What A Property Manager Can Do For You
Jan 9, 2019 — Agent by Offer Staff
Author: Agent by Offer Staff
Along with your home, a good property manager found with AgentbyOffer.com can be an asset. Finding the right property manager with the right experience, fees, and attitude can make renting your home easy. Property Managers will assist you in making difficult decisions when it comes to maximizing your returns before, during, and after the process. If you’re ready to find a real estate property manager, visit www.AgentbyOffer.com to create a simple listing, receive offers from agents, and get connected without the hassle of calling around.
Property managers can provide crucial services to make renting your home easy.
Some of these services include:
Determining an accurate rental rate and evaluating your property
- Documenting the interior and exterior of the home with photographs for your records.
- Offering recommendations for repairs and how to best improve the appeal of your home to increase monthly rental rate.
- Gathering the appropriate data needed to compare your home with others in the area and suggest a fair but maximized rental rate. Property managers have access to beneficial information that the general public does not so this will go a long way.
- Explain local trends of rentals in the area and educate home owners on the different policies involved with renting to tenants. These can include pet, parking, guest, and smoking policies.
- Installing a key lock box and handling showings.
Marketing the Property for Success
- Prepare the house
- Cleaning and organizing the home (Likely through a connected cleaner)
- Landscaping and curb appeal improvements
- The creation of ads and targeting the appropriate audience:
- Listing the property on paid and free sources
- Posting signs and fliers
- Utilize the MLS
- Networking to with other leasing agents and Realtors© to find a tenant.
- Manage online property profile to include answering emails and phone calls from potential clients.
- Meet prospective tenants for showings throughout the week and weekend.
- Provide prospective tenants with rental applications that are legally compliant with fair housing laws
- Collection of applications with application fees
Tenant Selection and Screening
- Perform a background check to verify identity, income, credit history, rental history, etc.
- Grade tenants according to pre-defined tenant criteria
- Inform tenants who were turned down for renting
Tenants Moving In
- Draft leasing agreement
- Schedule move in date with tenant
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly signed and executed.
- Conduct a detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
- Collection first months rent and security deposit
- Collecting Rent Payments
- Processing monthly rent payments
- Collecting late payments
- Notices of pay or quit
- Enforcing and collecting late fees
- Filing relevant paperwork to initiate and complete an unlawful detainer action
- Representing homeowner in the court of law
- Coordinating with law enforcement to remove tenant and tenants possessions from unit upon eviction
- Advise in the event of a legal dispute or litigation
- Refer owner to a qualified attorney when necessary
- Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
- Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property. Typically a quarterly or semi-annual report.
- Provide accounting property management services
- Execute payments on behalf of owner to include Mortgage, insurance, HOA dues, etc.
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form for property management services
- Advise owner on relevant tax deductions related to their rental
- Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
Remodeling, Repairs, and Maintenance
- Provide and oversee an in-house maintenance crew
- Establish a maintenance schedule to identify and make repairs as needed
- Maintain a portfolio of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that meets code
- Maintain outdoor areas
- Leaf and snow removal
- Maintain and monitor a 24 hour emergency repair line
- Larger renovation or rehab projects
- Provide recommendations on how the project can maximize rental income.
- Prepare preliminary cost estimates
- Get multiple independent bids for the work
- Oversee all work to be completed
Tenant Moving Out
- Inspect the property for damage and file report when tenant moves out
- Handle the damage estimates and collection from the tenant
- Handle to return of security deposits to the tenant or payment to homeowner from security deposit
- Clean, repair, and/or upgrade the property before next tenant
- Re-key locks to prevent previous tenant access
- Find the next qualified tenant
Property Managers can provide an invaluable service when it comes to renting out your home. The reduced stress of handling the rental process makes using a property manager more than worth it. You can find a property manager using www.AgentbyOffer.com where you can receive Offers based on management fees, view profiles, and get connected in one place without having to call around.
Property managers can join our nationwide network HERE