What Exactly Does a Property Management Company Do?

If you’re a real estate owner in Snohomish County, hiring a property management company like T-Square Properties can help you with your investment in a number of ways.

Property managers have a lot of responsibilities that include property marketing, tenant screening, repairs, maintenance, and tenant evictions.

An experienced property management company, like T-Square Properties, has handled dozens of properties throughout its career and knows the ins and outs of the rental business.

Property owners can rely on the skills and experience of property managers to run a successful rental business.

If you’re a property owner wanting to learn about what a property management company does, then this article is for you. Below are some of their main roles and responsibilities.

 

1. Setting Rental Pricing

It’s very difficult to have a successful rental property if you don’t know how to set a rental price. The right rent attracts the right renter. The perfect rent amount is one that is neither too high so as to hurt your business nor too low so as to leave money on the table.

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If you don’t have the skills and experience to set the right rent amount, a property manager can help. They have the tools, skills, and experience to determine the price that’s “just right.”

Aside from rental pricing, a property manager can help you with rent collection. A good property management company should be capable to provide simple and convenient rent payment solutions.

 

2. Property Advertising

Every Snohomish County landlord wants to avoid having vacancies. It brings zero income at the end of the month.

Luckily, a property management company like T-Square Properties can help.

A great property manager goes beyond placing “For Rent” signs outside your property. They use various marketing tools to give your property as much exposure as possible to get it rented quickly.

Such marketing efforts may include using top rental listing sites, marketing via social media, and launching a PPC marketing campaign.

A proper marketing strategy ensures that the property gets exposed to as many prospective tenants as possible, greatly reducing the amount of time the rental space remains vacant.

 

3. Tenant Screening

Renting to the right tenants is key to running a successful rental property.

Experienced property management companies, like T-Square Properties located in Snohomish County, have a rigorous and comprehensive screening process for prospective tenants.

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The screening process may include tasks like confirming the tenant’s level of income, checking their rental and criminal background, and verifying their creditworthiness.

Screening all prospective tenants helps minimize the chances of landing unsuitable tenants who pay rent late, cause unnecessary property damage, and rent short-term.

 

4. Legal Compliance

The landlord-tenant relationship is governed by federal, state, and local laws. These include:

  • Washington landlord-tenant laws
  • Washington-required disclosures
  • The residential lead-based paint hazard reduction act
  • Security deposit rules
  • The mutual covenant of quiet enjoyment
  • Implied warranty of habitability
  • The Fair Credit Reporting Act
  • The Fair Housing Act

Failing to understand these regulations can land you in legal trouble. Fortunately, a knowledgeable property management company can help.

 

5. Property Repairs and Maintenance

Property managers often have a maintenance reserve fund that helps take care of property repairs and maintenance. Examples of maintenance issues include a broken fridge or a leaky washer.

 

6. Property Inspections

Conducting regular inspections is an important responsibility of a property management company like T-Square Properties. Regular inspections help ensure the property is safe and habitable.

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Professional property management companies conduct four types of inspections: move-in and move-out, seasonal, and drive-by inspections.

 

7. Financial Reports

A property management company may also help you create expenditure and monthly income reports, allowing you to track how your property is doing. In addition, a property manager can help you keep your tax records in order. If you need help with this, you may need a property manager.

 

How to Find the Right Property Manager

Not all property managers are created equal. Finding the right property management company requires due diligence on the property owner’s part.

How do you improve your chances of landing the right property manager?

One way is to seek recommendations from friends and family. You can also search for a property management company through top real estate websites, like the National Association of Residential Property Managers.

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Once you have a list, you should narrow it down by conducting interviews. Here are some questions to ask when interviewing a property manager:

  • How long do you take to fill vacancies? Look for a property management company that takes no more than a month.
  • How do you market your properties? Look for a property management company that uses a variety of marketing methods.
  • How can I cancel my contract with you? The last thing you want is to sign a contract that you can’t get out of. Look for a company that is straightforward with its terms and conditions.
  • Can you help me price my rentals? A good property management company should be able to help you set the right rent amount.
  • What rent payment options do you give tenants? Is the company still requiring tenants to bring their checks to the office? If they do, continue your search. In-person rent deposits aren’t being used as much since there are more convenient ways to collect rent.

This list of questions is by no means exhaustive, but it’s an excellent place to get you started.

 

If you live in Snohomish County, Washington, contact T-Square Properties to see how professional property managers can help your rental investments thrive.