How Property Management Companies WorkPosted by: Kim Sears | Posted on: March 6, 2021
With the recent housing market meltdown, many tenants have become landlords and are in dire need of a property management firm. A property management company may be the ideal option for those who have never intended to be landlords and have no idea what it takes to manage a property, as well as for the most savvy landlords who simply want to keep their distance from their tenants. In any case, it’s important to understand how a property management firm operates. Learn more by visiting myHomeSpot.com.
A property management firm serves as a middleman between the owner and the tenant. This is valid for commercial properties such as shopping malls, housing projects such as apartments or condominiums, and even single-family homes. The property management firm, as the name suggests, is in charge of maintaining the property on behalf of the landlord. The management company’s responsibilities include:
- Vacant property is advertised and seen.
- Negotiating the property’s loan.
- Rent is being accepted.
- Responding to and resolving maintenance problems for tenants.
- Keep the tenant informed of any possible lease changes.
- Keeping the landlord informed of any problems that arise from the tenant.
- Ensure that general property maintenance, such as lawn mowing and landscaping, is carried out.
- Assisting landlords with laws and regulations pertaining to evictions.
Most states, as a general rule, mandate property management firms to be licenced real estate brokers in order to advertise and accept rent. Most states have a system in place to search for certain licences in order to ensure that ethical work is being done.