Property management involves the operation, control, maintenance and oversight of real estate and physical property. This includes residential, commercial and land property.
When hiring a property manager, owners should review their fee structure. They may charge a flat monthly fee or percentage of rent collected, as well as an administrative fee for booking expenses like repairs and cleaning.
Typically, they advertise your home online through popular rental sites, Craigslist and other listing services, and through their website. They also work to screen prospective tenants by running credit checks, contacting rental references and conducting interviews to ensure that applicants meet the requirements of your property. It is also important to find a company that has experience managing your specific type of property. A property manager who doesn’t understand the challenges associated with a strip mall or a manufacturing plant might not be able to help you maximize your return on investment.
When it’s time to renew a lease, they will assess the property’s value and negotiate with current tenants to set new rental rates. Then, they will oversee the process of finding new tenants by advertising the property, interviewing applicants and preparing contracts. They will also manage the vacancy period, which is the amount of time between when your old tenant moves out and your new tenant moves in.
During this time, it’s important for managers to be available to answer any questions from potential tenants and to quickly resolve any problems that may arise. It also helps to hire a company that is located close to the property so that they can respond quickly to emergencies like burst pipes. property management agents