Understanding property manager responsibilities is key for renters and rental owners alike. However, if you’re a real estate investor who no longer wishes to self-manage or you would like to broaden your role in the real estate industry by managing someone else’s properties, understanding a property manager’s roles is even more crucial. Take a moment to dive into each aspect of a manager’s multifaceted role to set yourself up for success.
Property management is a service that most people are aware exists—but what do they actually do day-to-day? Although this occupation is fairly commonplace, you might not know exactly what a property manager does. As the name indicates, their job is to manage properties, but property managers also serve as the primary means of communication that operates between tenants and owners. These are the key tasks and responsibilities of a property manager.
What does a property manager do?
If you are considering becoming or hiring a property manager, understanding their unique role in the rental process is essential. They perform many of the tasks of a landlord, but may not own the property themselves, and often manage properties for multiple owners.
Learn more: What Does a Property Manager Do?
Property manager responsibilities include a wide variety of tasks:
Organizing Maintenance Services
Whether it is calling a plumber, hiring a landscaper, or preparing the property for seasonal changes, this task falls to a property manager. They will typically be the person who will organize these services and make sure they are carried out correctly. Depending on where your properties are located, there will be a variety of different tasks and services that can help you take care of your property in spring, summer, winter, and fall.
Learn more: Rental Property Maintenance: The Ultimate Guide – Free eBook
Handling Rent and Renters
Property managers ensure rent is paid on time and in full. They will also handle tasks such as leasing, screening renters, and marketing and showing the property to prospective tenants. Additionally, should the need arise, they will be responsible for the eviction process and the legal aspects it entails. Tenant screening is another significant part of this process that you or someone you hire would handle as a property manager.
Maintaining Insurance Policies
Depending on the specific contract, a property manager’s responsibilities may include keeping up with the insurance on the property. This task may include paying for the insurance every month, keeping in contact with the insurer, and organizing repairs should they be required due to accidents, natural disasters, or any other incident that may cause damage to the property, which the policy may cover. Some managers may simply require their owners to verify that the landlord insurance policy is up-to-date and offers the proper coverage for a tenant-occupied dwelling.
Locally Managing Properties
As many rental owners do not live locally to all of their properties, a property manager often operates as a resource for both tenants and property owners. They are typically physically nearer to the property for which they are responsible than an owner would be. Due to this closeness, they will perform any tasks you, would not be able to perform as a long-distance landlord. Property management tasks such as Work Orders and rent collection will fall under these responsibilities.
Ensuring Compliance With All Laws and Mandates
With the ever-changing landscape of landlord-tenant laws, it can be challenging to navigate and ensure compliance with all regulations. However, this is a property manager’s responsibility, as they will keep up with these laws, notifying their clients of and instating any changes needed to keep within their legal obligations. Due to the delicate nature of these laws and their tendency to change frequently, this is a task of great importance.
Controlling The Property Budget
In addition to the many other tasks they perform, a property manager is often in control of the budget for caring for their assigned properties. This can go toward many of these aforementioned responsibilities, and any requests that may be made by tenants.
Final Thoughts
Overall, a property manager is someone who wears many hats. Their days can vary wildly depending on the properties they manage and the needs of each property and owner they work with. They are the ultimate connection between tenant, investors, and any and all services and legal tasks that they may need.
For real estate investors, a property manager is often the ideal way to ensure a property is cared for as well as possible. As an experienced property professional, they will handle the many details that can be easily overlooked by someone who lacks that expertise. For tenants, this property manager will help them ensure that an experienced professional is in charge of making sure that their home is going to be maintained, that their home will be taken care of in the event of an emergency, and that any services they need will be performed.
Whether or not you decide to hire a property manager, understanding their job is an important step in the decision-making process. Having a solid grasp on the many ways in which a property manager can be invaluable in deciding whether you should hire one or manage your property yourself. If these tasks seem too much to handle on your own, or must be done for a high number of units, it may be beneficial to hire a professional who is dedicated to these specific tasks.
