A lot of people want to know what property managers do for the income they receive and the money they charge. A full service property management company will assist with the selection of the tenant, verify the tenant’s application, put the tenant in the property and do all the necessary inspections. Those are the first and probably the most important functions of a property manager.
In addition to finding and screening tenants, property managers also take care of the monthly bookkeeping associated with the property. We take care of the accounting and we manage the reserves. We also provide management of any regular or ongoing maintenance that the property requires. We schedule necessary repairs and provide a monthly report to the landlord on anything that may be happening at the property. At the end of the year, your property manager will give you all the necessary paperwork that you need for your annual income taxes. This is the basic level of service provided by most professional property managers. As an owner, you can expect those minimum services when you work with a property management company.
Some companies offer additional services when you contract with them. At Select 1 Realty, for example, we have a 90 day rent guarantee program that is very useful to many of our owners. With this program, you can be assured that we have the best tenant in your property. If we place a tenant in your house, we review their behavior and conduct after the initial 90 days. If we find they are slow to pay their rent every month, or they have become a nuisance in the neighborhood – maybe the kids living there are climbing all over the neighbors’ cars or damaging trees next door – or they are living hard in the property, meaning they are not taking very good care of it as we would like, we will give them a notice to vacate and ask them to leave. Then, we will get the next tenant into your property at no cost to you. Another extra service we offer is eviction protection.
Some property managers will offer owners this service to protect them from eviction costs. If we place a tenant in your home,and for whatever reason they stop paying rent; maybe they lose a job or they have a baby and can no longer afford the place or they just stop paying because they are upset, we will pay for all eviction costs. We include that in our property management fee.
If you have any questions about what property managers can do for you, or how much they cost, please contact us at Select 1 Realty.