Property Management Blog

How does property management work?

Ironclad Property Management - Thursday, April 6, 2023

Property management involves the management of real estate properties on behalf of the owner. The primary goal of property management is to ensure that the property is properly maintained, occupied, and generating income for the owner.

Here are some of the key functions of property management:

  1. Marketing and advertising: Property managers are responsible for advertising and marketing vacant properties to attract potential tenants.

  2. Tenant screening and selection: Property managers screen and select potential tenants by conducting background checks, verifying employment and income, and checking references. We at Ironclad Property Management have a rigorous selection process to ensure the right tenant is chosen for your property.

  3. Lease management: Property managers handle the lease agreement between the tenant and the property owner, including setting rental rates, collecting rent, and enforcing lease provisions. Our leases are thorough and have been reviewed by a top real estate law firm.

  4. Property maintenance: Property managers are responsible for maintaining the property, including repairing any damages, conducting routine inspections, and ensuring that the property is clean and safe.  The tenants are responsible for submitting maintenance requests through our online software.  Our maintenance coordination team makes sure the right vendors are contacted, arrive at the right time, and complete their repairs.  Our field inspector ensures that the property is properly maintained and they recommend improvements. 

  5. Financial management: Property managers handle the financial aspects of the property, including collecting rent, paying bills, and generating financial reports.  Ironclad’s accounting department ensures that every dollar is accounted for and every report is sent in a timely manner. If an owner would like us to pay the electric bill (for example) for a property, that is included 

  6. Legal compliance: Property managers ensure that the property complies with all relevant laws and regulations, including building codes, zoning laws, and fair housing laws.

Overall, property management involves a wide range of responsibilities that require a combination of administrative, financial, and interpersonal skills. Effective property management is crucial for maximizing the value of real estate investments while minimizing risk and ensuring tenant satisfaction.  If you would like to explore how Ironclad Property Management can help you, please reach out!