Imagine you have a beloved garden. You leave for vacation for a week without asking anyone to water and tend it. When you return, it's a withered husk of its old, beautiful self.
Your investment property is like a plant that you need to grow. Having a professional help tend it will let it flourish in many new and unexpected ways.
Read on to learn five of the most important duties of property managers.
1. Property Marketing
Analyzing housing market trends helps set attractive rental rates in your area. Tenants will be attracted to the affordability, but you won't lose out on potential income.
Property managers advertise your properties to attract long-term tenants. Their listings use enticing text and professional photos. They know how to show it off during showings.
2. Tenant Management Solutions
Managers can help you with tenant screening. The process starts by creating a thorough application. A comprehensive background check looks into the applicant's:
- Credit history
- Criminal history
- Income verification
- Employment history
- Rental history
- Eviction history
They'll also contact any references listed in the application.
Tenant management solutions keep the peace. Managers respond to tenant complaints or disputes. It makes sure everyone is content and following the terms of the lease.
These steps are essential to keep your property full with the right tenants. They reduce turnover costs and vacancy rates.
3. Property Maintenance and Repairs
Maintenance is one of the most essential landlord services. You must legally provide tenants with a habitable place to live.
A manager can handle all property maintenance duties for you. They'll inspect the property regularly to look for any issues. They have relationships with trustworthy contractors to handle normal or emergency repairs. Your tenants will stay happy, and your building will stay up to code.
4. Financial Management
Apartment owner income is down. The Harvard Joint Center for Housing Studies says it went down to 3% in 2023 compared to the recent high of 25% in 2021.
Property managers can help with all of a property's finances. This includes:
- Rent collection and increases
- Property budgets
- Financial reports and other accounting records
- Security deposits
- Rental income taxes
- Insurance
Real statement management helps you find ways to maximize your income while lowering your expenses.
5. Legal Compliance
Keeping up with Pennsylvania's rental laws is like playing a game where the rules keep changing. The best way to win is to have a coach who's able to keep up with all the changes.
Property managers are experts in all local, state, and federal housing laws. They handle essential areas such as:
- Fair Housing
- Evictions
- Security deposits
- Licenses and permits
- Lease violations
Having a manager's help makes sure you're always compliant. You won't have to waste time and money in court or face any nasty penalties for violations.
Find the Best Property Managers in Pittsburgh
The most crucial duties of property managers include marketing, tenant management, property maintenance, financial management, and maintaining legal compliance.
DeSantis Property Management is a team of property rental experts. We've delivered personalized service to hundreds of clients in Pittsburgh and the surrounding area.
Our goal is to help property owners minimize their stress while maximizing the return on their investment. Contact us about your investment goals today to see how we can make them a reality.
