If your own a rental unit and considering hiring a property manager to If you own a rental unit and considering hiring a property manager to manage the rental units. This article explains “What does a Property Management Company do?” and “Duties of Property Management Company?”.
Property managers handle everything in a rental property that happens every day. Property Managers providing property management services should have an understanding of the real estate sectors in which the lease operates. The property manager then operates by overseeing leasing, tenants, repairs, budgets, and rental property documents to ensure that the objectives of the owner are met.
They must be familiar with real estate state and local law regarding methods for tenant screening, managing security deposits, and rents, terminating leases, performing the Oklahoma eviction process, and a whole most of other requirements.
What Does a Property Management Company Do ? Duties of Property Management Company
The property management company responsibilities can vary extensively, but some tasks are common across property types. In this article, we’ll discuss 6 common property manager duties list, from collecting rent to finding tenants.
- To Ensure That the Property Is Ready to Rent
- Tenant Screening to find good tenants
- Enforcing the Lease to establish property relation with tenants
- Inform the Owner About What Is Going on With Their Properties
- Establishing the communication between landlord and tenant
- Taking care of the property maintenance
The following are the things that property management companies do while managing your property when you hire a property manager. Know more about the best renovations for rental property that helps you with more tenants.
These pointers are also the guide for you to check if your property managers are fulfilling their duties and responsibilities correctly or not if you have already hired the property manager. Still, even if not, keep these pointers in mind if you want to hire any property management company later to take care of your rental property in Oklahoma City.
The property manager can do wonders for you but only if you pick the right one. Here is the guide on What does a property manager do? and How to choose the right property management company for your situation?
1. Ensure That the Property Is Ready to Rent
Before a property manager leases a property, it is very important to ensure that the property is completely ready to rent. The property must be safe and habitable. Everything in the property must work. And, The property must be clean
What keeps the vacancy rate of Oklahoma City property management companies low is a focus on providing units that are safe, affordable, functional, and show well. Because of this, they lease faster for a higher rent.
What Okc Home Realty Service does to ensure our properties are ready to rent is to the utilized and move-in checklist. One of our Technicians takes that checklist and goes through the property, checking everything from plumbing to appliances. This also helps to keep a clear record of the things you find that need care. We also take pictures so that we can make comparisons before and after. Make sure that your list is comprehensive and everything is included. Even if it’s a small fix or a quick fix, add it to your list. Have a qualified Technician make all the repairs.
Note: Tips to get your house rental ready for your potential tenants.
Small details while getting the property residential management done is very important to consider. Such as:
- In windows or window frames, check for cracks
- Check the paint to make sure that the walls have no marks or discoloration.
- Turn all the water taps on, search under each sink for leaks, and run the garbage disposal.
- Inspect every unit to ensure that it is clean and working
2. Tenant Screening
Tenant Screening is essential to ensuring that the tenant would be a good risk based on their past history. For example, a background check carried out by property managers will identify if a tenant has a criminal record. The duties of a property manager include a credit check to determine things like payment history, credit score.
This should show whether or not your tenant is trustworthy. You can predict his potential actions by understanding their track record.
OKC Home Realty Service focuses on three main items in screening the Tenants:
- Income: Tenants’ take-home pay must be at least three times the rent.
- Landlord reference: A written landlord reference must be provided and be positive. It must account for the last year of the tenant’s whereabouts.
- Credit Report: Although we don’t have a certain credit score requirement, we use it to determine their bill payment history.
- Criminal & Civil Record: Are there felonies? Evictions? If so, How long ago?
3. Enforcing the Lease
A lease agreement is a legally enforceable agreement signed between a property owner and tenant. The lease that the property management company uses should be a Time-Tested document that clearly defines the rules about what the tenant and property owner can and cannot do.
The Oklahoma Real Estate Commission has a standard lease agreement for Oklahoma. However, Property management companies are not required to use that contract. Many Companies, including OKC Home Realty Services, use their own lease agreement.
The property manager should explain the lease to the tenants rather than just having a term sign on the dotted line.
How does property management work? Okc Home Realty Services has a written script that a staff member reads to the tenant that covers the essential parts of the lease. For example, the due date for the rent, late fee, how and where they pay the rent, how they can submit the work order requests, which utilities they must pay, etc.
4. Property Managers Should Inform the Owner About What Is Going on With Their Properties
Property Managers must communicate effectively with the owners. They must inform about the issues as they come up. Here are some of the items that should be reported:
- Maintenance items that require approval to fix.
- When a Tenant gives notice that they intend to move.
- If damage occurs at a property that may require an insurance claim. Or, if the tenant is damaging the property.
- If a lease violation has occurred and the tenant may need to be evicted.
In addition, the property management company must provide monthly itemized statements with income and expenses.
Owners want to be told about their investment property’s results.
A property manager should be able to provide every detail on what’s happening in the property to a landlord. This includes providing the owner with financial records consisting of a monthly statement with a breakdown of income and expenses on a per property basis.
Recommended Article: Get to know about property management fees and leasing fees
5. Knowledge about laws of landlord and tenant
Property managers need to understand the legal assets screening a tenant, such as Fair Housing practices.
- Financial requirements of keeping funds such as security deposits in appropriate FDIC insecure bank accounts.
- How to serve notices, including 5-day notice to quit or lease termination notice.
- How to proceed in an Eviction process, Including Oklahoma Eviction Laws and oklahoma eviction without a lease.
- What constitutes a habitable premise under the Oklahoma Landlord-Tenant Act.
Know more about section 8 housing OKC
6. Property Maintenance
Property managers are required to take requests from tenants, the most being maintenance. Most, but not all, property management companies have maintenance Technicians on staff. This is an important feature because if they are on staff strictly being contractors. The management company has much more control over their schedule.
Here are some other important questions:
- What is the hourly billing rate?
The average hourly maintenance cost for a Technician in the OKC metro area is $50 per hour.
- Do you have emergency maintenance?
There will be times when emergency maintenance is required over the weekend or a holiday. Your Property management company needs to have that covered.
- Will your property management company work with home warranty companies?
Not all will. You need to ask up front.
- Does your property management company charge a markup on supplies?
Some do. This may seem minor but can really add up over time.
What are the expectations to keep from a property manager?
The property manager may be involved in finding and screening prospective tenants, managing daily complaints and maintenance issues, and handing tenant move-outs and evictions.
What skills should property managers have?
As a property manager, you need to have the following skills.
1. Strong Communication Skills.
2. Marketing and Organization Skills.
3. Knowledge of appropriate Landlord-Tenant Laws.
4. Customer Service Orientation.
5. Marketing Ethics.
6. Budget Management
7. Experienced: Think Like Investors.
Are property managers and landlords the same?
The owner of real estate is a landlord. Setting a house for rent and collecting the rent is done by the property manager.
What are the responsibilities of a property manager?
The duties and responsibilities of a property manager include the following.
1. Negotiating and Enforcing the lease
2. Ensuring the property is ready to rent. Maintain security.
3. Taking good care of the property maintenance.
4. Establishing the communication between landlord and tenant
5. Screening Tenants, establish rental rate by surveying local rental rates
6. Informing the owner about what is going on with their properties.
What should be done if a tenant doesn’t pay rent?
If the tenant doesn’t pay according to the lease, the property manager then may have to take them to court in order to collect on the lease.
What makes you a great property manager?
A real property manager should be able to listen and communicate effectively, as well as be proactive. They must be practical, reasonable, and resourceful as well as involved, current and knowledgeable, and so on.