Just what does a property manager do?
If you’re asking this question, you’re likely a landlord with at least one rental unit. You must have recently learned that managing a rental unit isn’t an easy task. You have to market it if it’s vacant, screen prospective tenants, collect rent, and attend to the tenants’ issues among other tasks.
If you’ve got other things to do or you simply don’t want to spend your time following up on tenants who don’t pay their rent on time, hiring a property manager is a smart move. But you need to understand what you’re getting.
Continue reading to learn more about the duties of a property manager.
Marketing Rental Properties
As a landlord, you aren’t making any money if your rental units are vacant. And to get the biggest return on investment, you have to ensure your units are occupied year-round.
This isn’t always possible. In fact, it’s not uncommon for rental units to stay vacant for months on end. This can be because prospective tenants simply don’t know about your rental unit.
When you have a property manager, it’s their job to market your property and ensure it’s occupied throughout the year. To do this, the manager can rely on a combination of offline and online marketing methods. For example, don’t be surprised to find an ad about your vacant rental property when you browse through social media or real estate websites.
Managing Tenant Relations
Property managers have a number of tenant-facing duties.
When a property is vacant, the manager is responsible for screening prospective tenants, ensuring only high-quality tenants rent your property. Problematic tenants not only make waste everyone’s time but can also lower the value of your property.
There are housing and anti-discrimination laws that landlords must comply with. For example, you can’t reject a tenant because of their religion or race. A property manager is trained on these laws, so they’re in a good position to screen tenants without violating any laws.
Property managers maintain tenant records, collect security deposits and rents, and respond to any issues the tenants might be facing. These tasks alone can overwhelm you. Collecting rent might be an exciting task, but do you know about property bookkeeping? It’s not just about collecting the money; there are expenses to be settled, taxes to be filed, and whatnot.
Supervising Utility Service Providers
Depending on the nature of your rental property, you might need security, cleaning services, and other utility service providers on site.
A property manager is responsible for hiring providers or finding outsourcing companies for the services. If there are contracts involved, it’s the manager’s job to take care of that.
These service providers need supervision. Your property manager will do just that, and also ensure they’re paid as per the contractual obligation.
What Does a Property Manager Do? Taking Care of Property!
Are you still asking what does a property manager do? We doubt, but if yes, here’s a summary. Property managers are responsible for all the aspects of management that go into ensuring a property is well-maintained and occupied at all times. You’re better off hiring one!
Explore our blog for more real estate tips and advice.
