subject: What Do Property Management Companies Do? [print this page] Investors and owners of rental properties usually do not have the time for the on-scene daily responsibilities that come with the rental business. Owners of apartment complexes, houses, condominiums and other rental properties subcontract these responsibilities to a property management company.
Management companies perform a variety of tasks. The first job undertaken is the advertising of the property. Newspapers and online directories are where most of the local advertising is done, since the vast majority of renters are from the immediate area. As interested people respond to the advertisement, they are provided with the details such as the amount of rent, date of availability and conditions in the lease.
Showing the apartment or condominium is the next job. On-site managers take the prospective renter on a tour and answer any questions the renter may have. Typically, the showing is a veiled sales pitch to influence the renter to take the property. A vacant rental is a liability to the investors and owners.
Signing the lease is the next step. The legal requirements for leasing are something a company hired to manage the property handle. Along with the signing a deposit is obtained and the first month's rent is generally collected.
Moving in the new renter is the next step. If the property is a commercial site the new business tenant is given the key and the go-ahead to use it. If it's an apartment or condo the new tenant can now turn it into a home. The company managing the building now begins the next phase of representing the client's interests.
The day-to-day operation of maintaining the property is yet another responsibility the owners invest in the management company. Maintaining the rental facilities involves keeping the physical aspects of the building up to par and making repairs and improvements as needed or desired. When the heat goes off the property manager steps in to get it back on. If a pipe bursts the company calls the plumber. Many companies charged with the responsibility to take care of buildings and residential complexes have a maintenance crew on staff.
When complaints arise it is the management team that is on the line representing the owners and investors. Residential facilities typically generate complaints of noise, personality conflicts and a host of other irritations that people living next to each other experience. The management team is responsible for negotiating solutions and enforcing rules and regulations within the contract as necessary.
Many owners have discovered that a property management company is the best way to do business.
