Property management is a quickly growing industry and has proven to be a beneficial service for property owners who want to take a more hands-off approach to renting out their home. When you are considering whether or not to seek out a Rental Management Inverness Company, it is important to have a basic knowledge of the things your property manager will handle for you in regards to your rental property. The following information will explain some of these responsibilities.
Advertise and Show Property and Screen Tenants
Your management company will be responsible for all aspects of finding an occupant for your rental property. In the beginning, the company will market your property via the Internet, open houses, print media, and word of mouth. Once interested tenants begin to contact your property manager, they will both handle the showing of the property and take care of screening potential tenants via background checks.
Maintenance and Rent Collection
A rental management group will process all tenant requests for maintenance and repairs, relying on a list of contractors who the company trusts to complete their maintenance jobs in an efficient and quality fashion. Additionally, the property management group handles collecting rent payments, obtaining late rent payments, and adjusting the rent as the market indicates an increase is an option.
File Legal Documents
Management companies handle the signing and enforcement of the leasing agreement and are also responsible for filing all legal documents related to the rental arrangement. If the rental agreement is defaulted upon, the property management company will file non-payment forms and, if necessary, enforce tenant evictions.
Property managers are also responsible for keeping accurate accounting for the rental property owner. Be sure your company’s policy is to send you a year-end summary and an IRS 1099-MISC at tax filing time.
Real Property Management Northwest Chicago is committed to your needs as a property owner. From marketing to record keeping, we strive to serve our clients in a professional, dedicated manner.