A great property manager will ease the weight of the responsibilities that come with being a landlord.
Having a rental property can requires dealing with a consistent stream of demands from tenants.
Having a property manager on board reduces your operational risks and frees up your time.
Here is our short list of responsibilities you can expect most property managers to help you with:
Property managers can conduct marketing research to generate income for the landlord.
A property manager will make sure the rental price is competitive in the market so the landlord can enjoy the profits from his investment.
A property manager will come up with the best rental price based on the result of his marketing research. If he finds the price is set too low, they’ll increase it. If the rental price is too high, they’ll lower it. The important thing is to strike a balance given the property’s features and the demand in the market. This way, the landlord can take advantage of the opportunities provided by the current market trends.
A property manager will design an effective system to make it convenient for tenants to pay their rent.
A property manager enforces all the required fees. This safeguards the landlord’s investment and encourages the tenant to pay on time.
A property manager will monitor the rental property and make sure everything is running smoothly.
A property manager will conduct frequent property inspections to prevent expensive repairs.
A property manager will contact home repair experts to fix damaged items or parts of the property.
A property manager will assess any damages and work within the landlord’s repair budget. They will ensure reasonable costs of repairs or item replacement.
A property manager is tasked with marketing the property to a large pool of potential tenants. They’ll find the right marketing channel where your rental property will gain the most exposure. They’ll conduct the best marketing strategy to draw quality tenants and maximize income.
When potential tenants are interested, the property manager will schedule a showing. They will answer queries and discuss property policies. They’ll meet the prospective tenants and explain the property’s features as well as promote the benefits of renting your property.
A property manager has his own resources to run background checks on applicants who want to rent your property. They’ll check the credit history and see if the information contained in the application is accurate. They will match documents with his research and check if the potential renter has a negative record. They’ll make sure the applicant is capable of paying rent before signing the lease.
Another function of a property manager is to check an applicant’s references. He’ll ascertain that the prospective renter has a good record with their previous landlord and verify that the information on the application is accurate.
A property manager is expected to be prompt during a crisis. If immediate resolution is required, they can rush to the property and deal with a critical event.
When a tenant has issues or concerns, a property manager will address the situation and exercise best practices. They will de-escalate situations and offer excellent customer service to the tenants on behalf of the landlord.
When a tenant leaves, a property manager can handle the exit procedure. They’re responsible for the turnover of the key, property inspection for damages and handling early lease termination. They’re also tasked with providing upkeep to the property, conducting marketing and ensuring the property’s ready for a new showing.
When a tenant rents, the property manager collects the security deposit and talks to the client about how it will be used. When a tenant ends their lease, a property manager conducts a property inspection, calculates damages and returns the security deposit.
To protect the property and its tenants, a property manager will always prioritize safety. They will be up-to-date with state laws that require safety protocols in rental properties.
A property manager is responsible for following proper eviction procedures.
In case repairs and maintenance are required, a property manager will use his own pool of trustworthy service providers with whom he has maintained a long-term professional relationship.
A property manager is expected to monitor the jobs of any contractors they hires. They’ll work on behalf of the landlord and check the contractors’ work quality.
Contractors can include security guards, receptionists and an in-house gardener. A property manager is responsible for assessing the effectiveness of the contractors.
If the contractors are not performing well, a property manager has the power to replace them. They can hire new staff that’s better suited for the functions at hand.
A property manager is also in charge of the salary scheme for contractors. They can work within the budget to employ full-time and part-time workers and assign hourly or daily rates.
A property manager works with the landlord’s set budget. They must ensure that repairs and renovations to improve the rental property do not exceed the given fund.
Tax filing, organizing financial reports, keeping expense records and lease contracts are some of the responsibilities of a property manager. A good property manager will also be in charge of insurance and utility payments.
In summary, a property manager can greatly help you maximize your real estate investing experience. They do so in a number of ways that ultimately save you from making common property owner mistakes.
Paramount Management & Realty
