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Around 51% of landlords hire property managers, which shows how essential these professionals are.
Understanding how a property manager operates will help you decide if hiring one is the right fit for you. But if you've never considered this option, you likely have no idea what a property manager does.
Sounds like you? Luckily, we've got the answers you're searching for. Here are four property management duties that guarantee successful rentals in Austin, TX.
1. Tenant Screening
One of the biggest landlord responsibilities is tenant screening. The only problem is that most don't know how to properly screen tenants and spot potential red flags.
To prevent any issues, landlords hire property managers to run background checks. From checking credit reports to references, property managers only accept reliable applicants, giving the landlord peace of mind. Once happy, the property manager will give the owner a list of potential candidates to consider.
Further, property managers stop landlords from falling into legal trouble. These professionals stay up-to-date with local, state, and federal housing laws to ensure that no one is breaching regulations. Tapping into this knowledge is valuable in difficult times, whether it's late rental payments or evicting tenants.
2. Nurturing Tenant Relationships
Every landlord must focus on tenant communication to slash vacancy rates and keep tenants happy.
Being accessible around the clock isn't always realistic, which is why property managers use software where tenants can regularly check-in. For instance, if there's an issue with building management, tenants can shoot off a message and the property will relay the message to you. As a result, you needn't worry about how the tenant is doing and focus on other areas of your business instead.
3. Overseeing Property Maintenance
A major role property managers play is dealing with maintenance duties. This mainly includes maintaining current applicants, sorting out repairs, and checking that the property meets all safety standards.
Although this is crucial to protecting your investment, property managers follow preventative measures to avoid future costly repairs. For instance, your property manager will conduct regular inspections to stay on top of it.
4. Monthly Rent Collection
Out of all the rental property tasks out there, rent collection is the most important. Nowadays, landlords don't need to chase tenants because property managers handle it for you. These professionals use software that notifies tenants of upcoming rent payments and have a portal where both parties can communicate.
By using the software, landlords can track their finances and ensure that everything is paid on time to prevent late penalty fees.
Hire a Manager for Your Property Management Duties Today
Now that you know the main property management duties, it will hopefully convince you to hire a professional for your needs. Property managers are essential for inspecting your property and regularly checking in with tenants so they're happy.
At Austin Property Management, we have extensive experience working with tenants and protecting clients' investments. If you have a rental property in the Austin, TX, area, we'd love to hear from you. Drop us a line to talk with a representative.
