A landlord may hire a property manager to handle daily operations. These include collecting rent from tenants, determining reasonable rent prices for the area, searching for new residents, tenant screening, organizing leases and agreements, and keeping track of maintenance needs.

Overall maintenance and repairs, rent and fee collection, leasing and paperwork, and property inspection are the four fundamental aspects of property management. Then there are additional aspects, such as sales, outside services, property listings, and evictions.

Although each property has its own unique requirements, property managers may perform duties like:

• Set competitive rent prices to draw tenants.
• Attract and screen potential renters.
• Coordinate lease agreements and security deposits.
• Collect rent and follow up on non-payment.
• Manage maintenance requests and move-in/move-outs.
• Maintain the physical state of the property.
• Hire and manage service professionals.
• Maintain a budget for the property (for repairs and maintenance).
• Manage all paperwork, including leases, requests, insurance, and maintenance records.

The main difference between landlords, or property owners, and property managers is that, while adhering to all applicable federal, state, and local landlord-tenant regulations and laws, a property manager is also accountable for the finances and records of various owners, renters, and properties.

The property management app helps property managers stay organized for day-to-day tenant communication and property management. Property management software can also simplify preparations for tax season.

Our property management software allows managers to find, vet, and manage renters, handle their maintenance needs, collect rent online, and keep track of all the costs and income that go along with it. Here’s how property management software makes life easier:

• Finding New Tenants

Tenant management is one of the property manager's primary duties. Finding and attracting renters is an essential part of tenant management. With the help of a property management app, you can promote rentals and submit eye-catching advertisements to relevant listing websites and other rental advertising venues.

• Tenant Screening

As a property manager, you’re always looking for ways to improve business, which is why you should consider tenant screening. Our property management software a comprehensive range of services, including tenant screening.

A tenant screening report helps property managers choose the best applicant for a vacant rental unit. Reviewing a tenant's rental history and asking a few questions is not enough to make a well-informed decision. Therefore, tenant screening is the most effective way to identify desirable tenants from undesirable ones.

• Dealing with Complaints

Typical property management duties include maintenance and responding to concerns. If you want to maintain a good relationship with your tenants, consider using additional tools to resolve maintenance issues in the blink of an eye. TenantCloud offers built-in maintenance management that helps to better deal with maintenance issues.

• Coordinating Tenant Turnover

Coordination of tenant turnover is one of the duties of a property manager. Property managers must coordinate when tenants move in and out. Before new renters come in, property managers must arrange for cleaning, inspect the rental spaces for damage, and make necessary repairs.

TenantCloud property management app has all the universal landlord forms and keeps them organized and easily accessible. These documents include the Inspection Checklist Addendum, a 24-Hour Notice to Enter, and much more. We have all the documents every property manager may need for their rental properties.

• Accounting

One of the most important responsibilities of a property manager is collecting rent and ensuring that all rentals have been paid in full and that any late fees have been assessed.

The property manager may also decide to raise or lower the rent each year based on market conditions. TenantCloud will automatically create invoices, receipts, and make notes for when rent will arrive. All you have to do is to set up an invoicing schedule.

Finding new and innovative methods to provide better service to property managers is how technology should be employed in property management apps.

Property managers that start using TenantCloud benefit from the following:

• Streamlined communication channels with tenants
• All paperwork and documents in one place for better record keeping
• 24/7 access to the online platform or dashboard
• Collect rent online
• Fewer expenses
• Utilizing data and analytics
• Happier tenants with better technology and software

From communication to annual reports and property upkeep, TenantCloud allows you to maintain everything about properties in one place.

To ease the burden of dealing with problematic tenants, property managers must complete a tenant screening to make sure leases are upheld, properties are well taken care of, and rent is paid on time.

Management is obligated to uphold the owner's request for legally required tenant screening in order to find a tenant who will pay rent on time, honor the terms of the lease, and maintain the property in good condition. Screening tenants legally entails verifying things like their income and employment status, running credit and criminal record checks, and verifying that they have a good rental history.

Pre-screening questions for tenants remove candidates who don't meet original requirements and may not be able to lease a home. Pre-screening also helps you acquire better renters by allowing you to establish expectations for your leasing procedure early on.

Tenants who have shown an interest in renting the property should be contacted using a pre-screening questionnaire. Don't risk accusations of prejudice by treating each prospective tenant equally.

In order to make the most informed choice, we advise conducting a thorough background check that includes asking pre-screening questions. Candidates may give evasive answers on purpose, recall only certain information, or makeup answers on the spot if they're unsure. Pre-screening questions are an easy method of attracting quality tenants, vetting them, and saving time in the long run.

There are some questions landlords are not allowed to ask potential renters because of the Fair Housing Act (FHA). The FHA prohibits discrimination based on age, country of origin, marital status, sexual orientation, and other details. Check local and state landlord-tenant laws for extra precautions and familiarize yourself with the FHA ahead of time to understand what you are not allowed to ask renters.

With TenantCloud’s Team Management functionality, you can assign your property to a particular sub-admin, giving them access only to the respective property, so they have everything they need and nothing they don’t.

• Team Messaging

With the help of Team Messaging, you can communicate with team members and share attachments in one chat to make business decisions faster and more efficiently.

• Task Management

Task Management lets you manage and track tasks by assigning them to your team members.

• Team Calendar

Be on the same page with your team members with access to one calendar and coordinate your team based on their availability.

• Team Tracking

There's nothing "micromanaging" about keeping tabs on your team's progress. Team tracking will monitor individual members' contributions to business operations.

Distribution Fees are charges made from the fund's assets to meet marketing and share sales costs. Owner's distributions are earnings withdrawn from the profit of a property management business.

A Management Fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise in selecting stocks and managing the portfolio. It can also include other items such as investor relations (IR) expenses and the administration costs of the fund.

• Management fees are the cost of having an investment fund managed professionally by an investment manager.
• The management fees cover not only the cost of paying the managers but also the cost of investor relations and administrative costs.
• Fee structures are usually based on a percentage of assets under management (AUM); they tend to range from 0.10% to more than 2% of AUM.