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How does a property management company work?

The economic recession of the preceding few years appears to have ended but not by much and it could easily return to America in 2013. If you look at the unemployment and debt figures of America, this country could be in a depression. There are a few states doing well though such as Florida, Oklahoma, and Texas.

Time to Buy Still

But the housing market is showing signs of sustained recovery, albeit at a very slow pace. Foreclosures continue, though at a lesser pace. The housing market debacle however has thrown up the dark underbelly of housing financing exposing lax procedures and indiscriminate financing without proper screening or scrutiny of documents. Nonetheless investor confidence has returned with more homes and houses being sold, and the building industry is slightly upbeat.

But the recent debacle has had a different dimension. Many people are returning to the housing market for investment with renewed confidence. This has resulted in a plethora of investors who now as landlords, find themselves in crying need of property management services.

Painting a Picture

A property management company is the ideal solution for investors making their first foray into housing investment, as well as seasoned investors with several properties that need managing. Most first-time investors haven’t the faintest notion about how to manage a property and what it involves. Veteran investors on the other hand know how difficult property management can be and what it takes and prefer to hire this out. They are aware that a well-established property management company has all the resources in place not merely to manage the property better but also to keep the property well maintained with optimum occupancy. Many agreements with property management companies link their fee to the annual rent collected. So it’s in the best interest of the company to ensure that the property has the maximum occupancy rate.

So how does a property management company work?

A property management company is the liaison between the tenant and the landlord. In fact, the company is the representative of the landlord and much of what the management company does binds the landlord. This management company – tenant relationship holds good even for commercial rental properties like housing developments, warehouses, strip malls, condominiums, and independent houses.

A property management company has a variety of duties and obligations, both to the landlord and the tenant. Some of these are:

Advertising a vacant property and showing it to prospective tenants

Collecting the rent when due and remitting it to the landlord

Responding to tenant issues of any sort and handling them effectively

Screening tenants before entering into lease agreements

Ensuring that the property is well maintained and that all appliances are in good working order

Ensuring that tenants maintain the property as is expected of them

Tactfully handling behavioral issues by tenants

Evicting a tenant should the need arise

Maintaining proper books of accounts on behalf of the landlord and keeping the landlord updated with periodic reports

Preparing a short-term and long-term budget to ensure that the property retains its rental value

Complying with all federal, state, and local statutory regulations

Requirements

In most states, property management companies are required to hold a real estate broker’s license to advertise property and to collect rent.

Ahead of the Pack

Talley Properties is one of the leading and oldest property management companies in the Charlotte region of NC. Because of the efficient and responsible way it operates it has expanded and manages rental properties in many of the surrounding counties as well. If you need a top-of-the-line property management company in the area, call Talley Properties at 704.332.2206 or visit http://talleyproperties.com.