What are residential property management services? If you are wondering whether you should pay for these services it is best to understand what they should include.
What does a residential property management company do?
A property management company acts as a third party between the property owner and the rental client. Essentially, they handle the daily management of residential property. Examples of residential properties include an apartment block, condo complex, holiday villa estate, a holiday home, or other form of property that is rented out for a fee. The specific duties handled depends on the terms laid out in a management contract.
Common Services Provided by Residential Property Management:
Rent
Property managers collect rent and enforce late payment penalties. A residential property management company may also be in charge of setting rent. You can expect the company to determine rent based on appropriate market value, market conditions such as rental vacancy and housing prices, the size of a unit, its location, its finishes, and access to desirable amenities. Another function the company will take on is adjusting the rent, when appropriate, based on market conditions changing and in keeping with state or municipal rental laws.
Accounting
The company will maintain updated records of rental income as well as expenses including cost of repairs and maintenance, insurance, services like garbage collection, and others. At any one time, the records reflect how much cash is at hand in the account of a property owner. The company also works within a budget set by the property owner. Exceptions may by approved in the case of emergencies such as a leaky roof or a downed tree from a storm.
Taxes
A residential property management company will compute the taxes that are to be submitted from rental income, factor in tax relief concessions on behalf of property owners and ensure that the right amount is submitted to the authorities on time. Property owners may also opt to submit taxes themselves.
Tenants
A residential property management service company handles all matters to do with tenants. They find tenants for vacant units by marketing your residential property and screening tenant applications. They carry out background checks to ensure that those who live in a block or complex don’t have an undesirable criminal, credit, or rental history. Eventually, tenants move out of a unit and the residential property management company will handle security deposit refunds after inspecting for damage.
If a tenant does not pay rent on time and it becomes necessary to evict them, the company will take care of this too. Complaints about noise or other inconveniences and emergencies such as faulty plumbing or electricity will also be handled by the management company.
Repairs and Maintenance
A residential property management company handles keeping property in good shape with periodic preventative maintenance and repairs. They will also handle garbage disposal, shoveling snow from the entry way, and taking care of the garden and landscape. The company will also contract a HVAC company to handle periodic checks and emergency repairs.
Better value
A professional residential property management company adds value in more than one way. They ensure rent is collected on time and give a property owner the advantage of freeing their time so they can do other things like expand their investment portfolio.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.
