
They handle tenant issues on your behalf
Tenant complaints and legal matters can be overwhelming to homeowners trying to balance their day jobs with the demands of owning a home. A local property manager will manage these types of situations for you so that they do not interfere with family life or work responsibilities. It is also an important consideration if you have a busy schedule.
They help you avoid fines from local authorities
Property managers can ensure that your home complies with state and federal laws, which may include signage or other legal requirements. They ensure your property does not violate any ordinances, so you do not receive unnecessary fines from the city for non-compliance. They keep your rental income safe.
They handle your bills
A property manager will handle the money you receive from tenants and deposit it into a separate account, so it is protected in case of any unforeseen issues. They also monitor your budget to ensure all monthly expenses are paid for and on time, including utility bills or maintenance contracts with third-party providers.
They maintain your property
A professional property manager will ensure that the home’s exterior and interior are well kept by inspecting them periodically. This is to verify that they meet industry standards as required by local city ordinances. They also make sure that the property is well lit at night and secure with locks. Keep in mind that you, as the owner, will be responsible for paying for extra services and maintenance for your property. Make sure to talk with your property management company about all their additional fees and costs.
Need a Property Manager?
At Olympic Rental & Landlord Services, we take care of all aspects of property management in Tacoma and Olympia, including finding quality tenants and helping homeowners save money and time with various services. Whether you want to rent out your apartment complex or single-family home, call us today! We’re happy to answer any questions you might have.