If you are thinking about renting your home, you may be interested in finding out what does a property manager do.
Owning a rental property is an excellent way to invest your money, build equity in a piece of real estate, and diversify your assets. Many property owners choose to work with a property management team to effectively manage this investment. Our team of qualified property managers work hard for property owners to ensure a full return on their real estate investments.
A property management company and property manager will:
- Market the home Effective rental marketing reduces the time the property is vacant and maximizes your income potential. The property management team may choose to market the home for rent via a posting on the multiple listing service, online advertising, a posting on the management company's website, newspaper advertising, or a for rent sign on the property.
- Fill vacancies The property manager will meet with interested tenants to show the house, answer any questions, and draft lease agreements. Filling vacancies in the home should be done quickly and efficiently to minimize the amount of time the property is empty.
- Determine tenant worthinessA credit history assessment and background check are important steps in the rental process. A thorough check of the prospective tenant's background helps inform the property manager's decision of tenant worthiness.
- Negotiate leases Tenants may request variations to the original lease terms including length of the lease, the presence of pets, or payment details. The property manager will work with the tenant to negotiate any changes to the standard lease agreement. Once a lease expires the property manager will ensure a lease extension is offered to worthy tenants to promote longer tenant retention.
- Maintain proper records A property management company maintains records of all income and expenses for a property. Documentation and receipts for maintenance performed on the property should be carefully cataloged and reported to the homeowner on a regular basis.
- Collect rent The property manager is responsible for collecting rent, security deposits, and damage deposits from the tenant and disbursing net income to the homeowner. Tenants who make late payments, or those that fail to pay, are held responsible for the terms of the lease agreement.
- Follow local, state, and federal laws There are a variety of local, state, and federal statutes that regulate rental properties. A property manager should follow each of these to ensure all guidelines are adhered to. These may include record keeping and reporting, the method of refunding deposits, and the basic procedure of renting a property without discriminating against certain groups of people.
- Perform maintenance Keeping the property in good condition and in working order is an important job of the property manager. Tenants will contact the property management company when something is in need of repair. The property manager will also ensure routine maintenance is performed on the home such as roof, HVAC, and electrical inspections.
- Report to you on a regular basis A property manager will keep the homeowner informed on the status of the property, expected vacancies, necessary maintenance, and upgrades that need to be done to the home.
To learn more about what a property manager does, contact our team at Chesapeake Property Management, Inc. We are proud to serve the needs of the homeowners that trust us to manage their properties and are available to answer any questions about property management.