What Does a Property Management Agency Do?
A property management agency helps a homeowner or investor manage their rental properties. It handles the leasing and marketing of a property, collects rent payments, conducts inspections, and maintains and repairs a home. It also provides tenant screening services to ensure a tenant is a good fit for the property.
Property managers are licensed real estate agents, so they understand the market and how to price homes for renting or selling. They also have experience handling a variety of tenant issues, including roommate conflicts, lease breaks, and evictions. This knowledge can help owners avoid common mistakes and get the most out of their investment.
The responsibilities of a property manager include finding tenants, setting prices for rent based on the market, and conducting background and credit checks. They also advertise the property on a variety of online platforms, including Craigslist and MLS, and schedule showings for interested applicants. In addition to screening applicants, a property management company will typically request references from previous landlords and other professionals. This can help determine if an applicant is likely to cause damage or be a nuisance.
Having a property management agency means you will always have someone available to answer questions or address concerns from your tenants. This can save you time and money in the long run because tenants are more likely to renew their lease if they have a positive experience with the property owner. In addition, a property manager can help you save on maintenance costs by negotiating with local contractors and offering discounts to tenants. property management agency