The many responsibilities of a property manager
Published on 5th September 2019 by Laura West
A property manager helps landlords in the daily responsibilities of running a rental property. A property manager can help in one task, like collecting rent on behalf of the landlord, or can be entirely responsible for all the operations of a rental property.
The exact responsibilities of a property manager vary depending on the kind of property which they are managing, the terms of their management contract and the fee they receive.
Firstly, a property manager can be responsible for dealing with rental payments, which is a basic but crucial responsibility for all landlords. Therefore, collecting rent is a common job which is passed onto property managers.
Common responsibilities for property managers for rent could also include setting the correct rent levels to attract new tenants, setting a system up for collecting rent payments from tenants to ensure cash flow while enforcing strict late fees, and increasing rents when needed. In order to determine the correct range of rent prices, a property manager will study the local rental market and analyse similar properties in this area.
A property manager also manages tenants as one of their core responsibilities. Using a wealth of tools such as free property management software, they are able to handle tenant evictions or move outs, manage maintenance issues or complaints, and screen or find prospective tenants.
Filling vacancies in a tenancy can be a stressful task for landlords, but property managers can create and advertise an attractive and compelling ad as they understand what will appeal to tenants. They can also advise on any required property changes.
Property managers will also have a consistent and thorough screening process in place, including running criminal background checks and credit checks, which can lower the likelihood of tenant turnover. After dealing with hundreds of tenants, good property managers will understand how to choose the right tenant who is reliable, and less likely to create issues, and who will have a long tenancy and pay rent on time.
Property managers are also able to handle leases, which includes setting the terms of the lease and ensuring it contains every necessary clause in order to protect the landlord. This could include, for example, determining the correct sum of security deposit which should be paid by the tenant. They are also able to manage emergencies or complaints from the tenant, including noise complaints or maintenance requests, and move outs. When the tenant leaves a property, a property manager can check for damage, inspect the property and determine how much of the deposit should be returned to tenants.
A property manager will also deal with difficult tenants and evictions, ensuring that breaches in the lease terms are properly filed. They will also know the correct way in which to progress with an eviction.
Responsibility will fall to property managers to ensure that the property remains in a habitable and safe condition as the physical management, such as emergency repairs and regular maintenance, will become their responsibility. Property managers often have large networks of reliable carpenters, electricians and plumbers, among other contractors, which makes it far more cost-effective for landlords to pay for repairs or maintenance to their properties.
Good property managers will also have an extensive and in-depth knowledge of property laws, including how to lawfully screen tenants, handle deposits, terminate leases, evict tenants and comply with safety laws.
A property manager can handle the budget for a property, while also maintaining important records. The manager has to operate within the budget set by the landlord while keeping thorough records relating to the property. This can include all expenses and income, the outcome of all inspections, complaints, maintenance requests, signed leases, insurance costs and a record of rent collected.
Property managers can also be responsible for the taxes of a rental property. They can file taxes for a property, and can also help the landlord to comply with the law for an investment property.
All in all, there’s so much more than meets the eye to this important job role.
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