If you own a large apartment complex, you would be wise to employ the services of a property management company. Professional property management companies take over the day to day operations of rental properties so owners can go about their daily lives.
Property management companies offer an array of services from which you can choose. As the owner of a large complex, you may want to make use of as many services as possible. You might also find that once a property management company has taken over the daily operations of your investment, that you have more available time to pursue new investments.
Most large property management companies have a few licensed property managers. These managers are assigned to a group of properties, visit their assigned locations, and ensure that everything is running as it should. They not only supervise on-site personnel but may have a few people in the property management office that report to them also. Bookkeepers and others that perform tasks related to your complex will likely report to the head property manager.
Any on-site personnel such as the onsite manager, assistant manager, and maintenance superintendent are employed by the property management company. They interview, hire and supervise on-site employees.
Your property management company oversees contracted services such as landscaping contractors, pool services, pest control, and other scheduled services. The management company schedules and makes sure all contractors show up and perform as contracted.
The onsite manager will be in charge of showing and leasing or renting the apartment units. They are trained by the management company, and may be required to present potential renters to the company for final approval. The property management company will run credit and criminal checks on prospective tenants per your instructions.
Rents are collected and deposited by the property management company. They also handle past due notices and evictions should that become necessary.
Your property management company will perform all bookkeeping services necessary in the day to day function of your property. These services include:
- Accounts payable
- Accounts receivable
- Bank reconciliations
You will be provided with monthly reports that show you the expenses and income for the month.
As you can see, employing the services of a property management company makes a great deal of sense. They are professionals when it comes to running your investment. For more information, contact Applied Property Management or a similar company.