People often ask exactly what it is that property management companies do?
So, after a ton of revising, here is the bare bones info.
In broad strokes, property managers act as a bridge between landlords and tenants, that is they do the work of the landlord without actually being the landlord. Here is what I mean:
Property Managers Collect Your Rent.
This usually involves some form of electronic bank debit, cash, or check. Property managers follow up with any collection efforts if rent is late or a tenant starts to become elusive. Finally, property management companies will produce some sort of report or ledger which is then sent to a Landlord showing rent collected and any payments made on their behalf, this generally corresponds with some sort of EFT deposit of the rent into a Landlord’s bank account.
Property Managers Provide Emergency or Disaster Response.
If a pipe breaks in the ceiling of your rental property at 2am, the property manager’s role is to deal with the emergency response, disaster cleanup, and getting things stable until full repairs can take place. The key is that a property management company will have an established network of trades or service providers on speed dial in case of such emergencies.
Property Managers deal with Nightmare Tenants.
Lets face it; everybody knows somebody who has had a terrible tenant experience. While the huge majority of tenants are nice people who won’t try to stiff you, bad eggs exist and property managers will have more experience in catching or dealing with them.
Hope this sets the record straight. If you want a more detailed description, you can click here to see our marketing brochure to new clients.