The 9 Responsibilities of a Property Manager
What exactly does a property manager do? This is a common question that many property owners or wannabe property managers often ask. Well, if you belong to either of the two groups, then you have reached the right place.
Unknown to many, the work of a property manager goes beyond just collecting the rent check every month. A property manager can help you market your property, screen applicants, repair and maintain your property, file taxes, and handle tenant issues.
If you have the time, skills, experience and resources to do all that, then great! But if not, then finding a qualified property manager to do it for you may be in your best interest. As a matter of fact, many successful real estate investors attribute their success in doing this.
In this blog, we are going to look at some of the responsibilities property managers usually have. Let’s get started, shall we?
1. Set the right rent amount.
You cannot run a successful rental property business without knowing how to set the right rent amount.
Overcharging your tenants can lengthen the amount of time your property sits vacant. Undercharging them, on the other hand, may mean fewer profits left for you.
One key skill that every property manager should have is knowing how to set rent prices. Among other things, they will arrive at the “right rent” by conductive a comparative market analysis.
2. Prepare vacant units.
Nothing puts a drain on profits than a vacant rental unit. Each day that your property sits vacant is a day you are losing money. Luckily, you can rely on the experience of a property manager to fill your vacant units.
Broadly speaking, a property manager will first ensure your property is rent-ready. This may mean revamping the property’s curb appeal or revitalizing the unit with a fresh coat of paint.
Next, the property manager will begin drafting a rental ad which he will use to market your unit.
3. Advertise the rental property.
Property management companies use a variety of marketing strategies to advertise their clients’ properties. This helps reduce the amount of time a property sits vacant.
A good property manager will do more than just place “For Rent” signs at strategic parts of your property. They will also use other marketing methods like listing your property on top rental listing sites, PPC advertising, and social media marketing.
4. Conduct a vigorous and thorough screening test.
Screening tenants is vital if you want to have a successful rental business. The last thing you want is to rent to a problem tenant. A problem tenant is one that is always late paying rent, causes negligent property destruction, and rents for a shorter term.
Conversely, the right tenant pays rent on time, cares for the property, and generally rents long-term.
A tenant screening process helps separate the good from the problem ones. The process checks a tenant’s income, creditworthiness, and their rental and criminal background.
5. Ensure your property is legally compliant.
Dozens of laws at all levels of government guide the landlord-tenant relationship. To stay on the right side of the law, you need to understand all these laws. You also need to update yourself on any changes that take place. This can be tricky to keep tabs on!
Fortunately, a property manager can help you. Good property management companies have regular in-house training that ensures their staff is updated on any new key developments in housing and rental laws.
6. Conduct regular property repairs and maintenance.
Property managers are also responsible for ensuring their clients’ properties are in tiptop condition at all times. Good property management companies usually conduct four types of inspections per lease cycle.
That is move-in inspection, drive-by inspection, seasonal inspection, and move-out inspection. Doing this ensures problems are identified early before they become serious and costly to fix.
7. Collect rent every month.
This is a key responsibility for a property manager. A good property management company will usually provide tenants with simple and convenient rent payment solutions.
Besides rent collection, a property manager should also help you deal with any rent payment issues.
8. Handle tenant issues.
Conflicts and misunderstandings are a common thing between landlords and tenants. A property manager can help you handle these issues.
Best of all, a property manager is knowledgeable about what the law says about handling such issues.
9. Enforce the terms of the lease agreement.
Enforcing the terms of the lease is the only way to ensure tenants abide by its terms. A property manager can also help you do this.
There you have it. The 9 key responsibilities of a property manager. Remember, though, not all property managers are created the same. As such, do your research before hiring one. For more information about our property management services, contact us today.
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