What services do property management services provide? The following is a list of the tasks property managers commonly perform for owners. One may need only some of these Property Management Services Bangalore .
So, it is better to discuss what services you need upfront with the company so you can decide the rates.
1. Evaluate the property and determine an accurate rental rate
Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.
Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type.
Discuss with owners the pros and cons of different policies such as allowing smoking, etc.
2. Market the property for rent
Prepare home for rent
Clean home and optimize interior appeal
Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:
Paid and free rental listing websites
Print publications
Signs
Fliers
Work with other realtors and leasing agents to find a tenant
Field calls from prospects for questions and viewings
Meet prospective tenants for showings throughout the week and weekend.
Provide prospective tenants with rental applications that are legally compliant with fair housing laws
Collection applications with application fee
3. Tenant Screening and Selection
Perform a background check to verify identity, income, etc.
Inform tenants who were turned down
4. 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
Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
Collect first month’s rent and security deposit
5. Rent collection
Receiving rent
Hunting down late payments
Sending out pay or quit notices
6. Evictions
Filing relevant paperwork to initiate and complete an unlawful detainer action
Representing owner in court
Coordinating with law enforcement to remove tenant and tenants possessions from unit
7. Legal
Advise in the event of a legal dispute or litigation
Refer owner to a qualified attorney when necessary
Understand and abide by the latest local, state legislation that apply to renting and maintaining rental properties.
8. Inspections
Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, lease violations, etc.
Send owner periodic reports on the condition of the property.
9. Financial
Provide accounting property management services
Make payments on behalf of owner (Mortgage, insurance, etc.)
Detailed documentation of expenses via invoices and receipts
Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
Provide annual reporting, structured for tax purposes as well as required tax documents
Advise owner on relevant tax deductions related to their rental property
Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
10. Maintenance, Repairs, and Remodeling
Establish a preventative maintenance policy to identify and deal with repair needs
Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.
Maintain outdoor areas
Removing trash and debris
Larger renovation or rehab projects
Provide recommendations on how the project can maximize rental income.
Prepare preliminary cost estimates
11. Tenant Move Out
Provide tenant with a copy as well as estimated damages
Return the balance of the security deposit to the tenant
Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
Clean unit and perform and needed repairs or upgrades
Re-key the locks
Put the property back on the market for rent
Visit www.sangau.com for more details.
Email: enquiry@sangau.com
Call: +91 7816 988 988 / +91 78997 48170
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