If this is the case, it's a good idea to find out exactly what a property manager handles first. After all, not all property management companies are the same. And while the monthly fees are worth it, you’ll want to make sure the company you choose offers the services you need.
So, let’s take a look at what property managers in Phoenix should do, so you can decide whether hiring one is the right choice for you.
Responsibilities of Property Managers in Phoenix
1. Advertising Your Vacancy
The last thing any Phoenix landlord wants is a vacant rental property. Without tenants occupying your rental, you’re unable to collect rent. A high-quality property manager will market your available rental across many channels to attract potential tenants. For example, they’ll use their company website, the MLS listing, online rental ads, and even print ads if necessary. Plus, a good property manager will be able to:- Take high-resolution images of your property in all ads
- Provide prospective tenants with an easy way to get in touch
- Offer rental property showings to those with interest in leasing
- Place tenants in your rental property quickly
2. Tenant Management
One of the most important jobs property managers in Phoenix have involve tenants. Here is what you should expect from your property manager when it comes to tenant management:- Tenant Screening: It’s your property manager’s job to screen those that show interest in leasing from you. This process should include a background and credit check, employment and income verification, and references.
- Lease Drafting and Enforcement: Your property manager should draft a legally compliant lease agreement. It will include all the basics, such as how much the rent is each month. It will also include provisions such as your pet, smoking, and renovation policies. Your property manager should enforce rent collection and the provisions. They should also enforce the consequences for breaking the lease.
- Move-In and Move-Out Inspections: It’s crucial property managers inspect your rental property at the beginning and end of any tenancy. This is to check for damage to the property. It's also to determine how much of the social security deposit will be returned to the tenant.
- Eviction Proceedings: Though no property owner hopes to evict a tenant, it happens. When your tenant doesn't pay rent or breaches the lease, the property manager should handle the eviction proceedings including sending out the proper notices.
3. Rent Setting and Collection
One of the biggest problems self-managing property owners have is rent collection. It can be tough to chase down tenants and collect rent each month when you don’t have a proper process in place. That’s where a property manager comes in handy. To start, a reliable property manager will collect rent from tenants on time. They'll also help you set the right rent rate so you maximize your ROI. After all, if you set the rent rate too low, you risk losing out on money. Yet if you set the rent rate too high, you risk extending your vacancy because people won’t want to pay. If you want the best Phoenix property manager around, look for a company that offers a [cta]Free Rental Analysis[/cta]. Knowing the market value of your property and the type of rental income you can expect is important. But more than that, knowing that your property manager cares about how successful you are will help you rest assured you’re in good hands.
4. Maintenance and Repairs
Another common problem self-managing property owners face is dealing with maintenance and repairs. The last thing you want to deal with is after-hour calls from a tenant that needs something fixed. This is especially true if they’re having an emergency. Yet, you don’t want to let those things slide because you don’t want to deal with them. That’s why you need a property manager to handle it for you. The best property managers in Phoenix offer things like:- After-hours emergency hotlines tenants can call
- Online maintenance and repair requests
- Licensed and insured contractors to perform maintenance and repairs
- 24/7 maintenance and repair crews to handle non-emergency issues
5. Landlord-Tenant Laws
It’s good to know that property managers are responsible for staying up to date with all landlord-tenant laws. You never know when a legal issue might arise between you and your tenant. There are legal processes for screening tenants, collecting social security deposits and rent, ending leases, evictions, and more. And it can be tough to keep up with all the changing federal, state, and local landlord-tenant laws. But for property managers in Phoenix, knowing the law is their job.6. Bookkeeping
Property managers in Phoenix are responsible for maintaining proper documentation related to your investment property. Here’s a brief list of all the records your property manager must have on hand at all times:- Rent payment record and receipts
- Payments made on your behalf such as HOA fees or insurance premiums
- All financial statements, including a 1099 form
- Monthly income/expense reports
- Maintenance and repair requests, estimates, addendums, and invoices
- Annual tax information about your property
- Tenant applications and lease agreements
- Insurance policies of both property owner and tenant
7. Open Lines of Communication
Your property manager should be in communication with both you and your tenants. Providing superior customer service to your tenants is one of the keys to lease renewals. But none of this does you any good if you have no clue what’s going on at your rental property. Property managers serve as the point of contact for tenants whenever they have a question or concern. There should be many ways for tenants to get in touch with the property manager if the need arises. Property managers should also communicate with tenants about things like late rent payments, repair schedules, and routine property inspections. In addition, your property manager should serve as your point of contact. For example, you’ll want to know about things like:- Maintenance and repair issues
- Approved vendors
- Investment performance
- Tenant problems
- Income and expenses
- Legal issues related to the property
- And more
>> [cta]Are you looking for qualified property managers in Phoenix to help lessen the load?[/cta] <<
At Stratton Vantage Property Management, we understand the work it takes to successfully lease a rental property. That’s why we strive to offer full-service property management services to those in the Phoenix area. With 28-day vacancy turnarounds, direct deposit and rent collections, monthly and annual reporting, and eviction services, you can trust your investment property is being well-cared for. And thanks to our 24/7 maintenance and repair services, you’ll never have to take another late-night call from a tenant. But more than that, if you use us for your property management needs, you’ll rest easy that you no longer have to deal with the long and tedious process of self-managing your rental property.