Should property managers only be responsible for collecting rent and maintaining the property? Or is there more to the job than that?
Property managers are responsible for a variety of tasks, from marketing and leasing property to handling maintenance issues and accounting. If you’re thinking of becoming a property manager, or are already one, here are ten tasks you can expect to take on:
- Finding tenants: Property managers are responsible for finding tenants, which involves advertising the property, screening potential renters, and conducting interviews. It’s important to find tenants who will pay rent on time and take good care of the property.
- Negotiating leases: Once a potential tenant is found, it’s the property manager’s job to negotiate the lease. This includes setting the price of rent, discussing any repairs or renovations that need to be made, and outlining the terms of the lease agreement.
- Collecting rent: Property managers are responsible for collecting rent from tenants each month. This can involve sending out reminders, visiting the property to collect payment in person, or arranging for automatic withdrawal from the tenant’s bank account.
- Handling maintenance issues: When something breaks or needs to be repaired at the property, it’s the property manager’s job to handle it. This includes contacting repairmen, coordinating schedules, and making sure the repairs are made in a timely and efficient manner.
- Accounting: Property managers are responsible for keeping track of the property’s financial records. This includes tracking income and expenses, preparing monthly or quarterly reports, and paying bills on time.
- Marketing the property: If the property is vacant, it’s the property manager’s job to market it. This can involve creating listings, taking pictures, and giving tours to potential tenants.
- Showing the property: When potential tenants express interest in renting the property, it’s the property manager’s job to show them around. This involves giving tours of the property and answering any questions they may have about it.
- Conducting inspections: Property managers are responsible for conducting regular inspections of the property, both when it’s vacant and when it’s occupied. These inspections help to ensure that the property is in good condition and that tenants are following the terms of their lease agreement.
- Enforcing rules and regulations: Property managers are responsible for enforcing the rules and regulations set forth in the lease agreement. This can involve issuing warnings or even evicting tenants who violate the terms of their lease.
- Keeping up with industry trends: Property managers need to stay up-to-date on industry trends in order to be effective at their job. This includes keeping up with new technology, developments in property management software, and changes in laws and regulations. For example, new laws may require property managers to provide additional disclosures to tenants or make changes to the way they collect rent.
Property managers play a vital role in the real estate industry. By taking on these ten tasks, they help to ensure that properties are well-maintained and that tenants are able to live in them comfortably. If you’re considering becoming a property manager, or are already one, keep these tasks in mind. They’ll help you be successful in your career.
