If you’re thinking about embarking on a career in Property management, or need to hire a property manager to oversee your property, it’s imperative to understand the various roles and responsibilities that are property manager is tasked with.
Residential property management falls under the leasing or rental housing branch in real estate. Professionals in this domain do tasks on behalf of the property owner while providing the needed services and handling inquiries from tenants. On the surface, this entails signing leases and rent collection, but there’s far much beyond these two duties. That being said, here are the most common duties of a property manager:
A property manager is tasked with collecting rent from tenants on time. As we all know, rental income is the landlord’s business life force an thus the need for taking the right measures to ensure the required amount is collected every month. In addition to this, they can also set the rent amount, adjust the rent levels, and also come up with an efficient rent collection strategy.
Keep in mind that the property manager has the power to adjust the rent level each year, depending on the rental property location and the market conditions. This is to ensure that the rental property has the highest value and that they keep up with the latest trends in the real estate market.
Checking on every tenant and ensuring all their needs are met is one of the best ways to ascertain a long tenancy period and short vacancy cycles. Ideally, it’s a way to attract new tenants. When it comes to tenant management, a property manager is tasked with:
1. Attracting new tenants- It’s the duty of a property manager to ensure that all vacancies in the building are filled. Full satisfaction and maintenance of the current tenants ensure new and extended lease contracts. One of the best ways to attract new tenants involves using technology to stay abreast of the new features or trends that are appealing to tenants.
2. Screening potential tenants- a property manager needs to be skilled at dealing with different people and doing research to determine the eligibility of a potential client. This involves looking at the credit reports, tenancy history, criminal records, etc.
3. Handling Complaints- This is another duty assigned to a property manager. They are responsible for tenants’ inquiries, requests as well as emergencies. That’s why the property manager should always be available, preferably within the property.
4. Move Outs & Evictions- During the end of the lease, the property manager is tasked with checking for any damages and therefore determining the amount of deposit to be returned. Also, it’s the role of the property manager to give a letter of eviction to any tenant who has breached the contract agreement. As such, they should know when eviction is called for.
Property Maintenance & Repairs
Another major role of a property manager is to keep the building in a safe and habitable state. This entails doing necessary repairs, maintenance, and updating facilities such as parking and laundry.
Property managers should also be able to do either routine maintenance like checking for leaks, landscaping, trash removal, and pest removal, or hire an individual capable of these tasks on a daily basis. Ideally, when repairs and renovations are called for, they should be able to do the work themselves or hire a capable person. What this means is that they should have a large network of plumbers, carpenters, electricians, and contractors, all of which should be reliable.
And there you have it, the 3 most common duties of a property manager.
Austin Sparks joined CW Sparks Management in 2008, and now serves as the company’s designated broker. He is responsible for the oversight of all marketing, management, and financial operations, as well as all licensee activities and compliance with the Texas Real Estate Commission. He is a married father of 4, with a passion for investing in businesses and real estate. He enjoys spreadsheets & high adventure outdoors.