If you’re a real estate investor, you know better than anyone that managing your properties can often be hectic, and there usually is a time when some additional help is needed. One of the best ways to solve this problem is by using a property management company. A property manager, often also called a leasing agent, is the primary point of contact between a landlord and tenants. Besides providing an attractive rental environment that tenants are eager to move into, a quality property manager maintains the property quality throughout the lease term. The following are key responsibilities of a quality rental property manager.
Finding new tenants
A typical property manager's responsibility is to help find suitable tenants. This usually involves making inquiries about property quality and renting to those interested in occupying the property. The property manager should also attempt to contact all prospective tenants at least three months before the tenancy start and see that any end-of-term commitments are met.
Screening of tenants
Property managers are usually responsible for all tenants. Screening procedures must be followed before renting out the property, whether it's because of issues with credit, personal issues, etc. Common Property Manager Responsibilities include screening tenants to ensure they pay their fair share of rent and maintain the property in a livable condition. They also help identify problems that could lead to tenant disruption and remove them before they become major issues.
Property Maintenance
A property manager has many responsibilities. One of them is maintaining your property. They help keep the property clean, making it appear more appealing to potential tenants and for sale if needed. Also, they ensure that the electrical system is working properly, the roof is in good shape, and there are no safety concerns with the structure.
Overseeing the property
Property manager responsibilities include overall supervision of the company's property, management department, and rental inventory control. In addition, a property manager needs to keep an eye on recent developments and make sure they're following the rules. The role also requires regular communication with the owners, tenants, and other groups, ensuring that all sides are represented appropriately. Finally, his or her primary responsibility will typically be to make sure that all of the rules and regulations that govern the property are followed.
Enhance Tenant-Landlord Laws
Landlord-tenant laws are the governing document for your rental property. It's the responsibility of the property manager to maintain and ensure that all laws and regulations are followed. This includes keeping a stable balance of rent funds, registering personnel, reporting income and expenses, and updating the governing documents such as Landlord's Use and Occupancy Agreement.
Bottom Line
Many responsibilities lie beneath the surface of a property manager. They should manage properties in a variety of ways. Their primary duty is to ensure that tenants live in decent conditions and that property values remain stable. The manager should also ensure the building is maintained and vital systems are working properly. It is important to recognize that many jobs fall under the broad heading of the property manager; therefore, you must understand their responsibilities before deciding on whom to hire as your property manager.