What Do Property Managers Do?
There is nothing more promising than an excellent real-estate portfolio. It practically pays for its self in the long run, and it can be your monthly source of income if you can rent your properties. However, finding the right tenant is easier said than done. This is where property management companies come into play — they act on the landlord’s behalf to find tenants, safeguard the property, and generate an income. But what are the property manager’s responsibilities, and how do they fulfill their many roles? Read on to find out.
What Do Property Managers Do?
Property managers act on behalf of the property owners to deal with prospective and actual tenants. They ensure that the property generates adequate income while also retaining its value for the long-term.
From marketing the rental properties to evicting unruly tenants, they do it all.
Let’s learn more about the various roles of a property manager:
Sometimes tenants delay payments, and other times they ‘forget’ to pay. Just imagine how daunting it must be to collect rent from multiple tenants. Well, property managers can do that on your behalf, they will:
- Figure out the best possible rent to attract potential tenants
- Collect the rent, and deposit it to your account
- Increase the rent every year according to the local law and rental agreement
This is one of the many responsibilities of a property manager, as they:
- Find potential tenants
- Screen them for credit and criminal activity as well as any past eviction reports
- Handle the lease agreement
- Be a call away to handle tenant complaints
- Inspect the property when the tenant moves out and decided how much of their security deposit should be used to fix any damages they may have done to the property
- Evict bad tenants who fail to comply with the lease agreement or who repeatedly delay paying rent
Maintenance And Repairs
From leaking faucets to damaged fixtures — the tenants will call the property managers for any repairs they may need on the property. They are responsible for keeping the estate in good condition and ensure that the tenants treat it responsibly. In case repairs are needed, the property managers can call on their vast network of plumbers, roofers, gas fitters, and other handymen to sort out the situation.
Following Relevant Laws And Regulations
As part of the property manager’s responsibilities, they also have to be well-versed with the state and national law and ensure that the rules are being followed efficiently. The law dictates how they hire tenants, handle deposits, terminate the lease, evict the tenant properly, and ensure that all required safety standards are being met.
The property in question may have gardeners, security personnel, cleaners, AC repairman, etc. Handling all staff also falls under the property manager’s responsibilities.
Landlords set aside a budget, and the property managers have to make sure that they handle expenses within its constraints. However, if some unprecedented costs occur, they can discuss the reason with the property owner and move accordingly.
Thanks to their detailed record of what has been spent thus far, and what has been earned — property managers can help owners quickly figure out how much they owe the government in taxes.
The Bottom Line
We hope we’ve helped answer your questions and have put all your concerns and queries to rest. Still not convinced that you need one to help manage your property?
Contact SLT Properties to learn more about what we can do for you as a leading property management firm. Give us a ring or send us a message, looking forward to serving you!