Residential property management is a type of real estate management that deals with renting or leasing rental properties. This industry’s professionals carry out tasks on behalf of the property owners while also offering services to the renters and the properties. A Property management company in Orlando plays a vital role in assisting a property owner in a variety of ways.
A good and leading property management company looks after the following things:
Rent
A property management company should have a straightforward rent collection process that clearly sets out collection policies, late payments, how outstanding renter debts will be managed, how non-payment of the lease will be treated and also how lease funds will be distributed to landlords.
- Property management companies in Orlando assist owners in determining the appropriate rent amount.
- A property management company’s other important responsibilities include collecting rent and informing tenants about any rent hikes.
- Property management companies help the property owners in setting rents, collecting rents and raising rents.
Tenants
All the issues related to tenants and the landlords such as finding and monitoring applicants, interacting with the tenants and implementing terms of the lease, managing customer complaints, handling bad tenants, and proper management of funds generated by the rents are among the primary duties of property management companies in Orlando.
Property
Property management companies are in charge of maintaining and repairing the properties in order to keep them in livable condition.
- Maintenance: To ensure that the property remains in excellent condition, property management companies regularly maintain the property for the owners. Exterior and interior cleaning, landscape duties and pest removal are some of the duties performed by property management companies.
- Repair: If the property requires any repair, the property manager will contact the property owners to schedule the repair work.
- Inspections: Property Managers inspect the property on a regular basis to identify the issues that need to be addressed.
Owners
Property management companies deal directly with the landlords. Property owners want to know how well their property is performing. Property managers communicate about the property’s maintenance, funds, legal processes, financing, security, etc. Property management companies provide legal advice, help in setting rental prices, perform property maintenance and repairs on the behalf of the owners and also help in raising rental prices.
Landlord-Tenant law
Working with Property Management Companies have a number of advantages, including their experience and expertise in landlord-tenant laws. A property management company requires a proper license to legally maintain a property. It includes proper education on landlord-tenant law. The property management companies handle major legal issues, but the owners are not excluded from the legal responsibilities. The owner should evaluate the risks of the property with the property management company and the lawyers.
Property management companies maintain records and generate reports on a regular basis
Property management companies in Orlando maintain precise, up-to-date, and comprehensive records for your property.
These records assist you in keeping track of the progress and funds of your property.
Difference between property owners and property managers
- While both a property owner and a property manager have similar responsibilities in this sector, the main distinction between the two is that a manager does not own the property he manages, whereas a property owner does.
- Property managers, in essence, serve as a link between the property owner and the tenant.
- A property owner hires a property manager to look after their properties so they don’t have to deal with tenant or real estate issues on a daily basis.
- A property management firm or manager is accountable for all of the responsibilities of a property owner, as well as managing finances and documentation for multiple owners, renters, and properties while adhering to federal, state, and regional landlord-renter laws.
- Collecting rents, maintenance of properties, records of the property, accounting, financing, security and safety, handling legal processes are the major responsibilities of a property manager or a property management company.
Conclusion
A Property Management Company entails daily interaction with landlords, tenants, and vendors in order to provide quality rental services. With the rental industry thriving and the number of rental units increasing, there is indeed a high demand for rental properties as well as the property management companies that add value to the industry.
