What is Property Management
Brent Khusid • March 29, 2023
I get asked all the time on what is property management and what are the roles and responsibilities of property managers. While responsibilities and duties of property managers are certainly different from company to company, I am going to give everyone reading this an overview of what we do at ANCHOR so you have a benchmark and reference point. However, before you sign a contract with anyone make sure you are aware of all their policies, procedures, and contract terms.
Quick Overview
A property manager serves as the middleman between the landlord (property owner) and the tenant. While a property managers role may certainly vary, they usually handle most rental related tasks for your property, however they ae not allowed to preform any tasks without consent from the ownership. Typically the way the management companies make money in return is by collecting some type of management fee which can range from 2% to 15% depending on the level of difficulty with the property and what is being asked by the owner towards the company (our standard is 10% with an annual fee). The main departments within a management company may vary but at ANCHOR we have it split into the following, maintenance/turnovers, collections/legal, utilities (water, gas, and electric), licensing/city communications, leasing, and marketing/promotions (each individual department handles their own customer service as to give informed answers to those who are inquiring). While all the offered services are generally taken in some cases owners opt to do certain things themselves such as maintenance or leasing which should be ok but just confirm that before signing any contracts.
Owner Side
For example we here at ANCHOR handle all of the following for our owners;
- Finding Tenants - Getting leads, showing the property, background checks, credit checks/history, income verification, and collecting move-in costs (this service is included but usually involves a fee given to the leasing agent in charge of the property, we charge 1 month of the rent which seems to be the standard across most companies)
- Personalized Leases - Specific tenant responsibilities or any other special requirements you might have as a landlord
- Collections - in-house team as well as caller agents who are in charge of making sure funds are coming in on time and correctly, they deal with government agencies that provide funding, and explaining charges and non-charges
- Maintenance/Turnovers - Coordinate with our specialized list of vendors for any type of maintenance issue, field calls and emails from tenants, coordinate lock changes and alarm installs, coordinate with vendors to complete unit turnovers, and keep up on warranties/mandatory tests (the actual fees associated with the work that has been completed is either paid by the tenant or owner - depending on where responsibilities lie)
- Legal - have readily available access to a lawyer or have their firm on retainer for advice, issues, and court hearings
- Licensing & Utilities - Keep in contact with the city, local municipality, government entity, or local utility company to make sure the licenses on the property are active and up-to-date as well as utilities being paid off and operational.
- Marketing/promotions - Marketing the properties as well as offering promotions such as referral programs and other great deals throughout the year
Tenant Side
For example we here at ANCHOR handle all of the following for our tenants;
- Showing Properties - Each property should have a real estate agent assigned to it that is in charge of showing you the property and answering any questions you might have regarding the property or your own qualifications to rent it.
- Certified Leases - While the leases are not always to someone's liking its important to know that the lease is transparent and has no hidden clauses. Even if you go through a management company it is still important to make sure you are going through the entire lease as to not be surprised by any information later on.
- Payments - having great software apps (we use AppFolio) for easily paying rent, submitting work requests, and viewing documents is essential in this day and age, however, also offering in person or mail services is usually a good standard practice
- Maintenance/Turnovers - Its important to offer a team that is able to coordinate between the owner, tenant, and vendor, as well as, insuring quality control throughout the entire process.
- Utilities - Providing updates regarding utilities such as when to pay a water bill or if someone needs to be sent out for an unusually high water bill or other utility issue.
- Government Programs - Dealing with these programs to insure that you are getting the help you need from them as well as they are getting everything they need from you.
So why should I choose ANCHOR?
We here at ANCHOR are a premier property management company who have been in the field for over 15 years. We not only have the experience and knowledge to provide you unbeatable service, but we also have seen property management advance over these past years with all the rules and regulations that have come with it. We are always staying up-to-date with the latest news and trends as well as developing strong relationships with government organizations and trusted contractors. To see if working with ANCHOR is the best fit for you please contact us through our website or directly to info@anchorrealtypa.com!
