There can be a bit of confusion that surrounds what exactly it is a property management company (PMC) does and how their job role affects a property either that you are the landlord of, or that you are renting. So we want to help clear up what exactly property management companies do.
You can think of a property management company as the middle-man essentially. The property management company will be hired by the landlord of a property to ensure that all of the day to day responsibilities of a rental property are taken care of and running smoothly. There are plenty of things that therefore can fall under the responsibilities of a property management company. From scheduling maintenance and creating work orders, to communicating with guests, screening tenants and collecting rent.
How do They Work?
So how exactly do property management companies work?
As a landlord
As a landlord, there are many ways that a property management company can help a landlord. Whether you are a new landlord or a landlord that does the majority of work alone and wants to avoid some of the hassle, hiring a PMC could be a perfect solution for you.
An obvious first is that they can offer a better level of maintenance on a property. Particularly, having someone ready to intervene whenever there is a problem with a property where action is needed quickly eg: the heating stops working. A property management company will have access to a network of fully qualified tradesmen they can get in touch with to fix the problem.
PMC’s can also help with ensuring that tenants are paying rent on time and become a point of contact between yourself and the tenant, alleviating some of the stresses you may feel as a landlord.
As a tenant
As a tenant, the property management company that is in charge of your property would be your first port of call should anything go wrong. In a sense the PMC represents the landlord in any situations where you may need help or to contact them regarding any issues with the property, any rent related issue etc. They essentially bridge the gap between tenant and landlord.
Why Property Management Is Important?
Property management is not something to be overlooked and can actually be more important than the property itself. Everything that is associated with rentals can be done by a good property manager, which makes it one of the most important aspects of owning real estate.
They play a vital part in managing your property and can minimize risk whilst improving ROI. Effectively, good property management can be one of the best ways to lower the risk and get ahead.
There are so many areas that can be touched on by property management companies, and you can read in more detail with our ‘6 reasons landlords need property management companies’ blog. Hopefully, this will have helped to clear up some of what property management companies do.
