When you hear the term "property manager," one thing comes to mind—rent. Being a property manager goes beyond rent collection though, it involves many other roles. This article describes the definition of a property manager and their various responsibilities.
What is a Property Manager?
A property manager is a person that handles the day-to-day running of a property on behalf of a homeowner. As a property owner with many rental properties or living away from your rental, managing it on your own can be a difficult task.
If you don't want to spend all your time dealing with tenants and maintenance, hiring a property manager can be a great investment. The right property manager will not only save you money but offer you more free time and less stress.
What do Property Managers Do?
Below are common duties of a property manager.
1. Rent Rate Guidance
A property manager guides the homeowner with market data to set the initial rent rate. They do this by performing market research by finding out the rates of similar properties and the conditions of the current rental demand.
You should hire a property manager that understands your local rental market and its trends.
2. Markets the Property
Property Managers are responsible for marketing your house and finding good tenants. A good property manager should be able to market your property to potential tenants. You should consider hiring a property manager that understands extensive online marketing.
One way we position our rental homes ahead of competition is to take professional photos of rental properties. This ensures we put your best foot forward when marketing your house. (Pro Tip: Always ask if your property is going to be marketed on the Multiple Listing Service (MLS) to ensure maximum exposure for your property).
3. Process Applications and Screen Potential Tenants
All tenants must complete a rental application and provide corresponding documents (identification and pay stubs) to be considered for one of our rentals. We follow up on every inquiry on your property and properly screen every applicant that applies to rent your house. The screening process may include running credit checks, checking references, or proof of employment. Ultimately, the homeowner approves the application, with the help and guidance of the information provided by the property manager.
4. Manage the Financials
Apart from rent collection, property managers manage the finances of their properties. This may include, sending out payment notices, handling late payments, repairs, and appropriate tax documents.
Property managers also handle the day-to-day property budget.
5. Assist in Maintaining the Property
A property manager is the eyes and ears of the property owner. It is the duty of property managers to keep their property in a safe and habitable state for the tenants. This includes regular repairs and routine maintenance to the property.
Property managers are the tenants contact person in case of any repair issues. It is a common practice for property managers to have a list of reliable contractors.
Final Thoughts
Hiring a property manager...
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