As per the ‘What Do Property Management Companies Do’ video, property management is split into two main categories. The companies are responsible for the day-to-day operations of rental units and homes. Managers oversee the property’s finances as well as its daily operations.
Leasing agents take the lead on leasing software applications to help owners advertise their properties online.
To effectively manage a property, the property management company must be aware of all the dos and don’ts of their jurisdiction. They also must have a working knowledge of accounting principles and procedures. Property managers are in charge of collecting rent payments from tenants. They are responsible for ensuring that taxes and utility charges are paid on time.
Property managers also keep records for future reference. They often assist with repairs, utility bills, advertising for new tenants, and coordinating with contractors when necessary. Rental properties can have different levels of management depending on each case. For example, some properties will be subject to local laws regarding their upkeep and repair obligations. Others may require less maintenance.
Property management companies usually charge a fee that covers the cost of their services. However, costs associated with maintenance and repairs must still be covered by the property owner. Property management companies are responsible for getting new tenants into empty units and vacancies. The firms help in tracking current rents against market rates.