Owning a rental property is an excellent way of providing an extra income, or even of generating the equivalent of a full-time salary. However, managing the day-to-day running of the property can be complex, time-consuming, and stressful. It is no wonder, then, that many landlords look for an alternative way to enjoy all the benefits of owning a rental home without having to deal with any of the negative elements. When landlords have too much on their plate to manage their investment portfolios, they turn to a property management company to handle matters on their behalf. By taking over the responsibilities of the landlord, property managers save them time and give them the confidence of knowing their property is in safe hands. The role of the property manager encompasses a wide breadth of tasks, from selecting the right property management merchant services to handling repairs.
Possibly the most important area that property managers must deal with is collecting rent from tenants and making sure that any late payments are dealt with in a timely manner. A steady rental income is necessary to guarantee that property investments are financially viable, and, therefore, making sure that tenants make payments on time is essential. Property managers are also required to chase after nonpayers or late payers to obtain outstanding money.
Property management merchant services have a key part to play here. Offering tenants a convenient online payment portal through which they can make payment using their preferred method at a time of their own choosing will help to ensure that revenue keeps flowing in every month. This is good news for both landlords and tenants.
Liaising with And Interviewing Tenants
Managing and liaising with tenants is a time-consuming task and is an important part of the property manager’s job. Minimizing the chance of rental voids is also within the property manager’s remit, as well as checking the tenants’ references and forwarding background search results to the landlord.
A property manager will generally advertise and market the property to any prospective tenants and will prepare the house or apartment for rent, including taking photographs, placing advertisements on offline and online platforms, and handling tenant viewings.
Managing the Moving-In Process
Once a tenant has been secured, a property manager handles the moving-in process. He or she draws up a tenancy agreement, confirms the date the tenant will move in, collects a deposit, and oversees the checking and signing of the inventory. Should a tenant require eviction from the property, this is also the property manager’s responsibility, including filing the paperwork and communicating with the courts or law enforcement personnel as required.
Managing Repairs and Property Inspections
Properties inevitably require considerable upkeep, and a property manager is responsible for carrying out routine inspections, pinpointing any issues that require repair and getting quotes for remedial work. It is also the property manager’s responsibility to arrange for a tradesperson to carry out necessary repairs and pay for the work.
Property managers also oversee refurbishments and renovations, as well as general maintenance, such as caring for the yard, handling complaints, and dealing with emergency repairs.
One of the other areas that many property managers handle is financial administration. Whether that includes paying for insurance, lawyers, and tradespeople or simply supplying the annual expenditure and rental income report for tax purposes.
Using high-quality online property management merchant services, such as BillingTree, make drawing up cash flow reports a breeze since its centralized reporting system keeps details clearly outlined and all information systematically collated and recorded.