When it comes to property management Dallas property owners will want to know a few things about it. This includes what exactly is property management, who handles it and what are the most common property management responsibilities. Thus guide will cover all of those topics, as well as additional topics.
What Is Property Management
As the name suggests, it refers to managing a property. It involves managing all aspects of a property, be it commercial or residential. The types of properties that are typically managed include commercial real estate, residential real estate, industrial real estate, which includes shopping centers, malls, condos, duplexes, single family homes, detached houses and apartments to name a few.
Who Provides It
If you are a property owner, then you probably already are managing your property. If you handle various tasks and responsibilities associated with your properties and tenants, then you are managing a property. However, a landlord that handles property management themselves are likely only dealing with their own properties and not other people’s properties.
Professional property management companies also provide property management services, and they typically manage multiple properties for multiple clients. In regards to property management, these companies are what you think of first. There are pros and cons of managing a property yourself, but there are far more pros than cons when it comes to hiring a professional to manage your proprieties.
How Much Does It Cost
How much you’ll spend on hiring a property management company in Dallas or the surrounding area depends in several factors. Different companies charge different rates, so the company you choose will factor into the price. Not only that, but the exact services you want may play a role too. Not all companies offer the same services, so it’s a good idea to compare a few property management companies and request a quote before you decide to choose one.
Bear in mind price isn’t the most important thing to consider when hiring a company. The services they provide and the quality of the work the do are the two most important factors. If a property management company is known for offering various services and they are known for their outstanding support, then they are probably worth hiring.
Common Property Management Responsibilities
Rent collection is without a doubt the most common property management responsibilities. If you only have a handful of tenants, then collecting rent payments is relatively easy. However, the more tenants you have, the more challenging it can be gathering rental payments. A property manager takes care of collecting rent from each and every tenant, and then they deposit the rental payments into their clients (the owner of the property/properties) accounts.
Maintenance is another common responsibility. It involves maintaining all of the property or multiple properties. This means making necessary repairs and performing regular maintenance tasks on a regular basis.
Dealing with tenants is another important responsibility, and this involves an array of tasks, such as handling complaints. A property manager also takes care of evictions, which means they are familiar with the procedures and steps that need to be taken to ensure they are legally evicting a tenant. Another tenant-related responsibility involves taking emergency calls at all hours of the day, night and even the weekends. If necessary, then the property manager will arrange an emergency visit from a skilled professional.
Those are only a handful of property management responsibilities. Generally speaking, when it comes to spending money on professional property management Dallas property owners will find it to be worth it. If you own a property or several properties in Dallas, then consider using a property management company.