What Does A Property Management Company Do? What Are They?
Property management companies play a major role in properties everywhere. If you don’t live in a place that is managed by one, no doubt you live right next to one that is. But what does a property management company do exactly? What is a property management company? These are important fundamental questions that many people may ask.
Good question! As the premiere Atlanta property management company, we of course know a lot about the topic and how to answer it. It’s not an easy question to unpack in just a few words, since there is a lot that goes into the daily management of property big and small. So let’s jump in and get into it.
Table of Contents
- What Does a Property Management Company Do?
- How to Choose the Right Property Management Company
- Consider BMG for Your Property Management Needs
What Does a Property Management Company Do?
A property manager is an individual, company, or entity that is hired by a property owner. They oversee the daily operations of that property, ultimately with a goal of making sure their real estate investment is managed properly. Property manager responsibilities include setting and collecting rent, managing maintenance requests, marketing and filling vacant units, and numerous other things.
Property management companies often take care of property that real estate investors either do not live near or do not wish to personally manage. Here we will describe more about the various roles that property management companies fulfill.
Tenant Screening and Selection
Tenant screening and selection are critical components of what a property management company handles to ensure a smooth and profitable rental experience. The process begins with a thorough evaluation of potential tenants, including background checks, credit reports, employment verification, and rental history reviews. This helps in identifying reliable tenants who are likely to pay rent on time, take good care of the property, and cause minimal disruptions. By doing so, property managers can mitigate risks and protect the interests of property owners.
Rent Collection and Financial Management
Rent collection and financial management are at the heart of what property management companies do. They streamline the process of rent collection, making it easier for tenants to pay on time and ensuring that property owners receive their income promptly. This includes offering multiple payment methods, setting up automated reminders, and maintaining detailed records of all transactions. Effective financial management goes beyond just collecting rent; it also involves budgeting, forecasting, and financial reporting. Property managers keep a close eye on expenses, manage maintenance costs, and plan for long-term investments, ensuring the property remains profitable and well-maintained.
Maintenance and Repairs
Keeping your property in tip-top shape is important! Property management companies become your property’s personal “handymen,” or at least, they are in charge of the handymen. They make sure there are routine check-ups and seasonal sprucing to ensure small hiccups don’t become much bigger problems. From tightening that leaky faucet, clipping the landscaping, to making sure your heating and cooling systems are in prime condition, they stay one step ahead of wear and tear. This proactive maintenance not only preserves your property’s value but also keeps tenants happy and cozy, making them eager to stick around. When things do go wrong – and they will – property management companies are well-equipped to act fast.
Also, when it comes to what does a property management company do, one important component is that they are the experts and they know the experts. They will have a list of maintenance people on speed dial when things go wrong, which is a big asset compared to inexperienced property managers.
Marketing and Advertising Vacant Properties
Marketing and advertising vacant properties require a strategic approach to attract potential tenants. Property management companies are best equipped to roll out the red carpet for their homes, snapping up glam photos, crafting catchy listings, and showcasing the property’s best angles. Property managers start by taking high-quality photos and crafting detailed, engaging listings that highlight the property’s key features.
These listings are then promoted across various platforms, including social media, rental websites, and even traditional methods like flyers and local advertisements. By showcasing the property’s best attributes, property managers aim to reach a wide audience and quickly fill vacancies. Individual property managers or landlords may not have the knowledge and skills to do this and compete with other housing available.
Legal Compliance
Legal compliance in property management encompasses a wide variety of federal, state, and local regulations. It is important for property managers to stay well-informed about these laws to make sure they are operating within the boundaries of any legal obligations. There are factors like maintenance of property and making sure repairs are not only done promptly but also done to code, safety requirements that have legal implications, and safeguarding the way evictions are done so that they are conducted properly. So much of “what does a property management company do” involves legal ramifications that the professionals will have experience handling.
Tenant Relations
Property management companies have a wealth of experience in handling normal (and sometimes non-normal) tenant relationships. So much of it can just be the typical conversations and questions that take up time out of a property manager’s day. There are also difficult tenants and situations that experienced property managers know how to handle.
How to Choose the Right Property Management Company
Choosing the right property management company is tricky business. You’re investment means the world to you. Start by researching companies with a solid reputation and positive reviews from other property owners.
Other suggestions include:
- Look for a company with experience managing properties similar to yours. They will be familiar with the specific challenges and requirements.
- Verify their credentials – including licenses and certifications – to ensure they meet industry standards.
- Understand their fee structure and what services are included.
- Schedule a meeting to discuss your expectations and gauge their communication style and responsiveness. A good property management company should be transparent, proactive, and committed to maximizing your property’s potential.
Consider BMG for Your Property Management Needs
Every decision a rental owner makes has the potential to cost (or save!) them money in one way or another. Hiring an experienced property management team to handle the responsibilities of a property manager costs money, but the benefits can outweigh the investment. Certainly, that can be the case for Atlanta property services.
At Bay Property Management Group, our focus is on rental management and that alone. Whether your rental property is in Atlanta proper or beyond, we can help. Our team of managers, leasing professionals, accounting staff, and maintenance techs is on hand to ensure no detail of your rental business is overlooked. So, if you are new to the industry or realize self-managing may not be the best choice for you, get in touch with Bay Property Management Group today.
