Common Q&A

Find answers to commonly asked questions and learn more about what property managers can offer you. Choose an area of management, or a question category using the Q&A box on the right.

Useful Resources:

Can a property manager help me avoid bad tenants?

Typically bad tenants will target owner-managed rentals because they can’t pass muster with property managers. They know that when a property is for rent by owner the rent will be less and there will be less scrutiny of their financial situation. Because bad tenants can’t be evicted without notice and an eviction can take months and cost you money, property managers will track references and do their utmost to avoid potential bad tenants and associated eviction problems.

Can a property manager help me find and keep good tenants?

Often, good tenants will rent only through a reputable property manager because everything from initially viewing the property, to negotiating and signing the lease agreement, to dealing with maintenance and repairs, to making rental payments is more efficient and streamlined if a professional company located in the area is coordinating providing the service.

Can a property manager help me with upkeep and maintenance of my investment property?

Yes. Property managers negotiate contracts for janitorial, security, groundskeeping, trash removal, and other services. When contracts are awarded competitively, managers solicit bids from several contractors and recommend to the owners which bid to accept. They monitor the performance of contractors and investigate and resolve complaints from residents and tenants when services are not properly provided. Managers also purchase supplies and equipment for the property and make arrangements with specialists for repairs that cannot be handled by regular property maintenance staff.

Can a property manager or real estate manager help me with administrative and financial details?

Yes. Generally, property managers and real estate managers handle the financial operations of the property, ensuring that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. In community associations, although homeowners pay no rent and pay their own real estate taxes and mortgages, community association managers must collect association dues. Some property managers, called asset property managers, supervise the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, dates of lease expirations, and other matters.

I live far from my rental property. Does it make sense for me to hire a property management company to manage my property?

A local property manager can keep an eye on your rental property to make sure that the tenants are taking good care of it. Local property managers tend to find problems sooner and correct them more efficiently. In addition, local property managers often have contractors they work with and trust for various repair jobs, which can save rental property owners money and time.

What are property management supplies?

Property management requires a broad range of supplies to ensure a smooth, streamlined management process and property. Property management supplies can refer to everything from flags, banners and marketing products to management tools, software, grounds control and safety items. Categories can be misleading, as every major supplier of property management products has their own way of organizing their stock. However, some of the common product groups might include these: management tools; marketing tools for curb appeal; parking, grounds control and security products; maintenance forms and supplies; resident retention items; and outdoor and pool accessories.

‘Management tools’ is the broadest category and encompasses both large and small items. Larger products might include property amenities like key and rent collection boxes, fire safes and status boards. Smaller management tools might include office supplies like stationery and notepads, property checks, software, purchase orders, rental forms, and personalized shirts or property management items.

Marketing tools for curb appeal often refer to the bright and attention grabbing signs, balloons, and displays often seen at the entrance to office and apartment complexes or in front of homes for sale. Signs, flags, door-hangers and banners are also generally used for advertising and marking areas inside and outside the property; these might include rental specials, notices to tenants, newly remodeled unit signs, traffic signs, building number labels, parking directions and the like.

Parking products can include anything from signage, to parking permits and violation slips. Grounds control products include items like trash and recycling receptacles, pet waste products, and outdoor lighting. Security products range from simulated or genuine surveillance cameras, smoke and fire alarms, to door bracers and counterfeit detecting pens.

Maintenance forms and supplies cover all paperwork necessary to keep a property operating smoothly, including maintenance requests and books, door hangers, notices, work orders, and receipts.

Resident retention items refer to small, often personalized gifts like key chains, gift baskets, certificates and other little treats for renters or potential tenants.

Finally, outdoor and pool accessories might include barbecue grills, bike racks, benches, smoking stations, lounge furniture, umbrellas, and security or safety fencing.

Property management supplies can be found easily online or in most general supply stores. This is just a truncated list of possible products, and gives an overview of the overwhelming selection of products available today.

What types of real estate do property management companies oversee?

Property managers manage all types of properties, including homes, apartments, mobile home parks, stores, offices, industrial properties, and storage facilities.

Why should I hire a professional property management company, or real estate management company, to manage my rental property?

If you lack the time or expertise needed for day-to-day management of your commercial or residential real estate investments, an expert property manager can help you.

