Residential property management service is the process of managing a single- and multi-family home, condos or apartment complexes on behalf of the owner. It includes finding tenants, marketing the property, leasing, ensuring maintenance and more. Residential property management is a vital aspect of rental properties and helps ensure they remain profitable.
Generally, a management company will charge landlords a fee to handle the many tasks that they may not be able to do on their own. This fee can include rent collection, utility bills and property maintenance fees. It may also cover tenant background checks and tenancy agreements. A management company may have its own staff to manage the property or use different vendors for specific projects such as plumbing and cleaning.
One of the most important aspects of residential property management is finding the right tenant. A property manager will often advertise on multiple online and offline platforms to promote the space and show it to prospective tenants. They will then interview and screen candidates to find those who are a good fit for the property and will pay rent regularly. They will also make sure the tenancy agreement is in line with Fair Housing laws.
In addition, a residential property manager will keep track of all administrative and financial information related to the building. They will be in contact with the tenant or potential tenant to answer questions or resolve issues and provide regular reports on the property to the landlord. residential property management service