Property Management Companies
As any seasoned apartment searcher will know, you may encounter property management companies when you are hunting for your next place to live. However, have you ever thought about why building owners hire these companies and how working with a property management company can benefit you as a renter?
As a side note, there are scammers out there posing as the homeowner or a property management company. To avoid a scammer, be sure to read this article.
What is a property management company? Property management is when a third party is given the responsibility of appeasing its occupants. Property managers are usually hired by rental property owners and are in charge of daily operations of their real estate assets. They also answer questions or concerns that the tenants might have.
If the property is vacant, the property manager is in charge of making sure the house is rented. Property management includes marketing vacant space, signing leases, calling for repairs, and anything in between when it comes to caring for rental homes.
What are property management companies responsible for?
During the course of your lease, you will most likely run into a problem or an issue with your unit or the property that needs to be fixed. Addressing these issues and keeping you satisfied are two of the most important aspects of what a property company does.
However, what else are they responsible for besides dealing with leaky toilets or clogged drains?
Property management companies, like SRE Holdings, exist so that buildings can be taken care of and any issues can be addressed quickly and efficiently. Do you have a leaky faucet or some other problem that needs to be fixed? When working directly with building owners you are at the mercy of their schedule. Sometimes it may take days or weeks for them to come and inspect your issue. Property management companies will have someone available to help much more quickly.
Building owners are not known for their quick response times. In fact, aside from collecting rent, you may never hear from them. Conversely, a management company wants to make sure that you are happy with your apartment and that you are having all of your issues addressed. Many tenants create good relationships with these companies and both parties can benefit from that.
How is that? You may ask. Well, many people recognize the importance of working with a reputable and trustworthy company and tend to stick with them, if possible.
It is quite common to ask your property management company what other properties they work with when moving or when a friend or family member is moving. Then you know that you will be taken care of and your problems will be resolved.
Renting from a property management company also allows you to better understand the terms of the lease and what to expect. They are professionals who look out for the building and the property. Landlords have more of a tendency to fly by the seat of their pants. For example, more times than not, a security deposit will be required when signing a lease. Private landlords can charge up to 200% of your rent including a pet fee for a security deposit. Property companies most often will charge one month’s rent. They will then keep that money in an account to prevent any of it from being spent.
When it comes time to move out, you will not need to worry that the owner of the building has spent your money and you may have to fight to try to get it back. There are horror stories out there about people losing their security deposits after building owners go bankrupt or sell their property and move away.
Returning Security Deposits
As was mentioned above, sometimes receiving a refund for your security deposit can be tricky when working with a building owner. A building owner may blame you for normal wear and tear or try to blame you for existing damage. Take photos when you move in!
A property management company will rarely ever try to take advantage of you. They do their job fairly and will return to you what you are owed.
Property companies must rely upon their reputation more often than building owners do. Any property management company with a poor reputation will see themselves go out of business fairly quickly. This provides them a huge incentive to act in good faith and to adhere to any and all regulations or laws.
We have all had, at one point or another, loud or obnoxious neighbors. Landlords can be swayed into bringing in unqualified tenants because they prefer not to miss out on a month’s rent. However, management companies most often have strict guidelines that they must adhere to in order to lease an apartment to an individual.
Some of these factors are:
- Previous payment history
- Landlord referrals and history
- Employment status and length of employment
- Credit score
While some of these factors may make it more challenging to rent an apartment for some. It also makes it more difficult for others to rent an apartment that may not be as respectful of the property or their neighbors (You!)
Guiding your apartment search
At SRE Holdings, we pride ourselves in our ability to create a great living environment for you and your family. We have a number of ways for you to reach us in case of any needed repairs. We have a rapid response for any emergencies as well in order for you to get your life back to normal in case something happens. Our goal is for you to be happy and live in one of our beautiful buildings for years to come.
As you search for your next apartment, SRE Holdings can help. We are a professional real estate management firm that provides our customers the services they need. Our representatives can answer any of your questions or concerns you might have. Contact us today.