Homeowners need to understand the various property management responsibilities of running a rental property. Doing so allows them to keep tabs on their rental property manager and make sure their property is well-maintained. As a result, they can guard their investments and ensure financial success.
What Is Property Management?
Property management is the act of overseeing daily operations involving the rental property. A third-party property manager or property management company usually does it. These companies provide various landlord property maintenance services, including maintenance, repairs, and security.
Of course, the landlord or property owner themself can conduct these tasks. However, they often delegate these property management responsibilities to third parties because they don’t wish to manage the property personally. They may also hire a property manager because they do not live nearby.
10 Basic Property Management Responsibilities
The responsibilities of a property management company vary based on several factors. One is the nature of the property they are overseeing. After all, the property management tasks of a residential property will differ from those of a commercial property.
Nonetheless, there are basic property management duties that every property manager should fulfill. Generally speaking, they will be involved in managing the routine tasks of running a rental property. They also involve preserving the value of the rental property as it generates income.
Here are some of the basic property manager responsibilities landlords and property owners can delegate to a third-party contractor:
1. Tenant Screening
One of the most important property manager roles involves screening potential tenants. The property manager can review the tenant’s credit history and past rental records. This helps them find the perfect tenant who won’t cause issues for their landlord.
2. Ascertaining Rental Price
Property managers are more knowledgeable about local rent prices and demand. As a result, they’re better suited to ascertain and set the price of rental property. Property managers and management companies often use local averages, market data, location, and amenities to set a rental price.
3. Marketing and Vacant Unit Preparation
Property management companies are not only in charge of managing landlord-tenant relationships. They are also responsible for preparing the vacant unit for occupancy. That means they hire staff or contractors to clean, maintain, and repair the unit.
Property managers can also suggest how to make the unit more appealing. Moreover, they take charge of marketing and advertising the rental vacancies for the landlord. They’ll utilize appropriate tools like online listings to connect with potential tenants.
4. Lease Management and Enforcement
Lease management is a crucial part of the property manager’s responsibilities list. They prepare the lease, handle signing, and even manage rental renewals on behalf of the landlord. Moreover, they’re in charge of enforcing the agreement’s terms in case a tenant violates the contract.
In addition, the property manager is responsible for evicting tenants when needed. They have the experience to do so and know what local laws may apply. Moreover, they know what to do when tenants plan to move out. They handle everything from inspections to returning the security deposit.
5. Rent Collection
Property managers are well-versed in collecting rent and imposing late payment fees. They coordinate with the tenant regarding the payment method and can adjust the rent price when necessary.
6. Rental Property Maintenance
One of the biggest property maintenance duties of a property manager involves rental property maintenance. They are responsible for keeping the unit operational, healthy, presentable, and habitable. Hence, tenants often turn to them when there’s a leak, breakage, or damage to any part of the property.
The property manager will then be the one to inspect the property or hire a third-party inspector. Afterward, they can hire contractors to finish the repair or maintenance job. Of course, they’re also responsible for supervising the work done.
7. Tenant Complaints and Communications
Landlords are often busy with their own lives and work. They may even be out of town or live in a different state. When this happens, the property manager becomes the tenant’s point person or on-site manager who handles all the landlord’s duties. They can handle maintenance requests and address tenant complaints. Generally, they’re in charge of keeping tenants satisfied and cared for.
8. Employee Supervision and Management
The property manager is responsible for overseeing on-site employees. This includes the maintenance staff, security personnel, concierge staff, and gardeners. They ensure that these employees are performing their duties correctly and working efficiently. The property manager is usually also able to hire or fire employees as needed.
9. Staying Updated On Local Regulations and Landlord-Tenant Laws
Most landlords mistakenly think that property management responsibilities stop at maintaining the property and handling tenants. However, property managers do much more than just routine work. They are also responsible for staying updated on landlord-tenant laws and local regulations.
For example, state and local governments may impose different restrictions or caps on security deposits. It’s the property manager’s job to know these restrictions and follow them accordingly. They also know which taxes to file on behalf of the owner and offer them guidance. Some may even handle the filing themselves.
10. Records and Reports
The property owner must keep track of everything regarding the property, even if they’re not as physically involved. They need to know whether the property’s finances are growing or not. Hence, the property manager’s job is to keep track of the growth by recording everything.
They must also keep accurate, complete, updated investment records and financial reports. These will help the property owner understand what they can do with their investment.
Staying On Top of Property Management Responsibilities
Landlords and homeowners need to stay on top of everything to ensure they get their money’s worth out of property managers. After all, you don’t want to pay for a service without getting the most out of what they provide.
Are you looking for a reliable property management company in Florida? SurfRider Property Management is the right choice. Call us today at 727-403-7088 or contact us online to learn more!