Most people have more than one property that they manage, right? So, if you also take care of your different properties, you might not be aware of the property management company and what it does. Of course, they take over your job of managing it, but how? The biggest perk of hiring one is to be free from the hassles of finding decent tenants and fixing flaws every time the old one leaves. So, be confident when you adjoin with a reputed property management company and property rentals like Luke Capital Group, as it tackles everything from selecting tenants to maintaining repairs.   

So, if you are considering hiring a property rentals company, explore the tasks and responsibilities they perform for you beforehand. But, first, let’s throw some light on the basics they do, like discovering tenants, managing their disputes, rent collection, and all others.  

Responsibilities of a Property Management Company  

• Marketing & Leasing  

As soon as you hire property rentals, the first thing they do is capture a walkthrough video of your property depicting all the needed repairs and updates to attract better tenants and decrease flaws in it. Then, they take photos and videos of your property to post on their websites as it’s their role to fetch good tenants quickly. The professionals must be skilled enough to set proper rent areas, run rental analysis, select tenants, and draft the lease.  

• Selecting Tenants  

The property management company is responsible for screening tenants based on their background checks, running credit checks, contacting references, etc. The reputable property rentals like Luke Capital Group have a well-established criterion that outlines their considerations for tenant selection. This way, the property owner will also know why you chose some specific tenants and why you rejected the others. They also draft leases and make updates whenever required.  

• Rent Collection  

They also collect monthly rents. The experienced property rentals have a specific accountant who makes sure that everyone has paid timely and charges penalties for the delayed ones. When the rent is paid, these companies deduct a specific amount as their management fees and some others that were spent on repairs and other fixations. The remaining will be handed over to the property owners.   

• Maintenance of Property  

The property management company manages all initial repairs and modifications to be made to the house. Some have relations with good vendors, while others have their own maintenance team. They have an easy process that eases tenants to submit requests so the manager can handle it more efficiently.   

Conclusion Drawn  

The property rentals will also be responsible for enforcing leases and resolving tenant conflicts, including damages caused by tenants and HOA violations. Their professionals take timely rounds to the property to check the condition like sanitary and cleaning. When the tenant gives notice regarding moving out, the property management company starts the search for new tenants again. So, it is clearly a good choice to hire a reputable property management company for your house and earn without any hassle or stress.