You have probably heard the terms property manager and property management company before, but chances are you are not quite sure what exactly they mean. A property manager handles the day-to-day operations at a real estate property as a third party. Property management companies can oversee multiple types of properties, from large apartment buildings to single family homes. While their list of responsibilities can vary from property to geographic area, here are some of the most common things that property managers and property management companies do.
Ruling Over Rent
Perhaps ruling is the wrong term, but property managers set the initial amount of rent, collect rent from any and all tenants, and adjust the rent over time to match market value and any renovations or changes to the property. When collecting rent, property management companies have to do the sometimes-ugly job of enforcing late fees and dealing with tenants who are late on rent month after month. Property managers know that collecting rent on time is incredibly important to daily operations and to have a regular flow of money. When adjusting the rent, property management companies are familiar with local and state laws about what percentage rent can increase every year.
Taming Your Tenants
Property managers also have many interactions with tenants every day. They seek out tenants by putting out advertisements and offering referral incentives for existing tenants. Property management companies will ensure your apartments are filled all year long. Once tenants apply, property managers screen the tenants to ensure that they will be a good fit for your apartment building or home. They have access to credit histories, criminal histories, and other ways of detecting potential issues.
Leases are written, set, and distributed by property managers. They will determine the appropriate amount of the security deposit depending on the area, tenant, and standard amount for your property. Beyond the world of leasing, property management companies deal with maintenance requests, noise complaints, and any emergency situations that occur on your properties. These are crucial to ensuring that your great tenants stick around and that your property attracts great tenants all the time.
Trust the Professionals at Clagett Enterprises for Your Property Management Needs
If you’re looking for the perfect realtor for your family or property management company for your portfolio of properties, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.