What do property management companies do?

December 5, 2023 0 comment

Property management companies offer a range of services that cater to the needs of property owners, investors, and landlords, ensuring that their real estate assets are well-maintained, tenanted, and compliant with relevant regulations. Here’s a breakdown of what property management companies typically do:

1.Tenant-Related Services:

Tenant Screening: Conduct thorough background checks, including credit reports, criminal history, rental history, and employment verification.
Lease Management: Draft, negotiate, and enforce lease agreements. Ensure both tenant and landlord adhere to the terms.
Rent Collection: Handle monthly rent collection, deal with late payments, and provide regular financial statements to the property owner.
Tenant Relations: Address tenant concerns, complaints, and requests, facilitating a positive landlord-tenant relationship.
Move-In/Move-Out Procedures: Coordinate the process, including inspections, return of deposits (if applicable), and ensuring the property is ready for the next tenant.
Evictions: Handle the legal process of evicting a tenant if necessary, in compliance with local regulations.

2. Property Maintenance & Repairs:

Routine Maintenance: Schedule and oversee routine maintenance tasks such as landscaping, cleaning, and inspections.
Repairs: Address emergency repairs, source reliable contractors, and ensure timely completion of all maintenance requests.
Property Inspections: Regularly inspect the property to check its condition and ensure tenant compliance with the lease terms.

3. Financial Services:

Budgeting: Prepare annual budgets for property maintenance and improvements.
Financial Reporting: Provide regular financial statements, including income, expenses, and projected costs.
Tax Preparation: Assist property owners with tax-related documentation and, in some cases, advice on relevant deductions.

4. Marketing & Advertising:

Property Listings: Create and manage property listings across various platforms to attract potential tenants.
Property Showings: Organize and conduct viewings for prospective tenants.
Market Analysis: Regularly review local rental rates and adjust property rental rates accordingly.

5. Legal & Regulatory Compliance:

Local Laws: Ensure the property complies with local, state, and federal regulations, including health and safety standards.
Licenses & Permits: Obtain and renew necessary licenses and permits for the property.
Risk Management: Advise on liability and other potential legal issues.

6. Administrative Services:

Record Keeping: Maintain detailed records of all property-related activities, including tenant interactions, maintenance requests, and financial transactions.
Vendor Relations: Manage relationships with contractors, suppliers, and service providers.

7. Additional Services (may vary by company):

Investment Advice: Offer guidance on property purchases, sales, and market opportunities.
Community Management: For properties within homeowner associations (HOAs) or similar entities, manage community amenities, collect association fees, and address resident concerns.

Conclusion:

Property management companies act as an intermediary between property owners and tenants, ensuring the smooth operation of the property, maximizing the return on investment for owners, and enhancing the living experience for tenants. Their services can be invaluable for property owners who may not have the time, expertise, or desire to manage these tasks on their own.

Davis Property Management

At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.