Rent Responsibilities of Apartment Management Companies
1. Collection of Rent:
The apartment management company is in charge of handling the rent for the landlord. They play the role of an enforcer. They are responsible for the collection of rent by a specific date each month and enforcing a late fee for tenants that pay late. The tenants also feel convenient as the property management companycan take rent through credit cards or online payments. At LBPM, we have a professional rent collection protocol and online rent portal. Our primary vision is to ensure that each resident is treated fairly in regards of timely payment, while minimizing costs and getting rent in as quickly as possible.
2. Annual Adjustment in Rent:
The apartment manager is endowed with powers to increase the rent by a fixed percentage each year according to individual state and municipal law. They can also decrease the rent if required as per market survey and landlord doesn’t lose revenue for a longer duration.
3. Collection of Late Payment:
Follow up with those who haven’t paid, sending them notices and finally depositing rent with apartment owners is a big responsibility of the Apartment Management Company.
When residents are late to pay rent, we have a proper set up to track them to pay at earliest, which starts with an email or a text that will be sent on the same day when rent is late to phone calls to the legal action being taken. We take the emotion out of the collection of rent and get tenants to pay on time.
For all your information about your landlord rights when you are collecting rent, or anything pertaining to multi-family and apartment management, please contact our apartment property management experts or call us at 818-981-1802. We will be glad to help you!