Originally Posted On: https://blackstoneam.com/what-exactly-do-property-managers-do/
Although the overall value of hiring a property management firm is rarely contested, we’ve noticed a lot of people don’t actually know what property management companies do.
The services we provide are a source of pride, and we strive for 100% transparency in everything we do. So what follows is a brief explanation of the benefits we provide to our clients. We take it on as our responsibility to make sure property owners are aware of the tremendous advantage hiring a management company like ours gives them. Building a large portfolio of properties for long term investment is almost impossible without a partner like Blackstone Management.
While most of these services are also contingent upon the categories of properties managed (apartments, homes, or brick and mortar retail), there are general duties that we fulfill as a direct service to all of our clients (regardless of the properties in question). If you are on the fence as to whether or not a Property Management company is for you – here is a list of the pain points we can take over and run smoothly on your behalf.
Basic Duties of Property Managers include (but are not limited to):
- Handling Maintenance (both indoors and outdoors)
- Regularly Inspecting Properties (for preventive maintenance)
- Overseeing Late Payments
- Overseeing Evictions (when necessary)
- Prepping Properties for Prospective Tenants
- Screening Tenant Applications
- Collecting Rent from Tenants
- Representing Landlords In Court (when necessary)
The list goes on, but these are the broad strokes.
When you find the right company, they quickly become the greatest asset of all in your portfolio. Taking on these duties by yourself (even if you’re personally hiring subcontractors) is a daunting task that can quickly become impossible as you add new investments. Find an organization that not only cares about checking these boxes, but over performs in carrying them out. Quality service is the only way to scale, and we believe in quality over everything.
The basic duties may sound simple enough, but once you’re in the middle of any one of them you quickly see how much work is involved. If you’re a veteran property owner, you may have already encountered some of these difficulties yourself.
In evaluating properties for prospective tenants, for example, you may need to determine an accurate rental rate. This sounds simple enough, but by the end usually involves the following:
- Writing up a thorough documentation of the interior and exterior of the property
- Taking photos of the property
- Analyzing repairs (both technical and aesthetic) to increase the monthly rent
- Conducting research on rental rates in the area for comparison
- Creating a comprehensive policy for future tenants
This, in and of itself, can be quite a tall order. Why not align yourself with an organization that already has these processes down to a science? What happens when you’re suddenly tasked with tenant move-in dates, dealing with weekly maintenance requests, or creating an easy way for tenants to pay their rent. If you feel like you can handle all of this on your own, more power to you!
It is a fact, however, that the more properties you take on, the less quality service and care you’ll be able to provide for any one of them. That’s why we exist – to help you deal with more properties, while providing more services. Everything you need to simplify your life while providing for your tenants.
If you have questions about the specific services Blackstone Management provides, give us a call at: (240) 349-2117