A property management is often hired by a co-op or condo board to manage the day-to-day operations of a building. A property manager's responsibilities will vary depending on the needs of the board they were hired by, but their core mission is always the same, to ensure that the properties they are entrusted to manage, operate smoothly. Listed below are 7 of the most common responsibilities of a property manager.
1. Rent Responsibility
Handling rent issues is one of the main responsibilities of a property manager. This includes:
- Setting Rent: The property manager will set the proper rent level based on the market where the building is located and comparable properties in the area.
- Collecting Rent: To ensure optimal cash flow they will set a date to collect rent each month and enforce late fees.
- Adjusting Rent: A property manager has knowledge of state and municipal laws pertaining to rent increases and decreases. They can set a rent increase by a fixed percentage each year while still adhering to these laws.
2. Tenant Responsibilities
Another core responsibility of a property manager is managing the tenants. A property manager will be involved in all areas, including:
- Finding Tenants: Filling vacancies is another responsibility of a property manager. They know where to place advertisements and what to include in the advertisements to attract the quality tenants you want.
- Screening Tenants: To decrease your chances of being accused of discrimination, a property manager will have a consistent screening process, that will include credit checks and criminal background checks. An experienced property manager will have the insight necessary to select the quality tenant you want.
- Handling Leases: This can include, but is not limited to setting the lease terms and determining the amount of security deposit that will be required.
- Handling Complaints/Emergencies: A property manager will handle maintenance requests, noise complaints, and they will have the contacts necessary to handle emergency situations.
- Handling Move Outs: After a unit owner moves out, the manager will inspect the unit, check for damages, and determine how much of the security deposit will be returned to the tenant. A manager is also responsible for cleaning the unit and repairing damages.
- Dealing With Evictions: If a tenant is not paying rent or has infringed upon the terms of the lease, a property manager will know how to properly file and move ahead with an eviction.
3. Maintenance and Repairs
A property manager will ensure that the building is habitable and safe at all times. They are responsible for regular maintenance and for handling emergency repairs.
- Property Maintenance: A property manager's duties include performing preventive property maintenance. They will hire someone to exterminate, check for leaks, landscape, shovel snow, and remove trash.
- Repairs: A manager has a large network of trusted plumbers, electricians carpenters and other contractors to ensure repairs are handled properly and quickly.
4. Knowledge of Landlord-Tenant Law
A manager will have a thorough understanding 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
- Other Employees: A property manager is responsible for making sure that all other employees of the building are doing their jobs. Setting the salaries of other employees and firing them can also fall under the duties of a property manager.
- Vacant Properties: A manager can even be hired to look after a vacant property. The property manager will perform routine checks for vandalism, perform routine maintenance, and make sure contractors are completing their work on schedule.
6. Managing the Budget/Maintaining Records
Managing the building’s budget and maintaining all important records can be another responsibility for a property manager.
- Managing Budget: A manager is required to only operate within the budget of the building. There is only one exemption, in an emergency situation where the unit owners or the investment property are in danger, the property manager will hold the right to use their judgment to call for repairs without concern for the budget.
- Maintaining Records: The property manager will keep records regarding all income and expenses; a list of all inspections, signed leases, maintenance requests, all complaints, repair records, costs of repairs, and records of rent collection.
7. Responsible for Taxes
Based on your preference, the property manager can either file the taxes for the building or assist you in filing the taxes.
These are just seven possible responsibilities of a property manager, and as mentioned above their duties can be created around the areas your building needs the most help with. At All Area Realty Services there is a wide variety of management contracts to befit any building, so if you find you are on the market for a new property manager contact All Area Realty Services to schedule a consultation.
All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy. With over 30 years of experience, and many clients with us for decades, you can trust All Area Realty Services with taking care of your building and tenants.