- Collect rental fees. Each sum of money received is placed in an escrow account. Funds are disbursed for the payment of bills, income to the landlord, and the property management company fees.
- Maintain accurate records of funds, receipts, and expenditures; and regularly furnish these records to respective landlords.
- Handle all matters with HOA/COA.
- Manage all tenant relations which include maintenance requests and late fee notices. Deal with a laundry list of tenant problems such as unauthorized guests, unauthorized pets, parking issues, tenant cleanliness, noise violations, neighbor complaints, and the list goes on. We also manage the process of prosecuting actions to evict tenants on an as-needed basis.
- Ensure compliance with state laws, local ordinances, licensing requirements, association rules, Fair Housing laws, insurance requirements, and IRS requirements.
- Manage and dispatch handymen when necessary.
- Inspect the property periodically: at the time of move-in, move-out, and frequently during tenancy.
Renting Can Be a Good Option for Sellers
Home owners who have been trying to sell their properties for a year or more might consider lease or a rent-to-own option.
A lease option agreement gives the tenant the option to buy at a predetermined price for a rent that is slightly higher than market. In a lease purchase, a buyer commits to buying the property. In exchange, the seller credits a percentage of each payment toward the purchase price.
Either arrangement is likely to attract serious renters who would like to buy the property if they can. In exchange, they’ll take good care of it.
Negotiating these agreements can be tricky, and the owner should always get help from a real estate professional.
If you have never had a property manager before, you are probably curious and would like to learn about the roles and functions of property managers and what type of impact having one designated to you will have on you business affairs. The scope of a property manager is wide, and a property manager strives to: