4 Responsibilities of a Property Manager
If you are a renter, the person you’ll be seeing the most is your property manager. If you are a property owner, this is the person to deal with all the property-related “niceties.” So by hiring a Property Manager, it is the way to go.
Depending on the type of property they are managing as well as the terms of the management contract, a property manager will have different responsibilities and rights.
Here are four of the most common tasks a property manager is responsible for.
A property manager deals with everything that’s related to rent – from setting and collecting rent to adjusting it.
A property manager will:
• Set the rent to attract tenants to your property. They estimate the property and set the price of your property based on its location, the current market and other properties in the area
• Collect the rent from your tenants. Usually, in the agreement with the property owner(s), the property manager sets the date of collection per month and enforces late fees if the rent is overdue
• Adjust the rent (increase or lower) if agreed on with the property owner(s). Adjustments vary based on the individual state and municipal law. Also, the rent can go higher by a fixed percentage each year
Keeping up with the tenants’ requests and behavior is usually very stressful for the property owners. It is why having a property manager handling all rental areas is useful! A property manager will:
• Find tenants using a consistent process based on the overall tenants’ expectations of the property and work with them on getting the best deal that’s beneficial for both the owners and tenants
• Screen tenants using a consistent screening process, such as running criminal background checks, credit checks, previous living spaces, etc.
• Handle emergencies and complaints – Property managers know how to handle emergency situations and have the necessary contacts to do so. Further, they are the ones to deal with noise complaints, maintenance requests, etc.
• Handle tenant move outs by inspecting the unit and checking for damages to determine how much of the tenant’s security deposit will be returned to the tenant. They are also responsible for repairing any damages and finding a new tenant
• Dealing with evictions by understanding and relying on the law when the terms of the lease are breached. The property manager goes forward with an eviction
Maintenance and Repairs
The property manager must keep the rental units in safe and habitable condition. Property managers are responsible for:
• Property maintenance and repairs such as regular inspection of leaks, landscape, health conditions of the unit, electric, trash removal, etc. The same goes for when there is an issue that needs to be fixed. It can be done by the manager or by hiring a professional
Responsible for Taxes
The property manager knows Landlord-Tenant Law and can assist the property owner with filing taxes for the investment property and dealing with other expenses. If the manager and the property owner agree, they can be entrusted with filing taxes for the property.
Having a property manager is a great way to avoid many unpleasant situations, headaches, and stress. In some cases, the property manager can even be responsible for managing the property budget and maintaining records, as well as supervising other employees and vacant properties. For more information and advice, contact us at info@LLCPM.com.