A property manager is a third party who is hired to manage the day-to-day operations of a real estate investment. Property managers are often used by landlords who do not live near their rental properties, or by busy investors who do not have the time to deal with the day-to-day tasks associated with being a landlord.
The duties of a property manager can vary greatly, but typically include tasks such as collecting rent, maintaining the property, dealing with tenants, and handling repairs. Some property managers may also be responsible for finding new tenants when units turn over.
Collecting Rent
One of the most important duties of a property manager is collecting rent from tenants. This can be done in person, by mail, or electronically. Property managers may also be responsible for setting up late fees or other penalties if rent is not paid on time.
Maintaining the Property
Another key duty of a property manager is to maintain the property in good condition. This includes tasks such as mowing the lawn, shoveling snow, and making repairs.
Dealing with Tenants
A big part of being a property manager is dealing with tenants. This can include everything from handling complaints to conducting move-in and move-out inspections. Property managers must also keep accurate records of all communications with tenants.
Handling Repairs
When something breaks at a rental property, it is typically the property manager’s responsibility to handle repairs. This can involve coordinating with repairmen, ordering parts, and dealing with frustrated tenants. In some cases, the property manager may be able to bill the tenant for repairs if they caused the damage.
Finding New Tenants
Finally, one of the duties of a property manager is to find new tenants when units turn over. This can involve placing ads, screening applicants, and conducting tours of the property. The goal is to find qualified tenants who will pay rent on time and take care of the unit.
Conclusion:
Property managers play an important role in the real estate industry by taking care of rental properties and dealing with tenants. If you are thinking about hiring a property manager, it is important to understand all the duties that they will be responsible for. By understanding what a property manager does, you can make sure that you hire someone who is qualified and capable of meeting your needs.