We take phone calls on a pretty routine basis from people who are considering renting out their home who really don’t understand, at a very basic level, what a Property Management company does.
It’s one of those, “So, how does all this work?” questions.
So, I thought I would spend a few minutes going over, very generally, what aProperty Management companydoes. I’ll first preface this by saying that all PM companies are a little different, but there are some basic functions that most full-service property management companies perform.
The goal of most management companies, is to handle EVERYTHING for you. This is why you pay them, so that you don’t have to be involved, unless you really want to be.
I’ll break it down into two main categories: Leasing and Management.
First, the leasing part. Once you sign a contract, generally called a Property Management Agreement, with a management company, their first major order of business will be to get the home leased.
Property Managers Leasing Responsibilities
This will involve several things, including:
Advertising the home for rent
Showing the home to prospective Tenants
Negotiating rent terms
Signing a lease
Collecting the deposit and all required pre-move in rent