Are you looking for a property manager in the Dallas area?
Or maybe you’re just wondering what property managers do on a daily basis?
In both cases, you’ve come to the right place.
Before hiring a property management company, you should have clear and realistic expectations about what they can do for you. The first step towards this is understanding a property manager’s role a bit better.
Note that there are no universal tasks belonging to property managers. Managers and their teams have different roles depending on the particular company and client. Many companies offer a full package for all the rental property’s operations. At the same time, you could hire them for one task, such as tenant screening or rent collection.
Now, let us can take a closer look at what property managers do.
#1: Advertising and marketing
Vacant rentals pose a problem for all property owners. You’ll start losing money when there’s no positive cash flow.
That’s where property managers come in. They have the knowledge and contacts to advertise rental vacancies in the most efficient way possible.
A good property manager knows how to find the right audience for your rental unit. Today, it’s more important than ever to use both online and offline methods to reach prospective tenants.
Getting empty units filled is one of the reasons why people turn to property management companies like Uptown Dallas Properties.
#2: Tenant screening
Getting the word out to prospective renters is only part of the equation. Another part is about ensuring that your property gets filled with high-quality tenants. The screening process includes financial and criminal background checks together with employment verification.
It’s vital to avoid making any mistakes during the screening process that could lead to lawsuits. Experienced property managers know how to avoid discrimination under the Fair Housing Act (FHA). They follow other relevant legal regulations as well.
When you hire a diligent property manager, you’ll discover that they check for references and run credit checks. They could even conduct interviews with the final candidates. All of these steps help to cut back on problems later on.
#3: Legal know-how
Landlord-tenant relationships are governed by many laws on federal, state, and local levels.
All states have rules regarding security deposits. For example, a landlord has 30 days to return the security deposit after the tenant has moved out in Texas. There are also laws stating the possible legal actions in case of a breached contract.
Great property managers know all the legal complexities surrounding landlord-tenant relationships. They understand the situations where any particular statute plays a crucial role.
#4: Budgeting and taxes
Financial management is a big part of any business, including rental properties. For this reason, you should ensure that everything concerning your finances is in the right hands.
In most situations, property managers have a budget for the property. They use this money for repairs, emergencies, and improvements. Some managers also file taxes when the season arrives.
Property managers have to keep thorough records indicating the property’s performance. Usually, these records include the following:
- Overview of the income and expenses
- Written complaints
- Insurance documents
- Maintenance requests
- Repair bills
- Lease agreements
#5: Handling complaints and emergencies
As a landlord, you need to be ready for complaints and urgent problems that need your attention straight away. For those who don’t have the time, you can always rely on a property manager’s services.
Property managers have a goal of keeping tenants happy. Handling their complaints and taking care of emergencies is one way of doing that. Moreover, the manager can become a mediator should one tenant have a conflict with another one.
#6: Preparation of vacant units
Your property manager takes care of your rental units when there are no tenants inside. The time between tenants is great for repairing, cleaning, and maintaining.
Property managers can help propose ideas on making your vacant units stand out from the crowd. There are many low-cost options, such as getting a fresh paint job or replacing outdated bathroom fixtures.
#7: Move-ins, move-outs, and evictions
Move-ins and move-outs require guidance and inspections. The property manager will take care of every little detail to make the process as smooth as possible. For example, when a tenant plans to move out, your property manager will inspect the rental unit for any damage.
What happens when a tenant violates the lease agreement or refuses to pay their rent?
In this case, the property manager will know all the proper legal steps to take for a successful eviction.
So, what do property managers have to do?
Property managers have a lot of responsibilities. Rent collection is only a fraction of their daily duties.
When you hire a professional, full-service property manager in Dallas, you can be sure that they will:
- Fill your rental units with high-quality tenants
- Know about all the legal guidelines and regulations
- Use the budget wisely for repairs, maintenance, emergencies, and improvements
- Conduct move-in and move-out inspections
- Handle complaints and fix sudden issues
- Prepare the vacant units and give ideas for boosting their market value
They could do even more, such as prepare legal agreements and supervise on-site workers. You’ll be able to discuss the particular responsibilities before signing any agreements.
Are you looking for a property manager?
At Uptown Dallas Properties, we aim to provide top-class property management services in the Dallas area. Give us a call today to discuss how we can work together!