What are the responsibilities of a property management company? Why might property owners and real estate investors choose to hire a property management company?
In a previous blog post, we went into some detail regarding what a property management company does. You can find that post here.
For this blog post, we thought we’d delve a little deeper into the legal responsibilities of a property management company to help provide some more details and perspective on our industry.
Who Should Partner With A Property Management Company?
Here’s a quick list of some reasons why a property owner or real estate investor might consider working with a property management company. This list was compiled based on our own experience plus a few helpful additions from a blog post over at Nolo.com.
- You have more units than you and your team are capable of overseeing. In other words, your growth in rental units has exceeded your team’s capacity to manage them.
- You live too far from your investment properties to properly manage them.
- You prefer to have one main point of contact while overseeing your properties.
- You’re more of a “big picture” owner, and you’re not necessarily interested in the day-to-day responsibilities of property management.
- You’d prefer to partner with a management company rather than hiring your own staff
Those are just a few of the reasons why it might make good business sense for you to work with a property management company.
The Management Group understands these reasons and more. And if we decide to work together, you’ll have the peace of mind knowing that your investments are being looked after and cared for. We also work hard to ensure that your residents are happy and want to remain residents!
Our Responsibilities As Your Property Management Company
Property management responsibilities vary depending on many factors, including the size of the properties and the number of tasks the owner(s) delegates to the company.
For example, property management responsibilities may include:
- Setting unit rental rates based on the local market
- Marketing and advertising the availability of units to attract tenants
- Screening prospective tenants
- Collecting and accounting for security deposits
- Coordinating move-in/move-out procedures when tenants move
- Collecting rent and accounting for monthly rent for each lease
- Working as a liaison between tenants and property owners, if necessary
- Scheduling, overseeing, and verifying maintenance and repair requests and fulfillment
- Overseeing property inspections and daily operations
- Contracting with landscapers and lawn services to handle property maintenance
- Informing ownership of changes to local laws that regulate rental properties, rent increases, and landlord responsibilities
- Budget management
- Maintaining financial records and helping file taxes
The Management Group
TMG’s family of companies is here for you — just as we have been since 1985. Contact us today to find out how we can be of service to you in Oregon and Washington.