Property managers are concerned with the day to day operations of the property, from making sure the building is always clean to finding effective solutions to any situation that may come up, as well as the additional needs for upkeep. This means property managers can do many different tasks besides the obvious ones such as rent collection.
Some of the Things a Property Manager Does
Responsibilities vary depending on the type of property being managed. But generally, these tasks apply to many scenarios.
- Set the appropriate level of rent (based on detailed analysis of the area) to attract tenants to rent out your property
- Collect the rent –they also enforce rules regarding rent and administer late fees
- Ensure optimal cash flow for your property
- Adjust the rent –rent can be adjusted by a fixed percentage per year depending on local laws
They also deal with anything that has to do with the tenants. This includes…
- Doing background checks on tenants (credit, criminal, and the application process)
- Handling leases and security deposits
- Dealing with complaints
- Dealing with emergencies
- Properly handling an eviction file
- Being well read on the landlord-tenant laws and rights
They also cover maintenance and repairs to make sure that the property is in tip-top condition such as:
- Performing preventative property maintenance –such as handling exterminations, snow removal, to check for leakages, remove trash, etc.
- Hire repairmen or fix things themselves –building a reliable network of contractors, plumbers and electricians
Finally, their role also covers supervision tasks.
- The hiring of additional employees
- Vacant properties –making sure contractors and other personnel are getting their work done on time
- The management and maintenance of records
- Filing taxes
Experienced property managers are extremely versatile – they deal with everything from financial management to the management of tenants and building maintenance.