If you own a rental property but lack the experience and/or time to manage the duties required of a landowner, a property management company can help. Property management companies have a team of experts who assist with the rental process. They screen potential tenants, handle repair calls, complete accounting tasks, hire property staff, and more. Before contracting their services, you’ll want to know what to expect from a property management company.
What are the Duties of a Property Management Company?
Property management companies may handle single-family homes, multi-family dwellings (condominiums, townhouses, duplexes, apartments), and/or business/industrial real estate (industrial parks, shopping centers, office buildings). Their function is to manage routine tasks and maintain property value. They:
Manage the day-to-day duties of a landlord
- Handle tenant complaints, requests, and/or emergencies
- Oversee installations (appliances, furnace, etc.), maintenance (yard care, cleaning services, lawn care, repairs, inspections, etc.), and/or expansions/renovations
- Ensure fulfillment of lease agreements
- Act as the public representative of your company/brand
- Compose budgets and make recommendations
- Keep you informed regarding your property
Undertake tenant management
- Market/advertise the property
- Show the property
- Screen potential tenants
- Determine rent/security charges
- Collect rent and security deposits
- Provide vacate management
- Draft/sign leases and lease renewals
Complete bookkeeping tasks
- Create and adhere to budgets
- Complete accounting tasks (income and expense)
- Provide financial statements and/or reports
- Provide maintenance records and tenant activity reports
- Undertake tax administration
- Purchase insurance (public liability, glass breakage, fire, rental income)
Provide advice regarding
- Preservation of property value
- Enhancement strategies
- Real estate market trends
- Optimal tenant type
- Emergency preparedness
- Crisis management
- Tenant relations
- Conflict resolution
- Vacancy rates
What are the Benefits of Hiring a Property Management Company?
There are many advantages to hiring a property management business.
- They handle daily operations (accounting tasks, rent collection, regular maintenance, etc.), saving you effort and time while ensuring maximum profits.
- They have a network of contractors for repairs/renovations. They’ll schedule professional help, ensure the work is completed, and provide reimbursement for work done. Your property will be quickly repaired and well maintained.
- They effectively and efficiently screen potential tenants, doing credit/background checks, ensuring your property is fully occupied, and making sure you have quality renters.
- They have up-to-date knowledge regarding the rental market and competitors’ pricing. They’re able to determine appropriate rental rates for your property.
Hiring a property management company is a smart business decision, ensuring an experienced team is watching over your property, tenants are cared for, and problems are solved.
GIL Property Management & Sales Ltd. is a trusted residential real estate partner. We pay attention to details, ensuring the success of your rental property(s). Our service packages allow you to decide how much assistance you want, ensuring you have the help that suits your needs. We provide exceptional service! Contact us today!