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What Do Property Management Companies Do? Part Five

One of the most frequently searched terms on Google, Bing, Yahoo and other search engines on the topic of property management is simply: “What do property management companies do?”

To answer that question, we have put together a five-part blog series to explain exactly what property managers do (and don’t do) to effectively maximize rental property.

Read Part Four

5)  Everything else

We recognize that ‘everything else’ is hardly the most academic term to describe what property management companies do, but if we really wanted to convey just how much is required to effectively manage a property, we’d likely require a ten-part blog series as opposed to our five.

Like most businesses and industries, there are simply tasks that don’t fall perfectly under one particular department or section. Some of those for property management companies include:

  • Communicating with owners. The emails, phone calls, and visits seem menial to a client, but they only see their own communications. Companies of course require multiple clients to be profitable, and time spent keeping property owners in the loop (known in house as Account Management) is more extensive than any one person will ever see.
  • Maintain relationships with service providers. Perhaps the greatest resource advantage that property management companies carry is the ability to quickly and effectively connect homes and home owners with necessary services. Relationships are already established, and the process isn’t a start-from-scratch situation.
  • Expand marketing networks. This is another process that simply cannot be started from scratch. As mentioned in Part One, marketing is a critical piece of effective property management. And yes, individuals can market on their own. But in doing so, only the first ‘circle’ of marketing resources is typically accessible. Strong relationships garnering quick access to the variety of marketing outlets is something that requires management and time investment.

For our loyal clients, and our future ones

RPM East Valley

What Do Property Management Companies Do? Part Four

One of the most frequently searched terms on Google, Bing, Yahoo and other search engines on the topic of property management is simply: “What do property management companies do?”

To answer that question, we have put together a five-part blog series to explain exactly what property managers do (and don’t do) to effectively maximize rental property.

Read Part Three

4)  Facilitating outbound tenants

This is the often-but-not-always unfortunate portion of every rental property experience. ‘Renting’ is not ‘buying’ because it is temporary; typically those who rent a home or space do so for a set amount of times. Although rent-to-buy certainly exists, that isn’t the endgame for the majority of rental property investors.

More goes into managing soon-to-be former tenants than collecting the last rent check, including:

  • Enforce policies and house rules. Every living situation comes with its stipulations. Whether it’s pets, HOA regulations, keeping current with building code, etc., tenants are unlikely to optimally maintain with rules they deem unimportant, burdensome, or ‘the landlord’s responsibility’.
  • Evictions. Everyone in our industry wishes this wasn’t a part of real estate, but it is. People lose jobs, have medical expenses, fail to save appropriately, or any other number of things ultimately resulting in unpaid rent. Indeed, this is the part of the business we enjoy the least, and it’s only worse for individual owners having to do so without professional backing.
  • Reset a property. So much has to be perfectly ready before a home can be marketed to new potential renters, and the process starts over. This includes ensure the home is clean and ready, no new repairs or outstanding maintenance tasks remain, and so on.

Read Part Five

For our loyal customers, and our future ones

RPM East Valley

What Do Property Management Companies Do? Part Three

One of the most frequently searched terms on Google, Bing, Yahoo and other search engines on the topic of property management is simply: “What do property management companies do?”

To answer that question, we have put together a five-part blog series to explain exactly what property managers do (and don’t do) to effectively maximize rental property.

Read Part Two

3)  Maintain and manage current tenants

Often the first identifiable set of services a property management company provides is what they do with renters that have already become tenants. Owners of rental properties readily recognize the many ongoing tasks that accompany renting a home or other investment out to another.

The list of what needs to be done in this phase is longer than the others:

  • Collect rent. This is a simple, straightforward process that is often the favorite for both individual owners and property management companies alike…
  • Handle payment issues. …and here’s the catch. If every tenant payed their rent in full, on time, from day one…then property management companies would indeed be unnecessary in this regard. But that’s simply not reality. Even well-intentioned, able-to-pay tenants have issues arise. And if payment issues aren’t handled quickly and professionally…the result is almost always a loss of investment.
  • Bookkeeping and record keeping. There are more ongoing transactions than just rent. Warnings of expired contracts, renewals, and contract changes all required accurate tracking.
  • Property inspections. These must occur. They are typically written into contracts, and are the only way to ensure a rental investment is properly taken care of, and not trashed.
  • Repairs and house maintenance. Keeping a home in prime working order is more than a few nails and some DIY knowledge. Everything from water heaters to air conditioners to moldy attics and flooded basements are firmly the responsibility of the landlord. Without a property management company, you’re completely on your own, and insurance becomes even harder than a normal home.

Read Part Four

For our loyal clients, and our future ones

RPM East Valley

What Do Property Management Companies Do? Part Two

One of the most frequently searched terms on Google, Bing, Yahoo and other search engines on the topic of property management is simply: “What do property management companies do?”

To answer that question, we have put together a five-part blog series to explain exactly what property managers do (and don’t do) to effectively maximize rental property.

Read Part One

2)  Onboard new tenants

This may sound similar to the previous set of tasks needing to be done, but unfortunately this is an entirely different process. Once a desirable renter has been found, and screened, and applied, and accepted, then the process of actually getting them into the home begins.

As opposed to step one that was strategic and proactive in nature, onboarding new tenants is primarily logistical. There is simply a large checklist of things to do, including but not limited to:

  • Draft the lease. No two renters, rental properties, or rental situations are the same. Sure, there are formats and templates used consistently, but every lease requires some level of modification. And those modifications and specifications need to be ensured of their legality and prudence. Yet again, trying to accomplish this individually quickly becomes a minefield without professional aid, as many will attest.
  • Deliver keys, instructions, and paperwork. It sounds like a one-stop trip, but it’s not. Again coordinating with tenants becomes a mid-day hassle for rental owners, and typical multiple trips and visits are required to seal the deal.
  • Get the paperwork signed. Delivering the paperwork and getting it signed are two different matters. Prudent tenants don’t sign important documents without significant clarification and copious questions. Not having the clarity and answers on-hand causes delays and frustrations, often leading to once-imminent deals to fall through, causing the entire process to be restarted if such an event occurs.

Read Part Three

For our loyal clients, and our future ones

RPM East Valley