As property management professionals themselves, we at the BC Team know how hard you’ve worked to own and maintain your rental property. We understand what kind of trust it takes to let another company step in to manage your investment like that, which is why we wanted to outline everything a property manager should do for you in this blog.
Before we jump in, let’s define what exactly a property manager is.
What is the Difference Between a Property Manager and Landlord?
A property manager is not a landlord. A landlord owns the home or property. It’s their job to provide habitable rental units. This means maintaining plumbing, gas, heat, and water, as well as making sure the home or building is in good shape before renting it out.
On the other hand, a property manager is a third party, hired by the landlord, to manage the rental property. It’s the property manager’s job to handle the comfort of the tenant, the upkeep of the home or building, and all of the paperwork that comes with renting, rent payments, and leases.
It’s the job of a property management professionals to handle everything so the landlord doesn’t have to worry about their property or about their tenant.
Why Hire a Property Management Professional?
The biggest reason to hire a property management professional is because property management is difficult to do. If you are a first-time landlord or own a number of units, it can be extremely difficult to keep track of all of your tenants, their maintenance requests, and the state of your properties. A property manager can take care of all of that without you needing to worry.
They also handle all of the tenant communication so you won’t have to worry about screening a tenant or following up on missed rent.
What Does A Property Manager Do?
A property manager is an employee of the landlord — they can do as much or as little as the landlord wants. You, as the landlord, would set their responsibilities and follow through with them as you see fit. This type of flexibility is perfect for those, for example, who just need help managing maintenance and paperwork, but have no trouble finding tenants and collecting rent.
This means the property manager can be in charge of just indoor and outdoor maintenance, or everything in between. For example, we at the BC Team can take care of everything — from marketing your property on several websites such as Zillow, Trulia, and Realtor.com, to move-out inspections.
Below are some of our key services.
Tenant Screening
Landlords don’t necessarily have time to screen incoming tenants. We can handle that for you! We can take all of the calls and emails, screen every application, and perform background and credit checks. We’ll also handle walkthroughs and tours.
It’s our job to get to know the tenant too. This way, we’ll be able to rent your property to someone with the right personality. We’ll keep an eye out for any red flags, including a tenant not finishing their paperwork or not wanting to submit to a background or credit check, and will hand over the keys to the best possible fit.
When it comes to tenant services, we also handle eviction management (if needed), follow up with any and all HOA violations, and do an extensive screening, including a criminal background check, to ensure your property will be used by a trustworthy and careful tenant.
Collect Rent and Manage Finances
Some landlords prefer to have tenants send rent directly to them online or through the mail. If this isn’t the case, property managers can be put in charge of handling finances.
At the BC Team, we can manage all rent payments, late payments, partial payments, and other financial issues that may arise with the tenant, if the landlord wants us too. It’s our job to communicate with the tenant and come up with a plan to ensure rent is paid in full and on time every month. An excellent property manager will set up an online rent payment system with your tenants, and have the money directly deposited into your bank account.
This also means taking care of any issues if the tenant isn’t prompt with paying utility bills, or handling any bills that are included in the rent.
At the BC Team, we go a step farther. We can prepare monthly financial reports and direct deposits and year end financials with 1099 and 1042-S preparation. It’s our job to make your job as a landlord as easy as possible, and we’re happy to do it.
Maintenance, Repairs, and Upgrades
Your property manager should be in charge of all household maintenance, including yard care and overseeing third party maintenance crews (if the need is there), such as plumbers or landscapers. The manager oversees snow or leaf removal, pool cleaning, fitness center upkeep, and similar tasks.
The BC Team ensures everything gets done because we have everyone we need on our team, including a plumber. Our team can fix any problem, saving you and the tenant any headache or worry about the property.
We’re also on emergency call 24/7 to provide exceptional care whenever the tenant needs it.
Manages Move Ins and Move Outs
We handle all of the paperwork, the walkthroughs, inspections, and finances required in the move-in and move out phase. We also do annual inspections and drive by the property regularly to ensure everything is looking good.
So if you’re in the market for a property, start with the Better Choice. Give us a call today to see how we can help you.