A person who owns an apartment complex in the Tucson area doesn’t necessarily have the time to manage the place. This individual might be extremely busy as a professor at the University of Arizona or a manager at one of the many large corporations in the area. This individual might not even live nearby; he or she may have originally bought the multi-family building while living in Tucson and then moved away. A person like this typically relies on one of the Rental Management Companies in the city to handle all the details required to keep investment property filled with responsible tenants. The company also arranges for routine building maintenance and landscaping, and prompt repair work as needed.
Keeping a large apartment complex or a set of multi-family buildings fully occupied can be a big project in itself. Renters may be moving out every month, requiring continuous advertising and regular showing of units to prospective new tenants. The manager must do some basic evaluation of each applicant and make a decision among those who fit the requirements. When tenants move out, Rental Management Companies may arrange for carpet cleaning, wall and window cleaning, and repainting of the apartment. The property managers obtain security deposits when tenants move in and return those deposits when the renters move out. Before sending the money, they check over the apartments to make sure no damage has occurred that requires keeping some of the deposit to pay for repairs.
A real property management company such as Business Name handles various financial aspects involving rental property as well. Tenants typically pay rent directly to this company. The firm adds late fees if that is part of the policy and begins eviction proceedings if necessary. Property owners usually want to work with tenants instead of dealing with the hassle of eviction, and property managers have this duty as well. If any tenant is habitually late on rent payments, the manager and owner may handle the problem by not renewing the lease at the end of its term.