The following is a list of the tasks performed by property managers for owners, however you may only need some of the listed services. Property management companies may offer more or less than what is listed.
Evaluate the Property and Determine an Accurate Rental Rate
Perform detailed documentation of the interior and exterior and include photos.
Offer recommendations on repairs and cosmetic improvements that maximize monthly rent.
Work with owners to determine the optimal rental rate based on rental rates in the area.
Discuss and decide on different policies for the property.
Install a lock box.
Market the property for Rent
Prepare the home for rent by cleaning and optimizing interior appeal as well as landscaping to increase curb appeal.
Work with other realtors and leasing agents to find a tenant.
Provide a 24-hour hot-line where prospective tenants can listen to detailed information about the property.
Field calls from prospecting tenants concerning questions and viewings and meet them for showings throughout the week and weekend.
Provide prospective tenants with rental applications that are legally compliant with fair housing laws.
Collect applications with application fees.
Tenant Screening and Selection
• Perform a background check to verify identity, income, credit history, rental history, etc.
• Grade tenant according to predefined tenant criteria
• Inform tenants who were turned down
Tenant Move In
Draw up a leasing agreement and confirm the move in date with the tenant.
Review rental payment terms and required property maintenance and other lease guidelines with tenants.
Ensure that all agreements have been properly executed.
Perform move in inspections with tenants and have them sign a report verifying the condition of the property prior to move-in.
Collect the first months rent and security deposit.
Hunting down late payments
Sending out pay or quit notices
Enforcing late fees
Filing relevant paperwork to initiate and complete an unlawful detainer action.
Representing the owner in court.
Coordinating with law enforcement to remove tenant and tenants possessions from unit
Advise in the event of a legal dispute or litigation.
Refer the owner to a qualified attorney if necessary.
Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
Perform periodic interior and exterior inspection on a predefined schedule to look for repair needs, safety hazards, code violations, lease violations, etc.
Send the owner periodic reports on the condition of the property
Provide accounting property management services.
Make payments on behalf of the owner and provide detailed documentation of expenses via invoices or receipts.
Maintain all historical records such as paid invoices, leases, inspection reports, warranties, etc.
Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form.
Advise the owner on relevant tax deductions related to their rental property.
Provide cash-flow statements that offer a detailed breakdown of income and itemized expenses.
Maintenance, Repairs, and Remodeling
Provide and oversee and in-house maintenance crew.
Establish a maintenance policy.
Provide a network of licensed, bonded, and fully insured contractors.
Assign jobs to different parties such as in-house employees, handyman, and professional contractors.
Maintain the outdoor areas.
Maintain and monitor a 24 hour emergency repair hot-line.
Tenant Move Out
Inspect units and fill out reports on the property’s condition when a tenant moves out and provide them with a copy and estimated damages.
Return 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 the unit and perform any necessary repairs or upgrades.
Rekey the locks.
Put the property back on the market for rent.