Property management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.In addition, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. Finally, a management company is an independent contractor, so you avoid the hassles of being an employer.
Type of things that a Property Management Company will do
Maintenance and Repairs
- A weekly property check. During this time they normally test and check all inventory items, structure, gardens, and air conditioning units. They also air and empty dehumidifiers and check security systems.
- They provide a network of vetted and trusted contractors who offer good pricing and a high standard of work.
- They assign and oversee 3rd parties for jobs such as swimming pool care, pest control and security based on price and standard.
- They are available 24 hours a day 365 days a year for any small or emergency repair.
Maintenance of outdoor areas
- Gardening maintenance requirements and Landscaping
- Maintenance of Swimming Pools & Decks
- Driveway - Car park
- Management of Pest control.
- Ensure waste removal
- Provide preliminary cost estimates
- Recommend 3rd party contractors based on previous work history.
- Get multiple costing from independent contractors for works.
- Oversee that all work is completed within an acceptable standard.
- Keep client fully informed throughout the process.
Accounting & Financial
- Initial budgets prepared and discussed. Cash flow and payments are agreed, those should include provision for incidentals.
- Make all payments on behalf of the property owner. This includes any utilities, services, common area fees and insurances (building, contents, boat and vehicle).
- Complete and concise monthly cash flow reports.
- Maintain and file all historical records including invoices, receipts, warranties, rental agreements, inspection reports, etc.
As you can see they provide a wide range of services. Most property management companies will structure a management package suitable to your needs, but the guidelines above should assist you when you are assessing the correct company to appoint.