Property management companies are responsible for the management of homes, apartment buildings, condos, townhomes and much more. They make it possible for a homeowner to rent their property out without having to handle all of the specifics on their own. However, there is more to them than just that. If you have never dealt with a property management company, there are a few things you need to know beforehand to help you have a better understanding of what these individuals do.
They aren't your landlord.
Oftentimes, people assume that a property management company is the one who is their landlord. However, that isn't the case. These individuals are acting as the liaison between you and the homeowner. They are the ones who collect the rent, handle signing the lease paperwork and take care of any repairs that need to be done. The only time the property management company is your landlord is when the property is owned by a broker. Spend some time discussing the specifics with the company to make sure you are on the same page as they are. This will prevent any confusion down the line.
Their application process isn't the same as everyone else.
While a typical homeowner might just require you to provide proof of your income and a few references, that isn't the case with a property management company. They often require you to complete a whole application packet that gives them access to your credit report, background information and much more. You will be subjected to verification checks of your employment, references and past landlords. If you cannot provide them with this information, it might make it a little more difficult to get into one of their properties.
They can evict you for not adhering to the terms of the lease.
In the event you don't follow the terms of your lease, you could find yourself being evicted from the property. All of the lease terms are outlined right from the very beginning when you sign the paperwork. If there is something that you don't think you can handle, you might want to think twice about signing any paperwork. Otherwise, you will find yourself in court and facing an eviction. You are better off going elsewhere than trying to adhere to something you cannot.
Now that you know a little about some of the things property management companies can do, you will know what to expect when dealing with one. Contact a local company, like Cambridge Companies, with any questions.