PROPERTY MANAGEMENT
1. Initial Consultation & Onboarding
The process usually starts with a walk-through and detailed discussion of your property. The manager will assess the condition, recommend any repairs or upgrades, and explain their management services and fees. This sets expectations and ensures alignment with your goals (e.g., maximizing rent, long-term stability, or resale value).
2. Marketing & Tenant Placement
For rental properties, the manager handles advertising through listings, signage, and online platforms. They screen applicants with background checks, credit reports, employment verification, and rental history to find reliable tenants. In commercial settings, they may also negotiate lease terms to attract stable, long-term businesses.
3. Lease Administration & Legal Compliance
Once a tenant is selected, the property manager prepares and executes the lease. They ensure compliance with local housing laws, fair housing regulations, and, in the case of commercial real estate, zoning and use requirements. This step protects you legally while setting clear expectations for tenants.
4. Rent Collection & Financial Management
Property managers oversee monthly rent collection, track late payments, and manage security deposits. Many provide owners with financial statements, tax-ready reports, and direct deposit transfers. For commercial properties, they may also handle triple-net (NNN) charges, CAM (common area maintenance) reconciliations, or escalations.
5. Maintenance & Tenant Relations
They coordinate repairs, schedule regular maintenance, and respond to emergencies. For residential tenants, this may mean fixing leaky faucets or HVAC issues; for commercial tenants, it could involve building systems, landscaping, or compliance with safety codes. The manager also acts as the point of contact, keeping tenant relationships professional and smooth.
6. Ongoing Oversight & Lease Renewal / Turnover
At the end of a lease, the property manager handles renewals, rent increases, or turnover. This includes move-out inspections, security deposit reconciliation, and preparing the property for the next tenant. For commercial leases, managers may negotiate extensions, expansions, or modifications to keep occupancy steady.
