What Is a Property Manager Responsible For?
If a landlord wants help taking care of the daily responsibilities at their rental property, he or she can hire a property manager. A property manager can be completely responsible for the operations at the rental property.
Here are a few important roles a property manager can take on.
1. Responsible for Managing Rent
Collecting rent is a basic responsibility of any landlord. Therefore, it is one of the most common jobs a landlord will pass on to a property manager. A property manager’s rent responsibilities could include:
- Setting Rent: To determine the rent range, the property manager will look the market where the property is located and analyze comparable properties in the area.
- Collecting Rent: The property manager will set up a system for collecting rent from tenants. To ensure optimal cash flow they will set a date to collect rent each month and strictly enforcing late fees.
2. Responsible for Managing Tenants
Managing tenants is another core responsibility of a property manager. The property manager may be involved in finding and screening prospective tenants, managing daily complaints and maintenance issues and handing tenant move outs and evictions.
Experienced property managers have seen hundreds, even thousands, of tenants, so they have a better idea of how to select the right tenants; those who will pay their rent on time, have a longer tenancy and create fewer problems.
The property manager may deal with maintenance requests, noise complaints and handling emergency situations.
When a tenant moves out, the manager is responsible for inspecting the unit, checking for damages and determining what portion of the security deposit will be returned to the tenant. After move out, they are responsible for cleaning the unit, repairing any damages.
When a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager understands the proper way to file and move forward with an eviction.
3. Maintenance and Repairs Roles
The property manager must keep the property in safe and habitable condition. Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
When there is an issue, the property manager must fix the problem or hire someone else to do it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.
4. Knowledge of Landlord-Tenant Law
Good property managers have an in-depth knowledge of statewide and national laws regarding the proper ways to:
- Screen a Tenant
- Handle Security Deposits
- Terminate a Lease
- Evict a Tenant
- Comply With Property Safety Standards
5. Supervising Responsibilities
Property managers are often hired to look after vacant properties to make sure there has been no vandalism and to perform routine maintenance. They also make sure contractors and other repairmen are completing their work in a timely manner.
6. Responsible for Maintaining Records
The property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.