Property Management Services – What do they do?

What services do property management services provide? The following is a list of the tasks property managers commonly perform for owners. One may need only some of these property management services.

So, it is better to discuss what services you need upfront with the company so you can decide the rates.

1. Evaluate the property and determine an accurate rental rate

• Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.

• Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type.

• Discuss with owners the pros and cons of different policies such as allowing smoking, etc.

2. Market the property for rent

• Prepare home for rent

  • Clean home and optimize interior appeal

• Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:

  • Paid and free rental listing websites

  • Print publications

  • Signs

  • Fliers

• Work with other realtors and leasing agents to find a tenant

• Field calls from prospects for questions and viewings

• Meet prospective tenants for showings throughout the week and weekend.

• Provide prospective tenants with rental applications that are legally compliant with fair housing laws

• Collection applications with application fee

3. Tenant Screening and Selection

• Perform a background check to verify identity, income, etc.

• Inform tenants who were turned down

4. Tenant Move In

• Draw up leasing agreement

• Confirm move in date with tenant

• Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance

• Ensure all agreements have been properly executed

• Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.

• Collect first month’s rent and security deposit

5. Rent collection

• Receiving rent

• Hunting down late payments

• Sending out pay or quit notices

6. Evictions

• Filing relevant paperwork to initiate and complete an unlawful detainer action

• Representing owner in court

• Coordinating with law enforcement to remove tenant and tenants possessions from unit

7. Legal

• Advise in the event of a legal dispute or litigation

• Refer owner to a qualified attorney when necessary

• Understand and abide by the latest local, state legislation that apply to renting and maintaining rental properties.

8. Inspections

• Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, lease violations, etc.

• Send owner periodic reports on the condition of the property.

9. Financial

• Provide accounting property management services

• Make payments on behalf of owner (Mortgage, insurance, etc.)

• Detailed documentation of expenses via invoices and receipts

• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)

• Provide annual reporting, structured for tax purposes as well as required tax documents

• Advise owner on relevant tax deductions related to their rental property

• Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses

10. Maintenance, Repairs, and Remodeling

• Establish a preventative maintenance policy to identify and deal with repair needs

• Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.

• Maintain outdoor areas

  • Removing trash and debris

• Larger renovation or rehab projects

  • Provide recommendations on how the project can maximize rental income.

  • Prepare preliminary cost estimates

11. Tenant Move Out

• Provide tenant with a copy as well as estimated damages

• Return the balance of the security deposit to the tenant

• Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.

• Clean unit and perform and needed repairs or upgrades

• Re-key the locks

• Put the property back on the market for rent

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

Call: +91 7816 988 988 / +91 78997 48170