The Many Responsibilities of a Property Management Company

Posted by Glenn Bancroft

Businessman as a property agent or investor calculating growth of return on investment in real estate before signing contract at the office

If you currently own or are considering buying rental property in Tucson, now is the time to think about working with a property management company. Property managers take care of the heavy lifting when it comes to maintaining your income property and renting it out to eager tenants.

The Endless Responsibilities of Managing Your Own Investment Property

Managing your own investment property is a lot of work. And, it involves so much more than most rental property owners realize or are properly equipped to handle. These responsibilities include:

  1. Finding, screening, and managing your own tenants. Having to respond personally to daily phone calls and emails.
  2. Marketing and advertising your rental property. Making appointments and showing prospective tenants your property(s) and dealing with no-shows (which is very common).
  3. Preparing all the lease paperwork (and there’s a lot) and knowing exactly which paperwork you need to protect yourself.
  4. Handling tenant issues, disputes, and complaints.
  5. Dealing with a wide variety of contractors, repair pricing, scheduling, follow up, warranty and non-warranty work issues.
  6. Collecting rent.
  7. Posting eviction notices, filing evictions, appearing in eviction court, and the continuing legal process if a tenant still doesn’t move out.
  8. Properly dealing with discrimination and injury lawsuits, etc. Even if there was no discrimination or injury, you must still get a lawyer, go to court and prove, without a doubt, no such incident occurred.

 

  1. A male and female property manager discuss a property

 

The Benefits of Hiring a Property Management Company in Tucson, AZ

Owning a rental property in Tucson is a great investment, but it does come with a lot of hassle. If you do not want the headache of maintaining the single or multi-family home yourself, a real estate management company is ready and able to take on the burden for you. You can also expect the following benefits:

  1. A property management company will have a professional property manager with the proper training to handle the day-to-day operations of your rental and any issues that can and will arise.
  2. A property management company will market your rental, find and screen suitable tenants, and take care of all the lease paperwork before, during, and even after the tenant has moved out.
  3. If necessary, property managers will handle the entire eviction process from start to finish, including representing you in court.
  4. A property management company will find, vet, manage, follow up, and pay any contractors and vendors who work on your rental property. They will also collect and maintain the proper paperwork needed to protect your interests against contractor lawsuits and/or injuries.

 

An attractive couple talks to a realtor about a rental property

The One Thing That Could Ultimately Cost You Your Investment

Perhaps the biggest benefit of hiring a property management company is its ability to protect you against lawsuits. Without the proper knowledge and resources, the wrong lawsuit could lead to financial havoc and affect your ability to keep up with the mortgage payment.

A property management company will know exactly what needs to be done to help protect you against lawsuits. Everything from the paperwork, insurance, proper employee training, and even using the required legal wording on any and all signs, documents, lease paperwork—everything.

Since 1974, Bancroft & Associates has been one of Tucson’s oldest most respected real estate brokerage and property management companies. We can help with everything from managing properties to ensuring your tenants pay rent. Call today to learn more about investing in real estate in the Old Pueblo.

The data relating to real estate listings on this website comes in part from the Internet Data Exchange (IDX) program of Multiple Listing Service of Southern Arizona. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listings provided by brokerages other than Bancroft & Associates are identified with the MLSSAZ IDX Logo. All Information Is Deemed Reliable but is not guaranteed accurate. Listing information Copyright 2019 MLS of Southern Arizona. All Rights Reserved.

Updated: 14th August, 2019 8:02 AM.