You might have heard of property managers before, but there’s a chance you might not know exactly what it is they do. A property manager has many different responsibilities, but at the most basic level they are a third party who handle the day to day responsibilities of your real estate investment when you are not able to do so yourself. A property manager manages many different types of properties from small apartments to large complexes or family homes, and their specific responsibilities will depend on the salary you are willing to pay and the contract that you agree together.
Here are some of the services that a property manager can provide you with:
Responsible for Rent
If you are planning to rent out your property on a short or long term basis, you may require the services of a property manager. Property managers can be responsible for the setting of the initial rent level, adjusting it where necessary and even for collecting it, should the need arise.
Setting Rent – A good property managers knows how to set the rent at the right level to attract tenants while still making you a little profit. They will have an understanding of how your property compares to others in the area.
Collecting Rent – Property managers can play the role of collector, too, by ensuring that your rent is collected on the correct date each month and by enforcing late fees strictly.
Adjusting Rent – Making sure your rent is competitive is one of the key roles of a property manager and, as such , they can increase it by a set amount each year (according to state / municipal laws) or decrease it when necessary.
Responsible for Tenants
One of the main responsibilities of any property manager is to manage your tenants. This means finding tenants, dealing with any complaints and even initiating evictions if needed.
Finding Tenants – Property managers are responsible for marketing the property to fill vacancies as well as making sure the apartment is as attractive as possible to tenants. They’ll know how and where to advertise for the best results.
Screening Tenants – A good property manager will be able to sort through prospective tenants to ensure that you get one that is a good fit for your property. Experienced property managers will have seen hundreds of tenants in their career and, as such, will be able to weed out the bad ones quickly.
Handling Leases – They can set the length of the lease and make sure that it has all the necessary provisions needed to protect the owner. This can include determining the security deposit required from the tenant.
Handling Complaints/Emergencies – Property managers are paid to deal with any complaints, maintenance requests, and have the necessary contacts and acumen to handle emergencies.
Handling Move Outs – When a tenant moves out your property manager will be responsible for checking it over to make sure that it has not suffered any damage during the tenant’s stay. They can determine how much, if any, of the security deposit should be withheld or returned.
Dealing With Evictions – If a tenant breaches the agreement or does not pay rent your property manager will know the proper way in which to file and proceed with an eviction (if you deem it necessary).
Responsible for Maintenance and Repairs
Property managers can also be responsible for the physical condition of your property by keeping up regular maintenance and ensuring repairs are complete quickly.
Maintenance – Maintenance aims to keep current tenants happy and attract new tenants. They can take charge of preventative maintenance in your property in order to make sure it is performing at the top of its game. If given the right authority they can hire someone to deal with leaks, deal with exterminations, do landscaping or regularly remove trash.
Repairs – When there’s an issue your property manager will either attend to it themselves or hire someone who can. A property manager worth their salt will have a network of plumbers, electricians and contractors that they trust.
Responsible for Supervising
Other Employees – The property manager can set their salaries and even fire them. If you have other employees, such as a concierge or security, then your property managers will be responsible for making sure they’re doing their jobs properly.
Vacant Properties – A property manager can also be hired to look after vacant properties to make sure that there has been no vandalism and perform basic maintenance to keep it ready for tenants.