To understand the importance of Crofton commercial property management, here are the duties of property managers.
Setting the rent
Crofton commercial property management involves setting the right rent rate for properties in the care of property managers. Landlords will lose money when the rates are too high and they will also lose money when the rates are too low.
When the rates are too high, people won’t rent the apartment because most prospective tenants compare rental rates before choosing an apartment. As long as a property remains empty, the owner loses money. When the rates are too low, the owner loses money too. Crofton commercial property management will prevent that.
Collecting rents
One of the most difficult parts of managing properties is collecting rents at the end of every month. A lot of tenants are usually unwilling to pay their rent and they often resort to the use of different gimmicks. However, experienced property managers have the system and the experience to collect rents monthly and they are already used to most of the gimmicks used by tenants.
Adjusting rent
Rent rates usually change often so property managers monitor these changes. So, they may increase the rent or decrease it based on what other landlords in the community offer for similar properties.
Advertising and marketing
Having a property without advertising it is like launching an app without uploading it on app stores. You are only winking in the dark. No one knows what you have to offer. It is only marketing and advertisement that will pull prospective tenants to your properties. It is the duty of your property managers to market your property and get a tenant as quickly as possible.
Management of tenants
You property managers will help to find prospective tenants and also screen them. As much as you want to make money on your properties, you don’t want a tenant that will give you problems and you don’t want a criminal for a tenant. So, your property managers will screen your tenants and also do all necessary background checks on your tenants before accepting them. This is the most important and difficult part of finding tenants.
Lease handling
Handling leases is an important part of property management. Property managers will set appropriate length of the lease and also determine the amount of security deposit while making sure the owner is protected.
Management of complaints and emergencies
Property managers usually manage complaints from tenants and they handle such complaints as quickly as possible to avoid dispute between tenant and landlord. By virtue of their experience, they already have necessary contacts for different emergency situations.
Management of evictions and move outs
When a tenant fails to pay his rent or breach any of the agreement, it is the duty of a property manager to handle the eviction of such tenant legally. And because aggrieved tenants are likely to deliberately damage the facilities in their apartment, property managers usually witness move outs and also evaluate the damages thereafter (if any). This will be used to determine the percentage of security deposit to be returned to the tenant.
Inspection and maintenance
To avoid complaints from tenants, property managers usually inspect all properties regularly and carry out maintenance and repairs if necessary. Conclusively, the duties of property managers are more than the ones outlined above and more will still emerge, but these ones are the most important ones.
