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Residential or commercial property owners may hire property management companies for a variety of reasons. If an owner has multiple rental units, he may find it difficult to manage them leaving behind his daily jobs. A home owner who does not want to be involved in the day-to-day management of a property may also benefit from the assistance provided by a property management company. In addition, property managers can prove invaluable to owners that live far away from their rental properties.
Managing a property involves a variety of tasks, including property maintenance and ensuring outgoing expenses are paid. Owners who desire to rent their properties to tenants may use the services of a rental property management company. A senior executive from Real Property Management1,rental property management company in New york, says –“Don’t fall for gimmicks or discount services—a professional property manager has the knowledge, the experience, the technology and the commitment to get you the best return on your investment properties.”(Ref: Real Property Management, Westchester, http://www.westchester.realpropertymgt.com/how_to_choose_a_property_manager.html) Services offered by a rental property management Evaluate the property and determine an accurate rental rate - Perform detailed documentation of the interior and exterior including photos
- Offer recommendations on repairs and cosmetic improvements that maximize monthly rent.
- Gather data on rental rates in the area and work with owners to determine the optimal rental rate
- Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
Market the property for rent - Create smart ads to advertise the property.
- Work with other realtors and leasing agents to find a tenant
Tenant Screening and Selection - Perform a background check to verify identity, income, credit history, rental history, etc.
- Grade tenant according to pre-defined tenant criteria.
Tenant move in - Draw up leasing agreement
- Confirm move in date with tenant
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
Rent collection - Receiving rent
- Sending out pay or quit notices
Legal - Advise in the event of a legal dispute or litigation
Maintenance and inspection - Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
- Perform 24 hour emergency repair.
Tenant Move Out - Clean unit and perform and needed repairs or upgrades
- Re-key the locks
- Put the property back on the market for rent
Whether you need property management services for a single home, multiple homes, an apartment complex or a far-reaching institutional portfolio, the goals of property management companies are are the same: to keep your property consistently filled with reliable tenants and to get the best return on your investment.
1. Real Property Management : Real Property Management is the nation’s local property manager. They provide property management services for single homes, multiple homes, apartment complexes, far-reaching institutional portfolio and much more. Office is located at777 Westchester Avenue, Suite 101, White Plains, NY 10604. You can call at (914) 288-6023 and fax at (866) 314-9739. You can send mail at info@realpropertymgt.com. For more details, visit www.westchester.realpropertymgt.com
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Managing a property, multi family home management new york, property management services, Real Property Management, rental property management,
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