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eRealty Advantage, Inc.

 A Real Estate Sales & Property Management Company

A property management company handles various tasks related to the administration, operation, and maintenance of real estate properties on behalf of the property owners. Here's a detailed overview of what a property management company typically does:

1. Tenant Management

  • Finding and Screening Tenants: Marketing the property, conducting background checks, verifying employment and rental history, and selecting suitable tenants.
  • Lease Agreements: Drafting, negotiating, and managing lease agreements.
  • Rent Collection: Collecting rent, managing deposits, and handling late payments.
  • Tenant Relations: Addressing tenant inquiries, complaints, and requests, and maintaining positive tenant relations.
  • Evictions: Managing the eviction process when necessary, ensuring compliance with local laws.

2. Property Maintenance and Repairs

  • Routine Maintenance: Regular upkeep of the property, including landscaping, cleaning, and pest control.
  • Repairs: Coordinating and overseeing necessary repairs, from minor fixes to major renovations.
  • Emergency Repairs: Providing 24/7 emergency repair services.

3. Financial Management

  • Budgeting: Preparing and managing the property's budget, including income and expenditure projections.
  • Accounting: Keeping detailed records of all financial transactions, preparing financial statements, and handling taxes.
  • Expense Management: Paying property-related bills such as utilities, insurance, and property taxes.

4. Legal Compliance

  • Local Laws and Regulations: Ensuring the property complies with local housing laws, safety regulations, and zoning laws.
  • Lease Enforcement: Enforcing lease terms and handling legal issues related to tenant disputes or property violations.

5. Property Marketing

  • Advertising: Marketing the property through various channels to attract potential tenants.
  • Showing Properties: Conducting property tours and open houses for prospective tenants.

6. Vacancy Management

  • Minimizing Vacancies: Implementing strategies to reduce the time a property remains vacant.
  • Turnover Management: Preparing the property for new tenants quickly and efficiently after the previous tenant moves out.

7. Administrative Tasks

  • Record Keeping: Maintaining records of leases, tenant communications, maintenance requests, and financial transactions.
  • Reporting: Providing regular reports to property owners on the status and performance of their property.

8. Enhancing Property Value

  • Improvements and Upgrades: Recommending and overseeing property improvements that can increase rental income and property value.
  • Market Analysis: Conducting market research to determine competitive rental rates and identify market trends.

By handling these responsibilities, a property management company allows property owners to maximize their investment returns while minimizing the stress and time commitment associated with managing rental properties.

 
 
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Management Services
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Why work with a local property management company?

  • We have a local office with Extensive Knowledge of the Local Market.
  • We know the latest laws & techniques.
  • We use the best property management software.
  • We provide you with an owner portal to view property stats.
  • We provide tenants the ability to auto-draft or pay online.
  • We know how to market your property.
  • We know how to pick and screen good tenants.
 

Property management involves the oversight, operation, and control of real estate. This includes residential, commercial, and industrial properties. The primary goal of property management is to ensure that the property is maintained and utilized in a way that maximizes its value and meets the objectives of the property owner or investor.

Key aspects of property management include:

  1. Tenant Relations:

    • Finding and screening tenants.
    • Handling lease agreements and renewals.
    • Addressing tenant concerns and managing disputes.
  2. Property Maintenance:

    • Regular inspections of the property.
    • Coordinating repairs and maintenance.
    • Managing landscaping and other property aesthetics.
  3. Rent Collection:

    • Setting and adjusting rental rates.
    • Collecting rent and enforcing late fees.
  4. Financial Management:

    • Budgeting and financial reporting.
    • Handling property taxes and other financial obligations.
  5. Marketing and Advertising:

    • Advertising vacant properties.
    • Marketing the property to attract tenants.
  6. Legal Compliance:

    • Ensuring compliance with local housing laws and regulations.
    • Handling evictions when necessary.
  7. Risk Management:

    • Implementing safety measures.
    • Obtaining appropriate insurance coverage.
  8. Property Improvement and Upgrades:

    • Identifying opportunities for property improvement.
    • Overseeing renovations or upgrades to increase property value.
  9. Technology Integration:

    • Utilizing property management software for efficient operations.
    • Implementing technology for communication and reporting.
  10. Communication:

    • Regular communication with property owners and tenants.
    • Handling inquiries and providing updates.

Property management can be carried out by individual property owners, but it's also common for property owners to hire professional property management companies. These companies specialize in handling the day-to-day responsibilities associated with property ownership, allowing property owners to focus on other aspects of their lives or business.

Effective property management is crucial for maintaining property value, ensuring tenant satisfaction, and mitigating risks associated with property ownership.

Contact us today at 727.807.6323