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LIST OF TASKS
The following is a list of the tasks property managers commonly perform for owners. 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
• Perform detailed documentation of the interior and exterior including photos.
• Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.
• Gather data on rental rates in the area and work with owners to determine the optimal rental rate.
• Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
Market the property for rent
• Prepare home for rent.
o Clean home and optimize interior appeal.
o Manicure landscaping to increase curb appeal.
• Create ads tailored to the property and advertising medium. Some of the mediums commonly used
are:
o Paid and free rental listing websites
o Print publications
o Fliers
• Work with other realtors and leasing agents to find a tenant.
• Field calls from prospects for questions and viewings.
• Meet prospective tenants for showings throughout the week and weekend.
Tenant Screening and Selection
• Perform a background check to verify identity, income, credit history, rental history, etc.
• Grade tenant according to pre-defined tenant criteria.
• Inform tenants who were turned down.
Tenant Move In
• Draw up leasing agreement.
• Confirm move in date with tenant.
• Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance.
• Ensure all agreements have been properly executed.
• Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
• Collect first month’s rent and security deposit.
Rent collection
• Receiving rent
• Sending out pay or quit notices.
• Enforcing late fees.
Evictions
• Filing relevant paperwork to initiate and complete an unlawful detainer action
• Representing owner in court.
• Coordinating with law enforcement to remove tenant and tenants possessions from unit.
Legal
• Refer owner to a qualified attorney when necessary.
Inspections
• Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
• Send owner periodic reports on the condition of the property.
Financial
• Provide accounting property management services.
• Detailed documentation of expenses via invoices and receipts.
• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.).
• Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form.
• Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses.
Maintenance, Repairs, and Remodeling
• Provide and oversee an in-house maintenance crew.
• Establish a preventative maintenance policy to identify and deal with repair needs.
• Maintain outdoor areas
o Leaf removal
o Landscaping
o Removing trash and debris
• Maintain and monitor an emergency repair hot-line.
• Larger renovation or rehab projects
o Provide recommendations on how the project can maximize rental income.
o Prepare preliminary cost estimates.
o Get multiple independent bids for the work.
o Act as general contractor overseeing the work.
Tenant Move Out
• Inspect unit and fill out a report on the property's condition when the client moves out
• Provide tenant with a copy as well as estimated damages.
• Return the balance of the security deposit to the tenant.
• Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
• Clean unit and perform and needed repairs or upgrades.
• Re-key the locks.
• Put the property back on the market for rent. |