Property Management: What to Expect

Property Managment

 by Tytanium Ideas

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You may be asking yourself if you should manage your own property? This question is not as easy as one may think. There are many different aspects to prepare for when going into property management that build on one another. If one aspect falls out of line, it can send everything else tumbling down. Join us as we go over all the different duties and responsibilities of managing residential property.

Set-Up Management

Property management begins with getting the home ready to rent out. This entails a lot of different features that we will dive into below.

Repairs

You want your property to be picture-perfect for future renters. The market has an ebb and flow of competition, but no matter where you find yourself in the cycle, you want people knocking down your doors to rent your property. From a fresh coat of paint to renter-friendly flooring, your home should entice renters to rent from you. With this said, it is important to have a list of trustworthy vendors who can make all the repairs to your property before move-in.

Marketing

The marketing of your property is of utmost importance to get the right renters into the home. Marketing can vary from property to property, but it should include:

  • Property Signage
  • Social Media Marketing
  • Craigslist & Facebook Marketplace marketing
  • Syndication to major rental marketing websites including Zillow, Trulia, etc. 
  • Showings to prospective tenants

Our blog, Ready, Set List! Where to advertise your rental goes over the best methods for listing your property.

Leasing & Legal Compliance

Leasing goes hand in hand with legal compliance. As one of the most vital portions of property management, leasing requires a little know-how when it comes to  the ever-changing laws. There are strict Federal and State mandated Fair Housing laws that many owners may violate during the application and selection process without even knowing it. Make sure to dedicate the time needed to create an effective leasing agreement; a little time now can save you a lot of time in the future.

Day to Day Property Management

After you have had many showings, dozens of applicants, and picked your renter, you hope the light is bright at the end of the tunnel. We are sorry to say that your job is not over. Once your property has been rented, many things have to happen monthly, yearly, and at unexpected times. Turn your phone sound on because you are now on call 24/7.

Collections & Accounting

It may have been a few years since you were in an accounting class or even a math class. Property management means you have to dust off the books and calculator and be your own accountant. From monthly to year-end accounting statements, make sure to have your debits and credits applied correctly.

Maintenance

Normal maintenance and repairs will always happen, but depending on the age of the home, it may occur more frequently. From the microwave going out to the front-door lock sticking, you need to be ready to fix things yourself or have your vendors ready. Not only normal maintenance, but emergency repairs keep you on call 24/7. If the toilet starts overflowing, you need to be able to send someone to repair it at any hour of the day.

Evictions, Notices, and Everything in Between

No matter how well qualified a tenant is, things will happen. You must be prepared for all circumstances life throws at you and your renters. Check out our blog, When Things Go Wrong, to see how we handle such circumstances.

Doing it All Over Again

It is not very often that you get a tenant for life. Most times, jobs change, families grow, and life happens, leaving you in need of a new renter. Once you have completed the move-out inspection, you begin the whole process again. If you are lucky, you only have to do this every few years, but sometimes it can happen every time the lease is up.

Don’t Do it Alone!

Property management is at least a part-time job while being on call 24/7. Managing your own property may save you money in some aspects, however it can cost you more money and time in the long run.

We have the knowledge and experience needed for the best property management. Our partnerships with vendors allow us to give our clients the best vendors with the best prices for maintenance and repairs. The dedicated Ferguson PM representatives are ready to help you with everything from finding your tenant to handling maintenance requests. With Ferguson PM, all of your property management duties and responsibilities will be taken care of, giving you that peace of mind you crave.