A Complete List -Property Management Services

A Complete List -Property Management Services

The following is a list of the tasks property managers commonly perform for owners. You may only need some of these property management services, and the property management companies you interview may offer more or less than what is listed here.

Evaluate the property and determine an accurate rental rate

Perform detailed documentation of the interior and exterior including photos

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 comparable according to size and type.

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

Market the property for rent

Prepare home for rent

Clean home and optimize interior appeal

Manicure   landscaping to increase  curb appeal

Work with other realtors and leasing agents to find a tenant

Provide a 24-hour hot-line where prospective tenants can listen to detailed information about the property

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

Tenant Screening and Selection

Perform a background check to verify identity, income, credit history, rental history, etc.

Grade tenant according to pre-defined tenant criteria

Inform tenants who were turned down

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 months rent and security deposit

Rent collection

Receiving rent

Hunting down late payments

Sending out pay or quit notices

Enforcing late fees

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

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 and federal legislation that apply to renting and maintaining rental properties.

Inspections

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

Send owner periodic reports on the condition of the property

Financial

Provide accounting property management services

Make payments on behalf of owner (Mortgage, insurance, HOA dues, 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

Advice 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

Maintenance, Repairs, and Remodeling

Provide and oversee an in-house maintenance crew

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

Provide an network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.

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

Leaf and snow removal

Landscaping

Removing trash and debris

Maintain and monitor a 24 hour emergency repair hot-line

Larger renovation or rehab projects

Provide recommendations on how the project can maximize rental income.

Prepare preliminary cost estimates

Get multiple independent bids for the work

Act as general contractor overseeing the work

Tenant Move Out

Inspect unit and fill out a report on the property’s condition when the client moves 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

This isn’t intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of a property management company’s activities

At this point you may be thinking, “Ok, so that’s what what they can do, but how does all of this benefit me and relate to the big picture of my real estate investment strategy?”. contact Lawrence

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