When you own investment property, hiring a property management company to look after your asset is sometimes better than handling everything yourself, particularly if you have more than one property.
The expense report should include maintenance for the property such as carpet cleaning, electrical, lawn care, painting, plumbing, and other items like these that are reoccurring expenses.
There will be expenses for cleaning a property after a tenant leaves and preparation work for the new tenant to move in.
You should receive an itemized report showing all the properties assigned to their care with the unit number if the properties are apartments or office suites.
They will be acting as the liaison party between the owner and the tenant as well as between tenants, should the occasion arise.
If at first the problem is not able to be resolved through communication, then your property manager should have other steps available to resolve the problem.
These calls may come any time during the day or night and if there is an emergency situation that requires immediate attention your appointed management team will be able to handle the contingency.
Many companies will have their own maintenance crew or accounts with companies and contractors who do various types of repair work. The property manager will assess the situation and determine if their maintenance crew can do the necessary work or if they need to hire a licensed contractor for more specialized services.
It is the duty of the management team to keep the units occupied and not let a property sit vacant for any period of time. When all the units are not occupied, the owner is losing money.
When a potential tenant comes by to inquire for renting a house or renting an apartment and look at property, it is the responsibility of the company to screen them before leasing the property to them. This may include a background check, credit check, rental history as well as personal references.
The property management company is responsible for drawing, negotiating and signing leases on behalf of the property owner. This is a legal binding document that holds the lesser responsible as well as the tenant responsible for their part of the agreement.