Many real estate owners find that while financial benefits in owning rental property is great, they don’t necessarily like the day-to-day chores of being a rental property owner. They don’t want to deal with finding renters, evictions, repairs or collecting rent. Sometimes the owner lives too far away from the property to effectively manage the business. In these cases, many owners hire a third party to deal with the daily business to act as the property manager. Generally speaking, the property manger is the go-to person for all renters and potential renters.
Many times, in the case of apartment buildings, the property manager will live on the premises. Other times the property manager is a full scale real estate agency. Peoria property management companies generally take care of all advertising for available properties. They will also deal with potential renters by taking applications, showing the property and conducting background and credit checks and preparing rental and lease documents.
Managers also complete repairs or arrange for repairs to be made by outside companies. They will also complete or arrange for all property maintenance such as snow removal, pool maintenance, landscaping and gardening.
Property managers also act as a liaison between the owner and problem tenants. If evictions are needed, the manager will begin the eviction process so that the owner does not have to deal with it. Once a tenant moves out the manager gets the property ready for new tenants. They generally arrange for cleaning and repairs companies to come in to each property as needed.
In many cases, the house or property is up for sale, Just as with rentals, the property manager will show the house to potential buyers and represent the owner in case of a sale. Full scale managers can also advice owners on various practices to make the property more rental-friendly or prepare the property for services such as Section 8.
A simple Internet search will bring up many companies to choose from. By determining what your needs are as a property owner, you can find a company that will meet your needs.
