Tenant Management: This involves advertising vacancies, screening potential tenants, processing lease agreements, collecting rent, addressing tenant complaints or concerns, and enforcing lease terms. Property managers often serve as the primary point of contact between the property owner and tenants.
Maintenance and Repairs: Property managers coordinate regular maintenance, emergency repairs, and renovations. They also ensure compliance with health, safety, and building codes. Preventive maintenance is a key aspect to avoid costly repairs in the future.
Financial Management: This includes budgeting, bookkeeping, managing accounts payable and receivable, preparing financial reports, and advising owners on ways to maximize their return on investment.
Legal Compliance: Property managers ensure that all aspects of the property comply with local, state, and federal laws, including landlord-tenant laws, fair housing regulations, and safety standards.
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