Property managers do not receive nearly as much recognition as they should. In fact, property managers are probably the unsung champions of the rental industry. Property managers are an essential component in making the leasing experience run smoothly and efficiently. From screening tenants to collecting rent, property managers undertake a significant amount of work to efficiently run and manage a rental property. In addition, property managers also oversee the day-to-day duties that come with leasing out a property. So, exactly what do property managers do? Let us examine why landlords trust their property and tenants to the care of a professional.
A property manager is an individual tasked by a landlord to help take care of the daily responsibilities of their rental property. The duties and daily responsibilities of a property manager include all things necessary for maintaining a rental property. Meeting the needs of tenants is one of the crucial responsibilities of a property manager. A management contract will clearly outline the specific duties and responsibilities of a property manager. Moreover, the landlord’s and property manager’s obligations will be clearly outlined in a management contract.
Property manager vs landlord
To start with, it is essential to know that the duties and responsibilities of landlords and property managers often intertwine. However, the distinct difference between the two is that a landlord a property owner. A landlord will retain the services of a property manager to oversee the day-to-day management of their property. A property manager will require some remuneration for their management services. One of the greatest reason’s landlords engage property managers is to offset the time and effort required to manage a rental property. An individual or property management firm can undertake the management of a rental property.
Duties of a property manager
Marketing a property
Firstly, property managers are responsible for marketing a vacant property during a vacancy. Attracting new tenants is the primary focus of any property manager during this phase. There exists a diverse array of marketing tools that a property manager can use. Some of these include print publications or online property websites.
Secondly, property managers also undertake the task of screening prospective tenants. Some of the screening methods used by property managers include carrying out background checks, credit checks, and verifying income.
Maintaining the property
Maintenance of the rental property is a key priority for any property manager. With this in mind, a property manager must carry out routine inspections as a measure to ensure the property is well maintained. A property manager will need to develop a network of reliable, professional, licensed and efficient contractors to undertake any maintenance issues.
Another important task handled by property managers is the setting of rental rates. However, this is a joint effort between the property manager and the landlord. Needless to say, the property manager will be required to undertake thorough research and pull pertinent information that will affect rent pricing. In addition, a property manager will need to devise efficient means by which to collect rentals from tenants. Moreover, it the responsibility of the property manager to maintain meticulous records of the property’s finances.
A property manager will also act as a direct line of communication between the landlord and tenants. As such, a property manager will keep a landlord informed on all tenant concerns.
Lastly, a property manager will also have to handle evictions of tenants who breach the conditions of their leases.
Knowledge and skills required by property managers
At the very minimum, property managers must possess a very particular set of skills. In particular, a property manager must be able to satisfactorily handle a diverse range of issues. In addition, a property manager should be able to manage various responsibilities on a daily basis.