Property management groups comprise seasoned property managers who have extensive knowledge of the real estate and other affiliate markets. However, their services are only limited to real estate issues. So if you’re expecting more from them, chances are it’s not included in their service package. Which is why we have compiled the necessary services property management groups must perform. Read on to accustom yourself with their services.
- Property evaluation and establishing an accurate rental rate
Property managers perform detailed documentation of both interior and exterior parts of your property. These documentations are done routinely which includes recommendation on repair and aesthetic improvements to increase market value of the property.
They also gather prevailing rental rates of the area and study local markets in order to come up with a competitive rental rate. Other property and household properties such as accepting pets and allowing smoking are also crafted by them. However, prior to the final decision, policies such as those mentioned will be discussed first with property owners.
- Marketing of the property
Marketing of your property effectively includes attracting a huge number of potential good tenants in a short amount of time, a 24-hour hotline where all telephone call inquiries are catered and making a showroom for viewings and sales talk. In a nutshell, they should be able to do everything in their power to close a deal with a good tenant.
- Tenant screening
Property managers must screen potential bad tenants out. They should be able to easily verify identity, income, criminal records and establish a categorization of tenants based on their capacity to pay and good conduct. All potential tenants ranked higher in the categorization must be given priority.
- Move in of tenant
Prior to tenant move in, property managers must draw up the contract all in accordance with the law and in the best interests of the property owner. All clauses with regards to payments, misconduct, household rules and termination of contract must be stipulated clearly. They should also coordinate with the tenant regularly and cater to their needs accordingly.
Also, property managers should inspect the property prior to move in of tenant and have the tenant sign the document stating that their unit’s value appraisal once they move out will be compared to the signed document at present. This will serve as reference of the property in an event of damage or misuse which must be shouldered by the party stipulated in the contract.
- Rent collection
Property managers must enforce and receive non-late payments and fees. However, in an event where late payments and fees are recurring acts, they should be able to impose a late fee in accordance with the contract agreement.
- Removal of bad tenants
Property managers must file relevant paperwork to initiate eviction of tenants under the contract agreement. If in any case that their eviction prompt them to file a law suit in retaliation, the property manager should represent the owner in court. More importantly, eviction of tenant from the property must be coordinated with law enforcement authorities.