If you’re a property owner or landlord, you may have heard of the term “property manager.” But what exactly does a property manager do? In this blog post, we’ll break down the role and responsibilities of a property manager.
What is a Property Manager?
Overall a property manager is an individual or company hired by a property owner to manage a real estate property. In short property managers can work for residential, commercial, or industrial properties. Thereupon they can be hired by individual property owners, property management companies, or real estate agencies.
Property Manager Job Description
The job of a property manager can vary depending on the type of property they are managing, but generally, their job description includes the following:
Property Manager Duties and Responsibilities
- Marketing and Advertising: Property managers are responsible for advertising the property to potential tenants. Particularly they may use various channels like online listings, social media, and print advertising to reach a broad audience.
- Tenant Screening: Property managers are responsible for screening potential tenants. For instance, this process includes checking their credit history, rental history, and criminal record to ensure they are reliable and trustworthy.
- Rent Collection: Property managers collect rent from tenants and ensure that it’s paid on time. They also set rental rates based on market conditions and the condition of the property.
- Maintenance and Repairs: Property managers oversee the maintenance and repairs of the property. For example, they ensure that the property is well-maintained, and any necessary repairs are done promptly.
- Tenant Relations: Property managers are responsible for managing tenant relations. For the most part, they handle tenant complaints, enforce lease agreements, and ensure that tenants follow the rules and regulations of the property.
- Budget Management: Property managers create and manage the property’s budget. This includes managing expenses, such as property taxes, insurance, and maintenance costs.
- Reporting: Property managers prepare regular reports for property owners. Equally important these reports include financial statements, vacancy rates, and maintenance reports.
Residential Property Manager Job Description
The job of a residential property manager includes the following:
- Handling tenant move-ins and move-outs
- Conducting property inspections
- Enforcing lease agreements
- Dealing with tenant complaints and requests
- Coordinating repairs and maintenance
- Managing on-site staff
- Handling evictions
What Does Property Management Do?
Property management companies offer a variety of services to property owners. To clarify these services include:
- Tenant screening and selection
- Rent collection and payment processing
- Property maintenance and repairs
- Budget management and financial reporting
- Marketing and advertising of the property
- Lease agreement preparation and enforcement
- Tenant relations and dispute resolution
- Eviction management
Responsibilities of a Property Manager
A property manager has several responsibilities that are critical to the success of the property. Most important these responsibilities include:
- Protecting the property owner’s investment by ensuring the property is well-maintained
- Generating revenue by ensuring the property is occupied by reliable and trustworthy tenants
- Managing expenses by keeping costs low and budgeting for necessary repairs and maintenance
- Ensuring that the property is in compliance with local laws and regulations
- Building strong relationships with tenants to improve tenant retention rates
Property Management Companies Near Me
If you’re a property owner looking for a property management company near you, there are several options to consider. At this time you can start by searching online for property management companies in your area.
You can also request referrals from other property owners or real estate agents. Once you have a list of potential companies, be sure to do your research and read reviews from previous clients to ensure you’re choosing a reputable and reliable company.
In conclusion, a property manager is responsible for managing real estate properties for property owners. All things considered, their job includes a range of duties and responsibilities, including tenant screening, rent collection, maintenance and repairs, tenant relations, and budget management.
As a matter of fact, property management companies offer various services to property owners, including tenant screening, rent collection, property maintenance, and lease agreement enforcement.
Additionally, if you’re a property owner looking for a property management company near you, do your research and choose a reputable and reliable company to ensure the success of your property.
What is a property manager's first responsibility to the owner?
A property manager's first responsibility to the owner is to protect and maximize the owner's investment in the property.
Can a real estate agent be a property manager?
Yes, a real estate agent can also be a property manager as both roles involve managing properties, but they are separate and distinct professions.