While most people in Phoenix AZ understand the necessity of property management, they may not know the basics of such. Understanding what these managers do can help you determine if now is the right time to hire one for your properties. Having rentals and other commercial properties can be an excellent investment, but only if you aren’t stressed or overworked.
Properties
Most people think that these companies or individuals can only manage certain properties, such as condo buildings or apartments. While they do so, they can also manage single-family homes, duplexes, small apartment buildings, and large complexes.
Responsibilities
Phoenix AZ property management companies are usually responsible for collecting rent and handling any rent-related issues, such as evictions, past-due notices and the like. However, they can do so much more if you’re willing and able to let them take on the added responsibility.
Rent options can include setting the rent, among others. Most people don’t understand that if rents are too low, you’re losing money, and if they’re too high, you’ll have a lot of vacancies. PMs understand the market and the area, so they’re better able to determine the right rent levels to get quality tenants without being overpriced. They can also work on adjusting rent levels by a particular percentage each year. This allows you to increase revenue in accordance with municipal and state laws.
Their responsibilities can also include finding, screening and managing tenants. They’ll be able to find higher quality tenants, market your properties, screen them to ensure that they can and will pay on time, and will handle any emergencies. Most landlords don’t realize the necessity of Phoenix AZ property management until they are called into a tenant’s unit at three a.m. to fix a busted water line, broken heating or some other emergency.
