A property manager is someone a property owner can hire to help him take care of the daily responsibilities at their rental properties. Here are some of the duties and accountabilities of property managers:
Rental Management
Aside from collecting rent, there are several rent responsibilities that a property manager does. This includes:
- Determining the Rent Price: It is the property manager’s responsibility to set the right amount of rent that will attract potential tenants and will also be profitable for the landlord at the same time. To determine the rent price range, research in the market where the property is located should be looked into. A property manager will have to analyze and compare the rent ranges in the neighborhood to have a reasonable and competitive rent price.
- Rent Collection: Property managers will be responsible for collecting rent from tenants. They will be setting a date for collection to ensure optimal cash flow. They also have to strictly enforce and collect late fees.
- Rent Adjustment: Each year, the property manager has the option to increase or decrease the rent price depending on the current market state and other factors.
Tenant Management
Another core responsibility of property managers is managing tenants. They are involved in finding, screening, and approving tenants, handling complaints, and handling tenant move-outs and evictions.
- Finding Tenants: When there are vacancies on the property, it is the property manager’s responsibility to find new tenants. They will advertise the rental space through a compelling ad that will attract people.
- Screening and Approving Tenants: All prospective tenants will be screened by the property manager through a thorough process. A good property manager will run a series of checks, including credit and criminal background checks, before approving an application. They have the experience to filter out tenants who aren’t qualified. By the end of the screening process, you can expect that your new tenant will pay their rent on time, will be responsible, won’t cause problems, and will take care of your property.
- Handling Complaints/Issues: Any complaints regarding the property will be handled by the property manager. It’s their responsibility to resolve issues and meet the needs of the tenants regarding the property. The main goal here is to make the tenants happy and taken care of.
- Enforce Lease Agreement: A property manager’s job includes setting the terms of the lease, making sure it has all the important clauses to protect the owner. The agreement has to cover everything, including the security deposit fee, late rent charges, and the consequences if the tenant failed to abide it.
- Handling Move Out and Evictions: It’s the property manager’s responsibility to inspect the property when a tenant moves out. They should check the property for any damages and determine how much of the security deposit should be returned. After the tenant has moved out, the property manager will be cleaning the property and preparing it for a new tenant. In the same manner, when a tenant has become difficult, i.e. breached the terms of a lease or does not pay rent, it’s the manager’s job to issue an eviction.
Maintenance and Repairs
Keeping the property healthy, safe, and habitable is part of the property manager’s job. All physical aspects of the property should be taken care of, including regular maintenance and emergency repairs. Preventative maintenance should be performed regularly, such as cleaning, repainting, and drain inspections, to keep the property in top shape.
Supervision of Employees and Vacant Properties
When there are other on-site employees in the property, such as cleaners, security personnel, or concierge, it is the property manager’s job to oversee their work and supervise them. Property managers are also responsible to look after vacant properties to make sure that they will not be vandalized and will be in good condition for the next tenants.
Budget and Records Management
The manager will also be responsible for setting the property’s budget and must operate within it. Thorough records should also be kept and maintained by the manager, this includes all income and expenses: signed leases, maintenance requests, cost of repairs, complaints, records of rent collection, insurance costs, and other paper works. All records should be kept accurate and up-to-date, this will help you keep track of your property’s growth and finances.
File Taxes
The property manager, sometimes, can file taxes on behalf of the landlord. If the owner decides to file the taxes on their own, the management company can assist and offer guidance on how to do it.