Weatherizing Your Property for a Cool Summer: Tips for Northern Homeowners As the warmth of summer approaches, it’s time for Northern homeowners to prepare their properties for the seasonal shift. While most people associate weatherizing with winter, it’s equally important to ensure your home stays comfortable and energy-efficient during the hot summer months. From sealing air leaks to optimizing insulation, here are some essential tips for weatherizing your property in the North for a cool and pleasant summer. Seal Air Leaks: Air leaks not only let cool air escape but also allow warm, humid air to enter your home, making your cooling system work harder. Inspect windows, doors, and any other openings for cracks and gaps. Caulk or weatherstrip these areas to prevent air leakage and improve energy efficiency. Insulate Attics and Basements: Proper insulation is key to maintaining a comfortable indoor temperature year-round. In the summer, insulation helps keep cool air inside and prevents hot outdoor air from seeping in. Ensure that your attic and basement are adequately insulated to minimize heat transfer. Install Energy-Efficient Windows: Windows are significant contributors to heat gain in homes. Consider upgrading to energy-efficient windows that are designed to reduce heat transfer and block harmful UV rays. Additionally, installing window treatments such as blinds or curtains can further enhance energy efficiency by providing shade and insulation. Use Fans Strategically: Ceiling fans and portable fans are cost-effective ways to improve air circulation and create a cooling breeze indoors. In the summer, set your ceiling fans to rotate counterclockwise to push cool air downward. Use portable fans to direct airflow toward occupied areas, allowing you to raise the thermostat temperature without sacrificing comfort. Maintain Your Cooling System: Before the summer heat sets in, schedule a professional inspection and maintenance service for your air conditioning system. Clean or replace air filters regularly to ensure optimal airflow and efficiency. Consider upgrading to a programmable thermostat to regulate indoor temperatures and save energy when you’re away from home. Shade Your Home’s Exterior: External shading can significantly reduce solar heat gain and lower indoor temperatures. Planting trees strategically around your property can provide natural shade and enhance curb appeal. Installing awnings, pergolas, or trellises over windows and outdoor living spaces can also block direct sunlight and keep your home cooler. Use Reflective Roofing Materials: If you’re due for a roof replacement or renovation, consider opting for reflective roofing materials. Light-colored roofs or those coated with reflective coatings can reflect sunlight away from your home, reducing heat absorption and lowering indoor temperatures. Minimize Heat Sources: Appliances and electronics generate heat when in use, contributing to the overall thermal load in your home. Minimize heat gain by using energy-efficient appliances, turning off unnecessary electronics, and avoiding activities that generate excess heat during the hottest parts of the day. Seal Ductwork: Leaky ducts can result in significant energy losses and reduce the effectiveness of your cooling system. Inspect your ductwork for leaks, gaps, or disconnected joints, and seal them using mastic sealant or metal tape. Properly sealed ducts ensure that cooled air reaches its intended destination efficiently. Schedule a Home Energy Audit: Consider scheduling a professional home energy audit to identify areas for improvement and prioritize energy-saving upgrades. An energy audit can help you pinpoint inefficiencies in your home’s thermal envelope and HVAC system, allowing you to make informed decisions about weatherization and energy conservation measures. By taking proactive steps to weatherize your property for the summer, Northern homeowners can enjoy a cooler, more comfortable indoor environment while reducing energy consumption and utility costs. Whether you’re sealing air leaks, upgrading insulation, or optimizing your cooling system, investing in weatherization now can pay dividends in energy savings and home comfort for years to come. So, gear up for a cool and enjoyable summer by preparing your home to beat the heat!
5 Ways to Make Your Property Stand Out as Spring and Summer Approach As the temperatures rise and nature begins to bloom, it’s the perfect time to elevate the appeal of your property. Whether you're preparing to sell, rent, or simply want to enjoy a refreshed atmosphere, spring and summer offer fantastic opportunities to enhance your property's allure. Here are five effective ways to make your property stand out as the vibrant seasons approach: 1. Enhance Curb Appeal The exterior of your property is the first thing visitors notice, so it's crucial to make a stellar first impression. Start by tidying up the landscaping: mow the lawn, trim bushes and hedges, and add fresh mulch to flower beds. Plant colorful flowers that thrive in the warmer weather to add pops of color and charm. Additionally, consider giving your front door a fresh coat of paint or adding stylish house numbers and outdoor lighting fixtures to create an inviting entrance. 2. Create Outdoor Living Spaces Take advantage of the warmer weather by creating outdoor living spaces that encourage relaxation and entertainment. Whether you have a spacious backyard or a cozy balcony, investing in comfortable outdoor furniture, such as lounge chairs, dining sets, or hammocks, can transform your outdoor area into a retreat. Add finishing touches like outdoor rugs, throw pillows, and potted plants to create a welcoming ambiance where residents and guests can unwind and enjoy the sunshine. 3. Add Seasonal Décor Embrace the spirit of the season by incorporating seasonal décor into your property's interior and exterior spaces. Swap out heavy winter textiles for lighter fabrics and bright, cheerful colors that reflect the energy of spring and summer. Consider placing vases of freshly cut flowers throughout your home, displaying vibrant artwork, or updating throw pillows and bedding with floral patterns or tropical motifs. Outside, hang festive banners, string lights, or place potted plants and hanging baskets to add a touch of seasonal charm. 4. Upgrade Outdoor Amenities Make your property a desirable destination by upgrading outdoor amenities that cater to warm-weather activities. Install a barbecue grill or outdoor kitchen area for al fresco dining experiences, set up a fire pit or outdoor fireplace for cozy gatherings on cool evenings, or add a swimming pool or hot tub for refreshing dips and relaxation. Providing these outdoor amenities not only enhances the enjoyment of your property but also increases its appeal to potential buyers or renters seeking a resort-like lifestyle. 5. Highlight Natural Light Maximize the influx of natural light that comes with the longer days of spring and summer by showcasing your property's windows and outdoor views. Remove heavy drapes or curtains and opt for sheer or lightweight window treatments that allow sunlight to filter in while maintaining privacy. Rearrange furniture to capitalize on natural light sources and create bright, airy spaces that feel open and inviting. Additionally, consider adding mirrors strategically to reflect light and make rooms appear larger and more spacious. By implementing these strategies, you can make your property stand out as spring and summer approach, creating an inviting and appealing environment for residents and guests alike. Whether you're looking to sell, rent, or simply enjoy your home to the fullest, embracing the vibrancy of the seasons will enhance the beauty and functionality of your property. So, seize the opportunity to refresh your surroundings and make the most of the warmer months ahead!
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