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Property manager’s offer a wide variety of services to property owners. These property managers can be hired to fulfill one or a few tasks for the owner, or they are often hired to manage a property entirely.
Many people wonder, what exactly does a property manager do? How can they really help owners? Here is a simple breakdown of what a property manager does:
1. Managing Rent
· Setting Rent: property managers work with property owners to set the best rental price for each property in order to attract tenants.
· Collecting Rent: set the day on which rent will be due each month to ensure optimal cash flow, managers collect rent each month, handle tenants who do not pay on time.
· Adjusting Rent: rent will be analyzed by the manager and owner to determine if it needs to be lowered, raised or stay the same each time a property becomes vacant.
2. Managing Tenants
· Finding Tenants: property managers will find tenants to fill vacant properties for owners.
· Screening Tenants: interested individuals will be screened before they can rent a property. This is a precaution taken by the manager for the owners in order to find the most reliable tenants. Screening includes background checks, rental history, credit checks, income, and criminal background.
· Handling Leases: property managers create leases, set lease terms, set security deposits, and ensure that the lease is signed by both parties.
· Handling Complaints: like any property, there are maintenance requirements for rentals. Property managers handle all maintenance requests and find a person to fix any maintenance issues as well as handling payments for owners. Property managers also handle any emergency situations at the properties.
· Move Outs: Property managers handle tenant move outs; meaning, the property manager will inspect the unit after a tenant leaves – checking for damages and determining how much of a security deposit will be returned for the tenant. A property manager will handle any damages after moving out, and ensure the unit is cleaned and ready to be rented.
· Evictions: When a tenant breaches the terms of a lease or does not pay rent multiple times, the property manager will work with a lawyer to handle eviction for the owner.
3. Maintenance and Repairs
Property managers are responsible for keeping all properties in safe and livable conditions. Physical management, including regular maintenance and emergency repairs, are handled by the property manager.
· Property Maintenance: including performing preventative property maintenance to keep the property functioning in the best condition. Property managers oversee hiring exterminators, landscaping, and any other maintenance needs. This keeps current tenants happy, attracts new tenants, and allows the property to maintain the maximum rental value.
· Repairs: Property managers are responsible for any repair requests. Including, but not limited to leaks, appliance issues, plumbing issues, etc.
4. Landlord-Tenant Law Knowledge
Property managers are expected to have an in-depth knowledge of statewide and national laws on the proper ways to do the following:
· Handle security deposits
· Evict a tenant
· Terminate a lease
· Screen a tenant
· Comply with property safety standards
· Vacant Properties: if there is a vacant property, it is the managers job to ensure there has been no vandalism and continue to perform routine maintenance. Managers also ensure that contractors and repair personnel are completing their work in a timely manner.
6. Managing Budgets and Maintaining Records
· Managing Budget: property managers work with owners to establish a realistic budget for rental properties. This will be used for routine maintenance and any repairs.
· Maintaining Records: The property manager will keep detailed records of every property. These include
o Income and expenses
o Signed leases
o Maintenance requests
o Repairs + cost of repairs
o Rent collection
A property managers job is to make the property owners life easier by taking care of day to day tasks of the rental property.
We work with owners to ensure they are getting the residual income of their rental property without the residual headache.
- The Cornerstone Team