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Understanding what a good property manager does

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Professional property managers normally handle a wide range of duties. If you hire a full-service management company, you typically get the following services:

 Performance of rental market surveys and advice on setting the rental rate and security deposit

 Preparation, advertisement, and showing of the rental unit

 Tenant screening, selection, and handling tenant move-in, including documenting in writing the pre-move-in inspection

 Preparation of leases or rental agreements and all legal forms

 Property physical and/or visual drive-by inspection periodically as agreed

 Collecting rent, making bank deposits, and paying bills (including mortgage, property taxes, and insurance if the owner doesn’t pay them directly)

 Preparation of regular monthly accounting reports

 Quality repair and maintenance of the rental unit

 Timely response to tenant complaints and/or maintenance requests

 Enforcement of the rules and regulations and compliance with laws

Although I usually recommend full-service management, you can pay for only the items that tickle your taste buds instead of shelling out for the full-course menu by working with more limited or à la carte management services. Maybe you need help only with the rental of your property and are willing to pay a leasing fee, or perhaps you want a property manager who charges a small fee to cover basic rent collection and accounting services and not much more.

Property Management Kit For Dummies

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