Many landlords or building owners don’t own just one building. Many landlords or building owners have other investments or jobs. Because of this, these individuals can be short on time, and are unable to properly manage their buildings – that’s where a property management company comes in.
Owning and managing a building is rewarding, but it can also become overwhelming and time consuming. A property management company’s job is to help the landlord/owner with a lot of the responsibilities, especially the day-to-day responsibilities, of the building.
What is a property management company? A property management company is a third party that the landlord or investor hires to manage the day-to-day operations of a property. The landlord/property management relationship/business agreement will vary on the needs of the landlord and the tenants, the type of property, and costs.
The property management company becomes the go-to person for the tenants and prospective to reach out to for numerous different things.
What Does A Residential Property Management Company Do?
As a luxury property management company in Jacksonville, Fl, we wanted to share with you some of the responsibilities of a property management company and reasons to hire one.
- Tenants – With a property management company, the landlord doesn’t have to worry about finding new tenants or filling vacancies in the building. The company will screen all tenants, do credit checks and background checks. The company will draw up the lease and determine the security deposit amount owed and collect it. If the tenant has a problem or concern, he/she can contact the property management company directly.
- Law – The property management company has expertise on the state’s landlord-tenant laws, as well as real estate law.
- Rent – A property management company will set the rental prices based on the local real estate and market research. The rent will change each year according to state laws. The property management company knows what rent will attract people in a certain neighborhood. Each month, the company will collect rent from tenants, and issue late fees for past-due rent.
- Inspection – The company will go to the rental unit before a person moves in, before a person moves out, and an annual inspection to evaluate the condition of the space. The company will do a quarterly drive-by of the property.
- Maintenance and repairs – The property manager is responsible for all maintenance and repairs in the building. The company will have licensed, insured contractors complete the work. When a tenant moves out, the property manager will get a contractor to repair any damages. Tenants can call for all repair issues including a broken toilet, no hot water, no heat, exterminations, and more. The company will offer a 24/7 service access with phone, emergency hotline, email, and text, as well as 24-hour emergency maintenance.
- Evictions – The company will issue an eviction process if the tenant breaks their lease/rental agreement.
- Budget – The property manager oversees the budget for the building and creates monthly owner statements and year end statements.
- Records – The company keeps a track anything and everything that occurs in the building from phone calls and complaints, to rent and maintenance. The company works with management software and filing systems to make this process easier.
- Time – A property management company frees up a landlord’s time by handling owner/tenant relations and the day-to-day-operations of the building.
Work with A Luxury Jacksonville Property Management Company
If you’re short on time, your best bet as a property owner is to work with a property management company. You don’t want your tenants or building to suffer because you can’t keep up with daily tasks and demands.
Our property managers at WaterMarke Management Group have over 15 years of combined experience in the field. Our highly trained staff coordinates accounting, service calls, showings, and owner/tenant relations. We pride ourselves on only using licensed and insured contractors to maintain the health of your property.
We offer premier full-service management, so you can enjoy owning the property without the address stress and responsibilities of the day-to-day operations. If you’re looking for a property management company in Jacksonville, Fl, let our team at WaterMarke help you. Call us at 904-221-8850 for more information or to get started, or visit our Jacksonville property management contact page. We would love to hear from you!