You can be familiar with property management firm, but if you are thinking of taking help of such firms, you should know about its roles and responsibilities in more detail. It is a third party recruited to manage the daily operations of a real estate investment. The property might include single family homes as well as large apartment complexes. Let’s have a look at their main responsibilities
Responsible for Rent
Property managers are responsible for fixing the specific amount, collecting rent from tenants and adjusting it accordingly. With their years of experience, Property Management NYC knows the current trend of the market. It knows how to set the right rent level to draw tenant interests. It also collects the payment on your behalf and solves their issues. The Property Management Company is also responsible for adjusting the rent. It might increase the rent by a fixed percentage each year, or decrease it, if necessary.
Responsible for Tenants
The property management company also handles the tenants. From searching the right candidates to initiating evictions, it is responsible for everything that needs to be done. Let’s see the important functions of the firm.
- Property Manager Companies advertise about the property to attract the attention of tenants.
- They go through the potential tenant applications.
- They initiate the screening process which includes credit checks and criminal background checks.
- They select the tenant who is more likely to pay their rent on time, have a longer tenancy and create fewer problems.
- They settle the length of the lease.
- They listen to their problems and address them accordingly.
- After a tenant moves out, the company inspects the unit, checks for damages and determines the portion of security deposit to be returned to the tenant.
- They clean the property, repair the damages and search for a new tenant.
- They also deal with evictions when a tenant does not pay rent or breaches the terms of a lease.
Responsible for Maintenance and Repairs
Property managers are responsible for the physical management of the property which includes regular maintenance and emergency repairs. They usually hire someone to replace the bulbs, check for leaks, shovel snow and remove trash which keeps the tenants satisfied and pleased. With a network of reliable plumbers, electricians, carpenters and other contractors, they can handle all kinds of emergencies.
In The End
Last but not the least, property management services NYC maintains all the records regarding the property including all income and expenses, list of all inspections, signed leases, maintenance request, rent collected and insurance costs.