Real estate investors cannot work alone. In between finding new investment opportunities and enjoying the fruits of their labour together with their families, property investors have little time to spare for managing the day to day running of their investments. That is where property managers come in. These firms usually take up all the roles of a landlord. Among the duties they take up include:
i) Rent Collection
One of the most important property management services Alexandria real estate investors can enjoy when they hire a professional is rent collection. This is usually quite a hassle as the manager has to call and visit tenants when rent is overdue to ask them to pay or make arrangements to vacate the rental unit. Property managers collect rent every month or every quarter, depending on their agreement with tenants, and forward the total rent minus management fees to the landlord.
ii) Advertising Vacant Unit
Whenever a tenant moves out, the property manager makes sure the unit is cleaned and painted before advertising the vacancy. They have the resources needed to advertise vacant units and finding tenants who are able to pay rent without default. This is an important service as it ensures that no month goes by without rent being paid for any rental unit, thereby guaranteeing a steady income source for the investor.
iii) Drafting Tenancy Agreements
When new tenants move in, they usually want different terms. For instance, a tenant may want to pay rent every two weeks while another may want to pay rent every quarter. On the other hand, most tenants want to pay rent on a monthly basis. Depending on the agreed terms, the property manager will draft a tenancy agreement and have it signed by the tenant.
iv) Evicting Defaulting Tenants
There are some tenants who may be unwilling or unable to pay rent despite frequent reminders and warnings from the property manager. Since these tenants still have rights, they must be evicted in a legal way to avoid lawsuits. Property managers understand the law, so they use the laid down procedures to evict defaulting tenants to ensure you do not continue losing revenue.
v) Maintaining the Property
Buildings need to be painted and inspected every now and then. This is the responsibility of the property manager. Furthermore, the plumbing, electrical or air conditioning in a rental unit might develop a problem. It is the responsibility of the property manager to find a suitable repair company to fix these problems. If there is a lawn, the property manager will ensure that the lawn is mowed and irrigated on a regular basis.
