LIST OF TASKS
The following is a list of the tasks property managers commonly perform for owners.Â This isn't intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of a property management company's activities
Evaluate the property and determine an accurate rental rate â€¢ Perform detailed documentation of the interior and exterior including photos. â€¢ Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI. â€¢ Gather data on rental rates in the area and work with owners to determine the optimal rental rate.
â€¢ Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
Market the property for rent â€¢ Prepare home for rent. Â Â Â oÂ Â Â Â Clean home and optimize interior appeal. Â Â Â oÂ Â Â Â Manicure landscaping to increase curb appeal. â€¢ Create ads tailored to the property and advertising medium. Some of the mediums commonly used are: Â Â Â oÂ Â Â Â Paid and free rental listing websites Â Â Â oÂ Â Â Â Print publications Â Â Â oÂ Â Â Â Signs Â Â Â oÂ Â Â Â MLS Â Â Â oÂ Â Â Â Fliers â€¢ Work with other realtors and leasing agents to find a tenant. â€¢ Field calls from prospects for questions and viewings. â€¢ Meet prospective tenants for showings throughout the week and weekend. â€¢ Provide prospective tenants with rental applications that are legally compliant with fair housing laws.
â€¢ Collect applications with application fee.
Tenant Screening and Selection â€¢ Perform a background check to verify identity, income, credit history, rental history, etc. â€¢ Grade tenant according to pre-defined tenant criteria.
â€¢ Inform tenants who were turned down.
Tenant Move In â€¢ Draw up leasing agreement. â€¢ Confirm move in date with tenant. â€¢ Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance. â€¢ Ensure all agreements have been properly executed. â€¢ Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
â€¢ Collect first monthâ€™s rent and security deposit.
Rent collection â€¢ Receiving rent â€¢ Sending out pay or quit notices.
â€¢ Enforcing late fees.
Evictions â€¢ Filing relevant paperwork to initiate and complete an unlawful detainer action â€¢ Representing owner in court.
â€¢ Coordinating with law enforcement to remove tenant and tenants possessions from unit.
Legal â€¢ Refer owner to a qualified attorney when necessary.
â€¢ Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
Inspections â€¢ Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
â€¢ Send owner periodic reports on the condition of the property.
Financial â€¢ Provide accounting property management services. â€¢ Detailed documentation of expenses via invoices and receipts. â€¢ Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.). â€¢ Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form.
â€¢ Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses.
Maintenance, Repairs, and Remodeling â€¢ Provide and oversee an in-house maintenance crew. â€¢ Establish a preventative maintenance policy to identify and deal with repair needs. â€¢ Provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code. â€¢ Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price. â€¢ Maintain outdoor areas Â Â Â oÂ Â Â Â Leaf removal Â Â Â oÂ Â Â Â Landscaping Â Â Â oÂ Â Â Â Removing trash and debris â€¢ Maintain and monitor an emergency repair hot-line. â€¢ Larger renovation or rehab projects Â Â Â oÂ Â Â Â Provide recommendations on how the project can maximize rental income. Â Â Â oÂ Â Â Â Prepare preliminary cost estimates. Â Â Â oÂ Â Â Â Get multiple independent bids for the work. Â Â oÂ Â Act as general contractor overseeing the work.
Â Tenant Move Out
â€¢ Inspect unit and fill out a report on the property's condition when the client moves out â€¢ Provide tenant with a copy as well as estimated damages. â€¢ Return the balance of the security deposit to the tenant. â€¢ Forward any portion of the ownerâ€™s portion of the tenant deposit to the owner or hold in owner reserves for repairs. â€¢ Clean unit and perform and needed repairs or upgrades.
â€¢ Re-key the locks.â€¢ Put the property back on the market for rent