Managing the rental of a residential property can be demanding and time-consuming, which is why some owners choose to entrust these responsibilities to professional property management companies. This approach helps avoid many problems and ensures professional rental service.
The standard scope of cooperation typically includes:
- Finding and selecting tenants, a process that involves advertising the property, conducting viewings for potential tenants, and verifying their financial credibility.
- Negotiating lease terms to effectively protect the property owner’s interests and ensure compliance with current legal regulations.
- Managing finances by monitoring and collecting payments, and settling bills related to the property (e.g., utilities, administrative fees).
- Maintenance and repairs by monitoring the property’s technical condition and promptly addressing any malfunctions or damages.
- Communicating with tenants to resolve ongoing issues, negotiate lease terms, or update agreements.
- Lease termination, which includes property inspection, conducting any necessary repairs, settling the security deposit, and preparing the property for further rental.