The Responsibilities of Rental Property Management

by Alex Adams Freelance Writer / Blogger

A company that handles rental management is one that takes the responsibility of looking after a property for the owner, whether it is commercial or residential. An agent who works for the company serves as a liaison or middleman between the owner and the tenant. Landlords find it useful to hire the services of a rental management firm especially when they have a property that has multiple units that can be challenging to maintain alone. Everything is made easier when rental management is outsourced to a firm.

A company that uses rental property management software has a range of responsibilities towards a landlord and of course, his property. Here are the responsibilities that a rental management firm has:

Maintenance of the property: One of the main responsibilities of a rental manager is to make sure that the property is always in good condition. Regular maintenance has to be undertaken to ensure that the building is liveable. Repairs and other responsibilities are taken care of by the firm in lieu of the owner.

Vacancy filling: A property rental firm needs to fill the vacancy once a tenant has vacated the property. Every detail of this task is left to the rental manager by the landlord. Advertising the vacancy and interviewing and screening potential tenants is part and parcel of the responsibilities that a rental management company has. The owner does not take part in any process of filling in the vacancy.

Interactions: One of the most important responsibilities of a company using rental property management software is to interact with tenants. When tenants have complaints or problems, the property manager is the person that they need to approach and his responsibility is to make sure that the issue is taken care of with efficiency. Tenants are made happy by managers and this is a huge responsibility as they do not want the owners to lose tenants or the income that comes from them.

Rent collection: This is another important responsibility. At the start of each month, the rental manager goes from unit to unit collecting rent from tenants. If they are unable to pay at the time, a late fine can be imposed on them. The rental manager can evict the tenant if rent payment is still not done after a certain date. Once money is received, the manager takes his cut and the rest is sent to the owner of the property.

Record maintenance: A rental manager uses rental property management software to keep a record of every detail of managing the property. This way, the owner is able to see what repairs and other maintenance jobs were undertaken. Every detail of running the property is entered into the software to make sure that records are properly maintained at all times.

The responsibilities of a rental management company are many and they need to be trusted as every aspect of running the property is left in their hands. This is why it is so important for owners to choose a company that is experienced and has a good reputation in its field.