The Services a Property Manager Should Provide

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The Services a Property Manager Should Provide
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• Investing in rental property or condominiums
  can be complex, yet rewarding. However, its hard
  to get to those rewards without a good property
  manager or management firm. What makes a good
  property manager is usually found in the services
  they offer. While every management firm doesnt
  offer the same services, the best firms will
  offer services that are essential for investors
  and their properties. Below are four services
  that your property manager should offer.

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Tenant Screening

• Every property management firm should have a
  tenant screening process. This will ensure your
  rental units are only inhabited by long-term
  renters with good rental histories. There are six
  areas property managers must check during the
  tenant screening process.
• These areas are
• Rental and credit history
• References
• Background Checks

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• Tenant databases
• Employment and income qualifications
• Personal interviews
• Make sure the manager you choose has a
  screening process that includes these six areas
  and more. Avoid managers who dont have a
  screening process and policies or have a process
  thats too invasive or lenient.

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Marketing the Property and Setting Proper Rent

• The best property and condo management
  companies in Edmonton will market your rental
  property constantly. Your manager should use
  various mediums (e.g. social media, rental and
  real estate listing websites, tenant databases
  and print media) to widely market your property.
  Request a detailed layout of their marketing
  plan. Besides marketing, your property manager
  should also set reasonable rental rates.

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• To set the highest, most reasonable rent,
  your manager should assess comparable properties
  in your area, rental yields and market
  conditions, as well perform an inspection of the
  property. Rental rates should be based on these
  assessments. Good managers will also give
  recommendations for attracting the best renters,
  increasing your rental rates and getting the
  largest return on your investment.

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Performing Maintenance

• Maintenance and repairs are a major component
  of property management that all property managers
  should handle. Discuss maintenance procedures
  with your management firm and make sure they
  offer basic maintenance and advanced repair
  services. Additionally, make sure they only use
  contractors that are affordable as well as
  trusted and approved by you.

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• Other important services your property
  management team should offer, include
• Responding immediately to maintenance or repair
  requests
• Developing and implementing a feasible
  maintenance schedule
• Overseeing maintenance and repairs
• Implementing preventative maintenance to decrease
  repair requests and costs
• Performing regular property inspections as
  stipulated by the lease agreement

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• Keeping you updated about maintenance, repairs
  and your propertys condition
• Assessing damage and estimating repair costs for
  vacated rentals, as well as inspecting, repairing
  and cleaning the units.

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Taking Care of Financial and Legal Matters

• Whether you have a residential or commercial
  property management team, they should handle the
  financial and legal matters for your
  property/properties. The manager should make
  payments on your behalf, provide tax
  documentation, keep detailed and accurate
  financial records and provide comprehensive
  accounting services for all your properties.

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• They should also handle legal matters for
  your properties, including complying with
  legislative requirements, handling legal
  procedures and disputes (e.g. evictions or
  lawsuits) and remaining aware of government
  regulations regarding residency and rental
  properties. Property managers should also handle
  rent collection and follow up on and enforce
  penalties for late or unpaid rent,