Responsibilities of Private Property Management

XL Real Property Management is a boutique residential property management firm serving local, national and international investors. Founded in 2012, the company manages high-end apartment buildings and individual apartments, townhomes and pied-a-terres. Its services include financial administration, asset operations, tenant experience, and legal and compliance governance.

The firm has offices in New York City and Boston.

One of the main responsibilities of private property management is photographing and listing properties to market them for rent. This includes providing all of the necessary details, including floorplans and any unique features, along with information like the year built and whether or not pets are allowed.

Property managers also take on the responsibility of screening tenants for their clients. They will typically conduct background checks and collect income verification, credit reports, rental histories and references. This is a vital step for avoiding costly turnover and ensuring the right people are living in your community.

They are also responsible for preparing and sending lease agreements and performing any other legal obligations, such as required disclosures on mold, lead paint or carbon monoxide alarms. In addition, they will usually have a clear procedure in place for handling disagreements between the tenant and landlord.

Landlords who choose to manage their own properties are often not as experienced in dealing with the challenges that can arise when managing tenants, including late payments, eviction notices and damages. It is important for both parties to remain professional so that any issues can be resolved quickly and fairly. private property management