If you have heard or come across the word property managers, you must be wondering what a property manager does? A property manager is simply an individual or a company hired to oversee the daily operations of an estate or part of the estate. Some property owners tend to be very occupied to manage correctly their properties while others are unable to manage them, hence hiring these professionals to help in the management.
What are Property Management Services?
"What is property management?" "What are property management services?" These are some of the questions that we ask ourselves when we think of real property management. So, let's resolve these questions. Real property management/apartment property management refers to the act of having someone other than the property owner oversee the conditions of the property regularly.
At the same time, it refers to the different kinds of tasks the property managers perform. Most real property management services differ from one manager to another depending on their agreement with the property owners. Some of the most common services include:
- Evaluating the property to determine the most accurate rental rate. Here, the manager compiles detailed documentation of the property and offers recommendations on the needed repairs and improvements that you can put in place to maximise the monthly rent.
- Marketing the property for rent. To market the property efficiently, the property manager must ensure that the property is welcoming and appealing to the potential tenants. He also has to print out publications and contact other leasing agents to find tenants quickly.
- Tenant screening and selection. Once a tenant shows interest in the property, the manager is responsible for performing a background check to verify the credentials such as income, rental and credit history. The new tenant can only move in when these details have been verified.
- Rent collection. The manager is also responsible for collecting all the rent payments and hunting down late payments. In cases of late payments, they can send out pay or quit notices.
- They perform regular inspections. The manager carries out periodic inspections of the property, looking for repair needs, code violations, lease violations and safety hazards. When these are noted, they have to call in professionals to do the necessary repairs.
Who May Need Rental Property Management?
Are you wondering whether you need a rental property manager? Rental property management can sometimes be challenging when you have multiple rental properties and lack the time and expertise to maintain them or even deal with the tenants. Some owners have no interest in managing their properties but they are concerned by the revenues arising from them.
Absentee landlords also require rental property management since they rent out single properties such as vacation homes. In case you are any of the above, property management companies will do the job for you.
How Property Management Can Help You?
What does a property manager do that can help you? As the property owner, you don't have to worry about finding the right tenants to rent out your properties. Property management companies such as Equinox Urban Housing can help you maximize revenues from your properties stress-free. Below is one of the processes used by these companies to effectively rent out your property.
- Step 1: Free rental inspection and analysis. The property managers will inspect your property and estimate how much you should rent your home for and the period it will take to rent it out.
- Step 2: Advertising and marketing. The company will effectively market your property to people looking for places to rent.
- Step 3: Tenant screening. Here, the company verifies all the tenants' documents before they can move in. This gives the landlord confidence in all the tenants that move into their property.
- Step 4: Leasing paperwork. The real property management companies will do all the paperwork for you.
- Step 5: Move in and move out inspections. The property managers will inspect the house each time a tenant moves out to ensure it's in perfect condition.
- Step 6: Rent collection. As the property owner, you don't have to go door by door collecting your rent, as they will do it for you.
- Step 7:Property maintenance. The company takes care of all the maintenance issues such as roofing or plumbing repairs.
- Step 8: Eviction process. You can avoid the stress and frustrations of evicting tenants by leaving it in the hands of the rental managers.
The Best Property Management Company in Barcelona
When searching for an agency that will take care of your property, it's essential to choose one with proven experience. Equinox Urban Housing offers you the convenience of managing your properties while making sure that all tenants' needs are met and that your property is always in perfect condition to offer the best stay.
Hiring a property manager relieves you of all the process and obligations of keeping your property in good condition. After knowing what a property manager does, it is time for you to hire a professional and put your property in good hands.