Property owners seeking to take on a more hands-off approach to renting out their home are turning more frequently to property management firms. When considering whether or not a rental management Tulsa firm is a good fit for you and your situation, a basic knowledge of the responsibilities typically taken on by a rental manager can be a helpful place to begin.
Advertisement and Showing of Property and Screening of Tenants
Responsible for all aspects of filling your vacant rental property with a qualified applicant, your rental management company should begin by extensively marketing your rental property via online rental websites and through printed material. Your property manager may also hold open houses in order to show the property to prospective tenants. As interested renters begin to contact your rental manager about the property, the company will then handle all background check information, such as credit checks, verifying income and employment history, and checking references, especially those references that are past landlords.
Rent Collection and Maintenance
Another responsibility of a property manager is the processing and handling of all maintenance and repair requests. In addition, property management firms handle the collection of rent, the obtaining of late rent payments, and the adjustment of rental fees in the event that the market indicates an increase may be appropriate.
Handling Legal Documentation
Enforcement of all legal documents is the responsibility of the rental manager. If the rent is not paid by a tenant or if a tenant violates the leasing agreement, it is within the job description of the property manager to take necessary action. Property managers also file for eviction in the event of unpaid rent and enforce penalties on tenants who damage property or break a lease.
Tax Record Keeping
It is important property managers keep accurate accounting for the property owner as well as provide the landlord with the appropriate IRS 1099-MISC form and a year-end report when tax season begins.
Real Property Management Tulsa values each client and the relationship we share with them. Visit our website today at http://www.tulsa.realpropertymgt.com to find out more about the services our dedicated team of property managers provides.
