What does a property manager do? This is a question that a lot of landlords ask. It is important to understand the duties and responsibilities of a property manager so that, when you hire one, you can set the right expectations.
What Is a Property Manager?
A property manager is someone who professionally manages the day-to-day operations of a rental property on behalf of the owner. It is part of the property manager job description to maintain properties, manage tenants, and ensure timely rent collection.
What Does a Property Manager Do?
Property managers wear many hats, juggling many tasks to keep rental properties running smoothly. Of course, the exact responsibilities of a property manager will ultimately depend on the agreement between the manager and the property owner. Some owners only delegate a specific set of tasks, whereas others will entrust the entire operation to the manager.
What does a rental property manager do? In general, a property manager’s duties include the following:
1. Legal Compliance
One of the fundamental responsibilities of a property manager is to comply with the various laws and regulations that govern rental properties. These include Fair Housing laws, landlord-tenant laws, and safety codes.
A property manager should be familiar with all applicable laws to ensure that the property and its management practices don’t stray out of line. Failure to comply with these laws can result in liability and other legal consequences for the landlord.
2. On-site Assistance
What do property managers do? A property manager serves as the owner’s representative, providing on-site assistance to tenants. This is particularly beneficial for property owners who live far away from their investments. The property manager acts as the owner’s on-site ears and eyes in such cases.
While it is possible to manage a rental property remotely by yourself, it is not ideal. On-site assistance is necessary when conducting regular inspections and addressing emergencies. For this reason, property managers provide much-needed peace of mind to owners who live far away.
3. Tenant Screening
Property managers are in charge of finding suitable tenants for vacant rentals. They apply thorough screening procedures, including checking rental histories, credit histories, and criminal backgrounds. Tenant screening is vital for landing high-quality tenants.
4. Property Showings
Property showings are also a part of property manager duties. Potential tenants don’t tend to rely solely on photos when judging a property. Many prefer to view a property in person to see if it’s the right fit.
A property manager can conduct walkthroughs with potential tenants and highlight the positive features of the unit. During these showings, a property manager can also answer questions and discuss the leasing process.
5. Lease Agreement Execution
After choosing a tenant, property managers prepare and execute lease agreements. They typically draft the lease to include any special conditions owners might have. They are also responsible for collecting security deposits and ensuring tenants understand the lease terms.
6. Maintenance and Repairs
Property managers are tasked with overseeing maintenance and repairs, too. They coordinate inspections to identify damage and safety issues before scheduling maintenance and repairs.
Additionally, if a tenant has a maintenance request, they can direct it to the property manager. The property manager will then review and respond to the request as needed.
7. Rent Collection
What does a property manager do? A property manager also ensures the timely collection of rent. Property managers are in charge of sending tenants notices, ensuring they pay their rent without delay. They also handle late payments and follow up on any unpaid rent.
Moreover, property managers must deposit the rent into the owner’s account on time. Of course, nowadays, payment methods can extend to online applications, making the collection process more convenient.
8. Property Inspections
Property managers conduct regular inspections to assess the property’s condition and identify maintenance issues. They also oversee move-in and move-out inspections to document the property’s condition before and after tenancy.
9. Contractor/Vendor Management
While property managers fulfill a variety of obligations, it is impossible to go at it alone. Property managers need help in the form of contractors and service providers. Plumbers, electricians, landscapers, and other professionals must keep the property in top shape. Property managers are responsible for hiring and coordinating with these parties.
10. Documentation
Finally, property managers maintain organized records of all property-related documents. These documents include lease agreements, insurance policies, maintenance records, tenant communications, and financial records. Maintaining these documents is critical to promoting transparency and the operation’s success.
How Much Does a Property Manager Cost?
A number of factors can influence the cost of hiring a property manager, including the property type, location, and range of services provided. What is the average property management fee? Generally, property managers charge a percentage of the monthly rent, which can go from 4% to 12%.
In addition to baseline property manager fees, additional fees may be considered. Some managers charge separate fees for extra services such as tenant placement, vacancies, and maintenance markups.
Pros and Cons of Hiring a Professional Property Manager
Pros of Hiring a Property Manager
These are the advantages of hiring a property manager.
- Time Savings. Property owners can save more of their own time by hiring a manager to take care of the day-to-day operations of the rental property.
- Expertise. Property managers are equipped with the right knowledge and skills to handle rental properties, including understanding the laws that apply to rentals.
- Tenant Screening. Finding high-quality tenants is difficult, but a property manager can aid with this by ensuring thorough screening and checks.
- Property Maintenance. Property managers ensure rental properties are well-maintained, thereby protecting the owner’s investment.
Cons of Hiring a Property Manager
These are the disadvantages of hiring a property manager.
- Cost. Property managers charge for their service, taking a part of your rental income in exchange. However, considering their contributions, the property management fee is a worthwhile investment.
- Loss of Control. Property owners give up some control over their properties when they hire property managers.
- Selecting the Right Manager. Not all property managers are made equal, and finding a good manager that suits your needs can be challenging.
What Does a Property Manager Do? Answered!
Property owners can choose to manage their property themselves. If they don’t have the necessary skills and resources, self-management can be an uphill battle. Hiring a property manager might come at a price, but it also brings a wealth of benefits.
SurfRider Property Management is every property owner’s answered prayer. Call us today at 727-403-7088 or contact us online to learn more about what we do!