The Responsibilities of your chosen Property Management Company
What is a property management? It is the control, management, maintenance and daily operation of any property with tenants or leaseholders. A management company is an option for property owners who want a professional in place to care for, monitor and be accountable for the condition and management of their properties.
Property management encompasses a large variety of different tasks which may be relevant to different types of property and different types of property owner client. Property management can involve managing personal property, capital assets, maintenance and costings for labour, tools and equipment. Property management is a complex process with many different things to consider and it can be difficult if you’re not a professional which is why the property management Bristol property owners and those from around the UK can benefit from are available. These companies are there to ensure you have someone experienced to handle all your property-related responsibilities.
The responsibilities of a property management company include:
- Comprehensive screening of potential tenants including checking the applicants credit history, criminal and rental history. Your chosen company would also check whether the tenant has the means to pay the rent.
- Contracting properties on lease and receiving rents from the occupants as per the terms set out by the local authority for rental properties in the area as well as the terms of the rental contract.
- Taking remediation measures regarding building maintenance, within an allocated budget, and with approved or conveyed permission of the landlord according to the Limited Power of Attorney approved legally by the owner.
- Keeping records of revenue and all accounts in relation to the property for the purpose of tax as well as legal purposes.
- Handling any litigation and legal concerns which come up via tenants, insurance agencies or others involved with the property.
- Handling any issues with problem tenants including further litigation, issuing eviction notices and management of problem behaviour.
Your chosen management company should have the experience to deal with all these responsibilities and be happy to take them off your hands. When it comes to the trickier side of things such as non-payment of rent and eviction your residents’ management company will have a professional approach which is tried and tested and will ensure the reputation of your property is maintained. You can also be safe in the knowledge that a reputable management company will be up to date with all the latest property legislation and relevant laws.