Actually, there are very few true middle of the night emergencies, but if they do happen, it is best to have a property manager who is on-call 24 hours and has strong relationships with vendors who can respond quickly.
Many perspective residents have heard horror stories about landlords who do not maintain their properties or pay their mortgages. Many of the best-qualified perspective residents are specifically looking for professionally managed properties.
Landlords are often tempted to be flexible with residents who run into trouble paying rent on-time, however Property Managers have strict policies and procedures to assess late fees and initiate legal action promptly.
Property Managers have developed relationships with vendors who are reliable, responsive, and reasonably priced. Property Managers can also meet vendors at the property to address maintenance issues if residents are not available to do so.
Property Managers will enforce the terms of the lease regarding resident's responsibilities for maintenance, HOA compliance, and proper notices for termination or renewal. Property Managers will also ensure that Fair Housing requirements are adhered to.
Property Mangers have a set schedule for exterior, interior, and drive-by inspections. This is critical to ensuring that residents are properly caring for the home and complying with lease terms.
It is critical to address HOA violations in a timely manner to avoid violation charges. Whether the violation is resident or landlord responsibility, Property Managers will arrange for the violation to be corrected.
Many landlords appreciate the year-end statements provided by management companies rather than tracking income and expenses on their own.
Landlords and residents are "opposing parties" in a legal contract. It is often helpful to have a third party to interface between the parties to ensure that requests, questions, and concerns are addressed in a professional manner and per the terms of the lease.
With landlords often living around the country and around the world, most feel more comfortable knowing that there is a Property Manager located locally who is dedicated to ensuring their home is properly maintained.