Today we’re talking about the types of services you can expect from professional property managers. Most people know that professional managers collect rent and place tenants. However, there’s a lot more that we do for landlords and property owners. Here are 12 of the most essential services we provide.
- Pricing the property. We conduct market research after our initial property visit, allowing us to establish a realistic expectation about its rental value before we list it.
- Legal compliance. We make sure the property is in compliance with all the local rental ordinances. If it’s not compliant, that property could be an illegal rental.
- Contract review. We go over the management contract with owners so they know what the costs are and what will be deducted from statements each month as well as what authority the Broker has to act in place of the owner. Everything is transparent.
- Tenant criteria. We discuss with the property owner what type of criteria we expect when accepting or rejecting tenants.
- Managing vacancies. We reduce vacancy time and report to the owner when a tenant plans to leave.
- On call 24/7. Property managers are on standby when property owners or tenants need something. This is especially important during emergencies.
- Legal leases. We make sure the lease you use is attorney prepared or the state prescribed rental agreement.
- Executing the lease. If the lease is not properly executed by all parties, it’s not going to be enforceable in court.
- Move in funds. We collect all deposits and the first month’s rent before the tenant gets the keys to the property. It’s important to make sure the money clears before the tenant moves in.
- Lease renewals. At the end of a lease period, we visit the property and make sure it’s in acceptable condition. Then, we decide whether we want to keep the tenants for another lease term.
- Security deposits. Handling claims against the security deposit is an art and a science. It can get contentious, and we are careful to document and communicate everything.
- Finally, we make your property ready for the rental market promptly when your tenant moves out. This reduces the turnover time and allows us to get it listed and marketed on various websites.
If you have any questions about what professional property managers can do for you, contact us at Berkshire Hathaway, and we’d be happy to tell you more.