What Is Residential Property Management?

 Residential property management involves the marketing of single-family homes and multi-home units to tenants. It also includes screening and negotiating lease agreements with renters.

Dealing with tenant complaints and queries is another key responsibility of a residential property manager. This could include resolving issues like slow-paying tenants or those who breach the terms of their lease agreement.

Maintenance

Whether you manage a single-family home, condo community, or apartment complex, well-maintained property keeps residents happy and more likely to renew their leases year after year. It also prevents surprise repairs that can drain a reserve fund, and helps you avoid costly turnovers.

Managing maintenance tasks can feel overwhelming, especially when you have multiple properties in your portfolio. But, you can save time and money by leveraging property management software that streamlines the process and makes communication with your team and residents simple and efficient.

Maintaining your property’s exterior includes cleaning and upkeep of buildings, parking lots, roof gutters and drains. It can also include upkeep of common areas, such as stairways and mail rooms. It’s important to be transparent with your owners by providing upfront details about maintenance costs so they can plan accordingly.

Rent Collection

Residential property management Dundee companies handle many day-to-day responsibilities of rental properties for their clients. These services include tenant screening, rent collection, eviction services, and other maintenance tasks. They may also assist with marketing and advertising properties and handling lease agreements.

These companies also collect service charges, which are costs for maintaining communal areas and facilities on the rental property. They are also responsible for chasing up any tenants who don’t pay their rent.

Online rent collection can make the process of chasing up payments easier and more reliable. A good system will integrate these payments into a landlord’s income and expense tracking and offer personalized reporting. It should also allow owners to set up recurring ACH payments for their tenants. Rent payments can then be reported to credit agencies like TransUnion and Equifax to help build tenants’ rental histories.

Tenant Screening

Tenant screening services allow property owners to check the background of potential tenants. They typically include credit reports, criminal records, eviction histories, and income verification. Some tenant screening services also offer a variety of additional services, including sex offender searches and judgment/lien reporting.

Choose a tenant screening service that can quickly and easily produce a comprehensive report on a prospective tenant. Look for a service that provides both a credit and background report, and does not require the prospective tenant to pay for the report.

Intellirent offers a comprehensive tenant screening service that includes a credit report, background check, and rental history for one price per applicant. This service also includes tools to streamline the leasing process, a robust landlord resource center, podcasts, and friendly customer support.

Lease Enforcement

Residential property managers must be able to enforce lease terms and ensure that tenants comply with the rules of their rental agreement. This can involve a variety of actions, including conducting regular inspections and addressing complaints. If necessary, evicting a tenant may also be required. Residential property management courses can help landlords familiarize themselves with the rules and regulations related to tenant evictions.

Orsid oversees a wide range of residential and commercial properties for investors, property owners, and residents. Their custom solutions include expert leasing that markets your vacancy, conducts showings, screens applicants, and drafts custom leases. They also handle security deposit escrow and provide tenant relations management.

Their daily management services include communication & inspections, rent collection & property bill payment, lease renewals based on market data, and eviction processing to maintain consistent cash flow. They work with condo & co-op boards as well to create tailored solutions for higher quality standards and better property management.

Accounting

Accounting is important for property management because it helps track income and expenses. It also allows you to take advantage of tax deductions. It’s important to use an accounting system that is compatible with your business and can handle the volume of transactions you have.

Airport transfers

A good way to start is by setting up a separate business checking account. You can then deposit all of your income and pay expenses from that account. You can choose to use either cash or accrual basis accounting. Cash accounting records money as it comes in and pays out, while accrual recording accounts receivable and payable as they are received and paid.

Makon Management specializes in cost-saving residential property management for boutique properties across New York City. They provide marketing, tenant relations and screening, compliance with landlord/tenant laws, reporting and maintenance coordination.