If you own rental properties, you probably need some skilled managers to help you deal with all the day-to-day details. However, those details may involve much more than you had initially imagined. Sure, a property management company can handle the basics of property management, but a good management company will do much more than just the basics. Keep reading to learn about the three things that a property management company should always do.
Physical Property Supervision
Physical property supervision is perhaps the most obvious of the things that a property management company should do. This doesn't necessarily have to mean that the management company maintains a physical presence on your rental property at all times. They should, however, be in charge of all the tasks needed to physically run the property smoothly.
This means that your property management company should handle things like:
- Basic building maintenance
- Landscaping for the entire property
- Working with contractors to get necessary renovations and repairs done
- Handling emergency maintenance requests from tenants
As a property owner who rents your property out, you will have to deal with legal paperwork that can sometimes get complicated. Even though you may have closed on the property long ago, making you the official owner, renting the property out requires you to forge new legal agreements. Your property management company should handle all of this for you.
Some of the legal situations that your property management company should deal with include:
- Creating leases for new tenants
- Creating employment contracts for property employees
- Filing lawsuits to recover significantly past due rent from past tenants
- Entering into legal agreements with contractors who work on your property short term
Your property management company should take the burden of dealing with property finances away. The property management company should do things such as:
- Collecting rent from tenants
- Informing tenants when rent is past due
- Paying property employees, for example maids and maintenance staff
- Keeping track of all property income and expenditures
Naturally, you have to pay a price for this level of management help. Typically, a property management company will charge somewhere between 5 and 10 percent of the amount you collect in rent each month. While it may seem like a significant chunk of your property's income, consider how valuable it can really be to have one company handling everything discussed in this article.
For more information, visit http://eastvalleypropertymanagement.com/ or a similar website.