Hiring a Westchester property management company to manage apartments, condominium units, and commercial spaces can be the best option for landlords who don't have time and experience to do it themselves. Property management in Westchester covers various services, including but not limited to the supervision of personnel, payroll, building maintenance, tenant selection, rent collection, and enforcing board policies.
If you wish to hire a property management company, it is important to understand their duties and responsibilities:
- Find and select the right tenants
A property manager will put your property on listings to attract potential tenants, but the work doesn't stop there. They will also make sure that tenants who will live and use your space are eligible. Thorough screening is important, so property managers will always run background and credit checks on applicants. For sure, you don't want tenants with criminal backgrounds and record of evictions.
- Ensure legal compliance
One of your property manager's most important responsibilities is to ensure that you are compliant with the federal regulatory bodies' current standards. The manager should help you fulfill legal responsibilities as a landlord, including keeping your property safe for your tenants and the general public. Some property managers can help you review and file income tax returns if you run your property business as a company.
- Take care of accounting and budgeting
Keeping track of the expenses and budgeting are some of the hardest yet most vital property management tasks. When you have a property manager, analyzing cash needs, preparing bank reconciliations, maintaining bank records, monitoring income, and other things related to budgeting and accounting, won't be a problem.
- Handle tenant requests and complaints
Tenants have various demands from their landlord—fixing damaged windows, asking permission to decorate, replacing appliances, etc. Some requests can be unusual and may cause disputes or misunderstandings. Property managers are trained to handle them. They will be the ones to take after-hours calls, face the tenants and resolve the complaints.
- Help tenants move in and move out
When your new tenant is ready to move into your property, the manager will prepare a lease contract, schedule a move-in inspection, and collect a security deposit. The manager is also responsible for helping your tenant move out and inspects the unit and looking for any damages charged to the tenant.
About the Author:
Benchmark Property Management is a licensed Real Estate Brokerage firm that provides assistance in sales, rentals, as well as performing duties as transfer agents. We are also an accredited member of every pertinent Building Management and Real Estate organization in Westchester County.
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