6 Practices a Good Property Manager in Phoenix, AZ Must Follow

If you’re looking for a good property manager in Phoenix, AZ, it’s important that you find one who embraces six specific qualities.

Financial Transparency

The financial management of your property requires strict controls and complete transparency. Your property manager must provide reports that document income and expenses. You should know how your funds are tracked and when you can expect rent to be disbursed. Property managers are also required to minimize the costs of maintenance, take care of any sales taxes and analyze invoices. Make sure procedures are in place to manage your money.

Tenant Placement

Putting a well qualified tenant in your home will make your job as a landlord a lot easier. Look for a property manager with a rigorous screening process. There should be an investigation into credit history, criminal backgrounds and evictions. Property managers should verify income so you know the tenant earns enough money to pay rent on time every month.

Laws and Liability

A good property manager will protect you and your property by understanding the laws associated with rental property and ensuring you are in compliance. In addition to the federal, state and local laws, you need to understand HOA regulations and the municipal sales tax requirements. Property managers must be willing to report your income to Maricopa County and provide 1099s so you can file your federal income taxes.

Property Condition

Maintaining your home is a major responsibility that property managers must take seriously. Maintenance and repairs will be required between tenants and while tenants are occupying the property. Everything should be working correctly and the property should be safe and habitable for your renters. Protecting your property’s condition will keep your tenants happy and ensure the value of your asset increases over time.

Regular Inspections

Property managers will conduct interior and exterior inspections throughout a tenancy. You want a manager who will know that the home is in good shape and the tenants are in compliance with the requirements of the lease.

Vendor Relationships

A good property manager will have relationships in place with professional vendors and contractors who provide high quality work for affordable prices. There should be an immediate response when your home needs a repair and the invoicing should also be accurate and on time.

Your property manager has a responsibility to take care of your property and maximize its value. Contact Paramount Property Management and Realty if you have any questions.

Saving money and time on maintenance issues is an important factor for landlords. Contact Paramount Property Management & Realty if you have any questions.