When seeking a rental manager for your real estate management needs, it is important to have a basic understanding of the responsibilities of the company or individual you select. Often, the duties of a property management company vary depending on the fees you are willing to pay and the level of involvement you prefer to have with your rental property. As far as the most basic responsibilities of a property manager, Richmond property owners can expect the following tasks to be handled, at the very least.
Handling Rent
A good rental manager will have an understanding of the market your property is located in and will set the rent amount at a competitive but reasonable level. Rental management groups also handle the collection of rent payments and enforce late fees and eviction notices if necessary. Additionally, management professionals are aware of when rental amounts need to be adjusted based on market values.
Tenant Relations
Rental managers are skilled at showing your property to potential tenants and securing the necessary forms for renting the property once an appropriate tenant is found. A property manager also handles tenant complaints and emergencies, obtains signed lease agreements, deals with the move-out process when a tenant leaves your property, and handles evictions should such a situation arise.
Maintenance and Repairs
In addition to handling rent collection and tenant needs, a property management firm typically handles all maintenance and repair requests made by the tenant. Management companies tend to have lists of contractors and service providers they use for each type of emergency – from a leaky sink, to a roach infestation, to a broken appliance. Often, having these types of problems handled by another party is a large perk to property owners, as spending their weekend dealing with a rental property repair can make the landlord dynamic a stressful one.
Records and Taxes
Another benefit of hiring a rental property management company is that these companies typically handle all budgets, record keeping, and tax forms for the property owner. Often, property owners are apprehensive about making an error in their record keeping or on their taxes. Having a professional to handle the specifics of this kind of paperwork can provide a great deal of relief to an inexperienced landlord.
Real Property Management Richmond provides experienced, trusted property management services to the Richmond, VA area and surrounding areas. We invite you to visit us today at Richmond.realpropertymgt.com for more information about how our rental managers can help you with your personal or commercial rental management needs.
