Are you looking for hiring a Property Manager? Or if you are looking for a property manager but are not sure about the job entails then here in this article you will learn the major Property Manager responsibilities. Well, a property manager is most often a third party i.e. hired by a landlord or a property investor who manages the daily operations at a rental property.
It is the Property manager who ensures that the properties are under his care and can operate smoothly, maintain their appearance, and either preserve or increase in value. The property managers inspect all the facilities, supervise and assign the duties to maintenance staff and contract for services like trash removal or landscaping.
It is the Property Manager who shows the properties to their prospective tenants or buyers. They collect the monthly rents from them and pays taxes and other maintenance fees. Also, they ensure that all procedures comply with the relevant laws. The property manager keeps the property records and prepares the budgets and financial reports for Homeowners. The Homeowner Management services give all their responsibility to Property managers and make themselves free.
Here in this article, we will discuss 10 Property Manager Responsibilities:
Property Manager Responsibilities
1: Take Responsibility for collecting rent:
The Property Manager is responsible for dealing with the rent issues. They also have the right to set the initial rent level for tenants and it usually requires a proper understanding of the market like where the property is located and what type of client they would like to attract. The property managers collect the rent and are responsible for ensuring the optimal cash flow by setting a date for rent collection.
They also have the right to enforce the late penalties if the tenant doesn’t submit their rent within the given deadline. Moreover, it is also common for a property manager to adjust their rent. They can also decrease the rent if it is necessary. But more often, managers increase the rent by some per cent each year according to some provincial laws.
2: Attracting Tenants:
Property managers play a key role in tenant management services. There are vacancies that are expected to fill then the property manager plays their role in finding the new tenants that are fit for the building. One of the most important things for property managers is that they should be prepared to advertise the space effectively and should be only meet with the potential tenants. They should have the ability to attract good tenants and showing them the features of the apartment.
3: Property Maintenance:
The property maintenance involves the part of owning an investment property and its repairs to ensure that your property will be in a good shape and your tenants are happy. The one who is a great property manager will not only maintain efficient communication with your tenant but make sure that they are on top of these issues. They also ensure that you are getting the most competitive price.
4: Conducting inspections:
It is a responsibility of a property manager to inspect your property on regular basis and keep you up-to-date with all inspection reports. Usually, these can help in identifying any upcoming short-term repairs and the long-term capital expenses that need to be addressed. Therefore, it will be extremely helpful whenever you estimate your budget for maintenance costs.
5: Paying bills:
All your property-related payments are handled by a Property Manager. It mainly includes water bills, maintenance, and electricity bills. Also, the payment of these bills gets often adjusted from your rental income.
6: Communication matters:
Only a smaller number of property owners enjoy receiving text messages from tenants. Usually, maintaining these kinds of communication can sometimes become a pain for the owners. But this job can be easily done with the help of a property manager.
It’s a property manager who is responsible to maintain efficient communication and is responsible to both tenants as well as owners. The property managers will ensure that the tenants are happy that someone is there to listen to their complaints and concerns.
On the other end, they will also work alongside the property owner’s expectations. Sometimes this can range from finding out what the owners preferred. The property manager completely understands that a property owner would like them to be more proactive and make instant decisions on behalf of them.
7: Stay updated with tenancy laws:
While being a Property manager it is important to stay updated with all the current laws and regulations related to the rental property. Somehow if the party outsteps the legal boundaries of the tenant-landlord relationship then it’s a property manager who will stay on top of legal tendency developments while keeping the owner updated from time to time.
8: Provides quality of service:
While this is not something that all property managers can provide a good quality of service. There is no doubt that the property managers do their duties and responsibilities well. A great property manager will make sure that they always keep the tenant and homeowner in the loop that what’s going on their property.
In order to get help with this, you might look for a property manager who specializes in long-term residential properties rather than who manages short-term rental properties. You will probably like to work with an expert who is likely dedicated and much focused in their skill set. Also, their learnings will convert to better quality decisions and the competitive price for your investment property.
9: Maintenance and repairs:
It is the property manager who is responsible for keeping the property in a safe and habitable condition. Thus, it includes maintenance, repairs, and the updating of facilities like laundry and parking. The property managers must either be able to perform routine maintenance like landscaping, pest removal, checking for leaks, and trash removal. Also, the repairs and renovations are needed then the property managers need to either fix the issues themselves or hire someone to do the work. By this, we mean that the property managers generally have a large network of reliable contractors, plumbers, contractors, and electricians who complete these jobs for you.
10: Managing the Budgets:
Being a supervisor of day-to-day activities, the property managers are responsible for maintaining the budget for maintaining and keeping the detailed records. The property manager is often given a budget for the building they need to operate. They order repairs and keep an emergency fund. Sometimes the property managers have also been asked to file taxes for the property and help the owner during tax sessions.