Any property management company has an extensive list of responsibilities and expectations to meet. Working as a property manager is no easy task, especially for those who specialize in property management Corona.
Corona is a small city in Riverside, California and it caters to just about all walks of life. Whether you want to raise a family or you are a young professional focusing on your career, Corona is a wonderful place to live. There is a much greater need for property managers and management companies for this reason.
It is important to find a solid property management company to take the reins on managing your house, apartment, or condo. Always be sure that your property manager has certain skills and follows through with common responsibilities. Here are the 5 roles that your property manager should always be responsible for.
Repairs and Maintenance
This is something that some property managers and landlords struggle to keep up with, especially in university towns where there is a lot wear and tear with constant tenant changes. Every good property manager needs to make necessary repairs and regular maintenance. This will ensure that the property remains safe and in the best condition from tenant to tenant.
As a tenant you should always feel comfortable calling your landlord about any repairs or maintenance that needs to be done. The repairs should be made in a timely manner or even immediately if there is a safety issue involved. For example if your furnace stops working in the dead of winter the landlord needs to organize repairs or a replacement as soon as possible.
Obviously managing tenants is a huge role of any property manager. There are a few things involved with this, including:
- Finding tenants
- Screening tenants with credit scores and background checks
- Handling and updating lease agreements
- Coordinating tenant changes and move-outs
- Filing evictions when necessary
Complete Understanding of Tenant-Landlord Law
There are certain laws that a property manager needs to be aware of. Nationwide and statewide laws regarding tenant screenings, security deposits, lease termination, evictions, and safety standard compliance should be nothing new to your landlord. These laws often change, so make sure your property manager is up-to-date.
This goes without saying but your property manage needs to follow through with rent responsibilities. This includes everything from setting the rent to adjusting it to collecting rent payments every month. Not only do they have to set the rent but they have to do it according to the market values of that specific area.
Keep in mind that a property manage can adjust the rent from year to year but there are certain laws that need to be followed. According to state/municipal rules there is a fixed percentage that the rent can be raised from year to year. If your property manager feels the need to decrease rent that is always an option.
Property managers should have good knowledge of filing taxes for the investment property. They can either assist the owners with tax documentation or file the taxes themselves.