A property manager does a lot of things. This professional bridges the gap between tenants and their landlords. Property managers ensure that landlords are happy with the returns on their rental properties while also keeping tenants happy with the condition of the rental property. Whether you are planning on pursuing a career in property management, looking to hire a property manager, or hoping to learn about HOA management fees, below are some of the responsibilities of a property manager.
Property managers are familiar with the real estate market and are able to determine what a property is worth. They can also determine how much a tenant is more likely to pay for the rental property based on a range of factors. Some of the common factors that may affect the rent of a property include the value, location, aesthetics and fixtures, and more. The property manager determines how much the rent will be and can also determine when it is necessary to review rent, said John O. from twiftnews.
Setting Rent: Property managers consider a range of factors including the current market rent prices in the property’s location. Their goal is to set the right amount that will be affordable to tenants and keep the property owner profitable.
Collecting Rent: Property managers serve as a bridge between landlords and tenants. They are in charge of collecting rent monthly from the tenants. They also make an account of the rents collected and reimburse the landlord per agreement.
Raising Rent: Property managers are also in charge of reviewing rent prices based on new market prices, renovations, and other reasons. These professionals will facilitate the legal process while also ensuring that the tenants are duly notified of the changes.
A property manager or property management company is expected to have a clear approach to setting, collecting, and reviewing rents.
Property managers or property management companies are also in charge of tenants. They handle all of the processes from interviewing the tenants to conducting background checks and ultimately deciding who will get the rental property. Some of the tasks they carry out include;
Finding Tenants: Property management companies leverage the use of advertising mediums, social media platforms, and other resources to publicize the vacant properties in their care. The goal is to ensure that properties remain occupied so as to rake in revenue for the company and the landlord.
Screening Tenants: Tenant screening is an important part of the renting process. Property managers and property management companies want to make sure that prospective tenants are in good standing and that they have a source of income that can afford them the opportunity to pay rent monthly. In addition to this, they conduct background checks on the prospective tenants to be sure that they are of good behavior.
Enforce Lease Terms: A property manager is also in the capacity to review the terms of a lease with tenants before they sign it. Property managers will make sure that the terms of the lease are clearly explained to the tenants to ensure that they are aware of the rules and penalties that violations attract.
Complaint Management: Property managers also make sure that tenants’ complaints are heard and that their maintenance needs are addressed. Property managers often have a maintenance team that is on standby and ready to address common issues – included in the agreement – that they bear responsibility for. Other issues that aren’t stated in the agreement may be covered by the tenant.
Evictions: Property managers or management companies also handle the evictions. Evictions are necessary for a wide range of factors including when tenants break any of the terms of their lease contract. The property management company or manager may also be forced to take action if the tenant has failed to pay their rent for months. Evictions often require a lengthy legal process; however, property managers and property management companies have what it takes to pursue it.
Maintenance: Property managers have a duty of care to ensure that the properties that they manage remain in good shape at all times. Maintenance practices may include HVAC servicing and maintenance, animal proofing, roof repairs and maintenance, exterior cleaning, landscape duties, and more. Their goal is to ensure that the properties remain safe and habitable for tenants.
Repairs: Property managers and management companies also ensure that the properties they manage remain up to standard. Managers and property management companies often have repair technicians on standby and ready to address common issues like broken railings, HVAC system repairs, light bulb replacements, plumbing problems, and more.