A property management company can help you:

• Market your rental property to minimize vacancies and maximize income (link: Property managers make their livings because they know the rental market, what comparable properties are renting for, and what potential renters are willing to pay for a rental property. They have the marketing know-how to reach potential renters and they have the experience and resources to weed out potential bad renters);
• Fill vacancies with the best possible tenants;
• Maintain and keep your rental property in good condition (link: Property managers handle and coordinate routine repairs as well as emergency repairs. They have the experience to avoid unnecessary repairs to save you money);
• Track income and expenses to determine profitability;
• Negotiate rental agreements;
• Collect rent and track tenant deposits;
• Comply with federal, state and local laws; and
• Respond to tenant requests and deal with problem tenants

In short, property managers help you make the most from your rental property and they can save you time.

Will a property manager show my property?

Yes. While it may be inconvenient for you to take time to show your property, and to deal with potential renters who may not show up for their appointments, it is a property manager’s job to respond quickly to requests from potential renters to view a property and property managers can also pre-screen potential tenants.

What are property management services?

The services provided by a property manager or property management company are broad and diverse. Many companies offer both full service options and partial or a la carte property management service depending on what a property or owner requires.

Full service property management generally includes all or most of the following responsibilities: acting as the first point of contact for tenants, building workers and maintenance contracts as well as maintaining professional relationships with an accountant, insurance agent and attorney if necessary; advertising, marketing, showing available space and leasing the property; interior and exterior maintenance— whether it be the actual upkeep or coordinating contracts for needed work and services; collecting rent and fees from tenants; coordinating contracts, issuing purchase orders, paying invoices, purchasing supplies, and general accounting and banking needs; helping create, maintain and follow a budget for both short term and long term goals (ie. capital improvements); and administrative tasks like reporting and record retention which might include income statements, annual reports, rent roll, occupancy reports, historical records and file backups of online systems.

Some professionals can be hired as onsite managers to provide 24 hour availability to tenants for emergencies, more hands-on management and flexible scheduling. Offsite managers can be engaged to oversee multiple properties if the owner has a real estate portfolio.

Essentially, property management services provide all of the needed functions to run a property or real estate portfolio without involving the owner. This allows owners to completely hand over the responsibilities of owning a rental property, while still maintaining the financial benefits of the investment.

What is apartment property management?

Apartment property management is a profession designated to financially maintain and develop an apartment building or complex as an investment for the owner. Aside from the daily tasks of keeping the property maintained and running, the apartment property manager’s main concern is to ensure the income-producing property is performing at its optimum level and achieving or exceeding its expected revenue for the owner. Indeed, as part of a general occupation (property, real estate and community association managers) expected to grow 15% by 2016, 1 apartment property management is a thriving career with a need for more managers every day.

The primary responsibilities of an apartment property manager are varied and diverse. Responsible for handling all of the financial operations, managers deal with tasks like collecting rent, paying the mortgage, paying taxes, maintaining insurance premiums and making sure all maintenance is paid for on behalf of the owner. Managers also enforce all terms of the lease agreements like parking, pet or smoking restrictions, rent collection, and procedures for termination of the lease. These management professionals also engage contracts for all janitorial, security, grounds keeping, trash and recycling removal services and make sure that all are available and running smoothly for the building; most managers also purchase necessary office and maintenance supplies. Moreover, the manager is also in charge of advertising and showing vacant units or hiring a leasing agent to oversee such tasks. Many apartment managers live onsite so they are available to respond to any emergencies and concerns of the residents and coordinate necessary repairs.

Aside from taking care of the day to day duties of making an apartment building operate smoothly, apartment property managers also prepare and submit periodic reports on the financial status, occupancy rates, leasing status and other relevant topics to the owner or senior offsite property manager. Not only that, these professionals must also always be aware of all local, state and federal regulations and building codes, up to date on relevant legislation, and conscious that none of their rental or advertising practices are discriminatory in any way.

The median salary for property, real estate and community association managers in 2006 was $43,070, with the middle 50% earning anywhere from $28,700 to $64,200. 2 Expected to have a faster than average growth by 2016 3. the industry for apartment property managers continues to expand rapidly to keep up with development and demand across the nation.