What Are the Responsibilities of a Property Management Company? - Article Banner

When you’re looking for professional property management in Albuquerque, it’s important that you find a company that delivers outstanding customer service and understands the needs of your property and your tenants. 

There are many things for which a property manager is responsible. As your trusted partners, we wear a lot of hats when it comes to leasing, managing, and maintaining your investment. 

Different property managers have different scopes of work. Today, we’re focusing on some of the most common responsibilities that every property management company has, regardless of what they specialize in and who they serve. When you’re looking for a good property manager, make sure they have a plan for delivering these critical services. 

Albuquerque Property Managers and Rental Values 

One of your property manager’s first and most important responsibilities is to price your home accurately and competitively. 

You want it to be priced profitably, too. 

You’ll need regular rent reviews to ensure your property is at market rent. If you are asking too little, you’ll be losing money and if you’re asking too much, you will also lose money on longer vacancy and turnover periods. 

In order to receive optimal rental income, you have to make sure the home is priced to get the immediate attention of outstanding tenants. A good property manager will know the market well enough to advise you.

Collecting Rent on Time from Albuquerque Tenants

You need property managers who have a plan for robust and proactive rent collection. 

When rent is late, it causes a disruption to your own finances. Tenants need to understand that rent is expected on time every month or there will be consequences. It’s a property management company’s responsibility to put together a documented, consistent, and enforced rent collection policy. Chasing down late rent is expensive, stressful, and unnecessary.

Routine Rental Property Inspections 

It’s also the responsibility of your property management company to perform routine inspections of your rental property. 

You want professionals who can balance your tenant’s right to privacy against your need to know that everything is in good shape at your investment property. You want a thorough move-in inspection report that documents the condition of your home. You want an equally detailed move-out inspection report that easily distinguishes wear and tear from damage

When the home is inspected at least once during the lease term, you will know that your tenants are complying with the terms of the lease, and that the home is well-maintained. It gives your property managers the opportunity to look for deferred or unreported maintenance. These inspections protect your property and your ROI. 

Detailed and Accurate Property Accounting 

Financial Report

Your property manager is responsible for providing regular financial reporting with clear monthly statements. 

Make sure you can see and understand all of the income and expenses associated with your investment. It’s your property manager’s responsibility to keep you informed and to be a good steward of your funds.

Maintenance, tenant screening, legal compliance – there’s a lot more your property manager should do for you. It’s also important that you’re working with someone who does more than collect rent and send over maintenance crews. You want a real partner who can make good decisions and provide excellent investment advice. 

If you’d like to talk about rental management in Albuquerque and how we can help you have a better property management experience, please contact us at Bruni Karr Agency.