What are the primary responsibilities of a property management company?

A property management company's primary responsibilities encompass a wide array of tasks centered around the management and operation of rental properties. Handling tenant issues and collecting rent is crucial, as these activities ensure the smooth operation of the property and contribute directly to its financial success. Effective communication with tenants regarding their concerns, maintenance requests, and lease issues is an essential part of retaining tenants and minimizing vacancies. Additionally, collecting rent on time is critical for maintaining the cash flow necessary for the property owner to meet their financial obligations, such as mortgage payments and property expenses.

While maintaining property value through renovations is important, it typically falls under the management of property improvements rather than primary responsibilities. Buying and selling properties usually lies within the realm of real estate agents and brokers, not property management. Providing real estate investment advice can be part of some property management companies' services but is not universally considered a primary responsibility of property management itself. Thus, handling tenant issues and collecting rent accurately reflects the core functions of a property management company.