Property management has a large variety of responsibilities. But what is a property manager's biggest responsibility? The biggest responsibility for a property manager is simple: to ensure the owner makes money! There are several ways that the property management company makes this happen.
Managing Tenant Relationships
You can have the most beautiful property in the world, the perfect rent price set, and every maintenance need attended to, and still have a tenant that makes neglects the property or refuses to pay rent. Managing this type of situation on your own can be grueling. A property manager is there to communicate with the tenant, find someone who will take care of the property, and push legal action if rent is not paid. Tenants who have a clear line of communication are much more likely to pay rent on time and address any concerns with the property, thus increasing the money in the owner's pocket.
Legal Compliance
It is a responsibility of property management companies to be up to date on laws to ensure they are in complete compliance with all housing regulations. This includes knowing fair housing laws, eviction procedures, local policies, security deposit handling, and anything that could pose a legal threat to the owner. Owners make more money when they aren’t being sued and fined!
Maintaining the Property
When a house is in poor condition, rent is generally lower, maintenance costs increase, and the value of the home decreases. Not exactly ideal for a property owner. Property management companies have the responsibility to maintain the property in good condition. A good property manager stays proactive instead of reactive to maintenance concerns. If a tenant does cause damage to the property, they should be quick to repair’s to ensure the property doesn’t decrease in value. A property in good condition provides both happier tenants and happier owners.
Property management includes a lot of responsibilities. In the end, they represent the owners' best interest. They protect the property and enhance its value. Managing tenant relationships, ensuring they are legally compliant, and maintaining the property in good condition helps the owner to increase profits and maintain the value of their home. Owning a rental property can be stressful, which is why you need a Hero to guide you through it. Reach out to Hero Property Management today to learn more about how you can maximize your house's potential