Property management is done by someone who is an expert in real estate and knows all the essential things about it. They manage your property from taking care of small fixtures to big processes such as the legal activities.
They play a lot of important roles and depending on the size of your property; your property manager can have dozens of roles to play and things to take care of. Property management for NRI is important as they reside outside the country and taking care of everything back home would be very difficult for them.
The Role Of A Property Manager
Finding and Screening Tenants
A property manager is generally the one who advertises the property and finds suitable tenants who want to move into the house. This involves the task of creating listings and advertising with signs, ads and fliers. After this, when a possible tenant applies for the rental property, they screen them to see if they are people who qualify to live on the property. Some property managers make monetary and credit restrictions to easily screen out tenants who could not pay rent or do not make sufficient to live in the building.
After finding trustworthy tenants, your property manager will open a lease with the tenants. This includes scheduling move-ins with the tenant, rent payments, setting up rental insurance, completing all the move-in conditions report and ensuring that all legalities are completed.
After the tenants moved into the rental building, the property manager’s job is to then collect rent at the specified time each month. They have to be highly organized and make sure that none of the tenants lags in their payments. If they happen to behind in their payments, the property manager must keep track of late payments and late fees, sending out notices to the tenants, and in the unfortunate event of an eviction, evict the non-paying tenants with prior notice.
When a tenant is moving out, the property manager should help them schedule the move-out and then resume the cycle of finding new tenants for the home. A good property manager will show the house to interested parties and have a new tenant just ready to move in as soon as the old ones vacate the property.
Many property managers want to make sure that the buildings are kept clean and tidy throughout the length of the lease. Not only this makes it easy to clean up after the tenant leaves, but it also increases the property value of the home. Property managers generally schedule inspections to make sure that the property is always kept clean, and the maintenance on the systems and repairs is up to the manufacturers’ recommendations. They also carry out real estate inspections if required by the owners.
For most properties, tenants do not actually provide a lot of maintenance on their systems. Generally a property manager schedules maintenance for air conditioners, water heaters, plumbing works, and more. This maintenance usually occurs between tenants, but they also could provide the maintenance at scheduled times with the tenant. The property manager looks, finds and hires trusted contractors who will complete this maintenance on all of the systems and appliances and other required areas throughout the home.
If anything on the property breaks down, tenants are instructed not to try and fix it themselves, instead, alert the property manager. The property manager should then find a contractor to do the repair. To save on money, a property manager can also purchase home warranty coverage for their property.