Most management firms provide services on a third party basis and the written management agreement delineates the services and responsibilities agreed upon.

Basic Services provided in most standardized management agreements include:

Rent Collection – collecting and banking rents and other income from tenants and posting on a daily basis. Maintaining the status of each tenant and running delinquency reports as well as monthly tenant status reports.

Bill Payment – payment of vendors, utilities and mortgages and provide a monthly check registration.

Maintenance – evaluation of vendors, equipment, supplies and services to keep the property operating in a manner that is safe and keeps the tenant satisfied.

Financial Reports – providing an annual budget and monthly statements such as profit and loss, including rent roll and check register.

Tenant Relations – 24 hour answering service to provide for tenant needs, questions, concerns and emergencies.

Rental Analysis – provide timely updates and recommendations for rental increase and lease negotiations and handling of renewals.

Supervision of employees – hiring, firing, supervision and payment of the employees assigned to the property.

Auxiliary Services are extra services provided and usually charged separately (a la carte)

Management Plan for the property that includes an analysis on the region, neighborhood, operations, financial status, etc. and recommendations.

Specializes in the local market and property type.