Are you looking to hire a property manager? What are a property manager’s responsibilities? Their responsibilities vary based on the type of property they are managing, the amount they are paid and the terms of the management contract.
A property manager’s has the responsibility to collect rent from tenants. They will set up a system for collecting rent, which includes the date rent, is due and collecting late fees if the tenants are late with payment. A property manager may determine the correct rent to be charging to get more tenants to your property and to increase your returns. They may also adjust the rent if they feel it is necessary.
Another responsibility is to manage the tenants. This includes finding and screening potential tenants, managing the day-to-day complaints, maintenance issues and tenant move outs. In order to find tenants, property managers will advertise by having an ad that will attract tenants. Once there is a tenant, the property manager should have a screening process that includes credit checks and background checks. A great property manager will have the experience and knowledge about finding and attracting the right tenants. They set the lease term and determine the amount of security deposit required. Once a tenant decides to move out, the property manager needs to inspect the unit to check for damages and to determine what portion of the security deposit to return.
The property manager is responsible for maintaining the property. This includes regular maintenance, emergency repairs and upkeep of the grounds. They hire contractors if they cannot handle the repairs themselves.
A property manager should be well versed in landlord tenant law. This is important when dealing with screening a tenant, handling security deposits, terminating a lease, evicting a tenant and complying with property safety standards.
Property managers are responsible for managing the other employees at the building and making sure they are doing their jobs properly. A property manager may be hired to watch vacant properties to ensure there are no vandals and to perform routine maintenance.
The property manager is responsible for the budget of the building and must operate within the budget. They also keep the records for the property, which includes all income and expenses, inspections, signed leases, maintenance requests, records of repairs, costs of repairs, rent collection and insurance costs.
Lastly, a property manager needs to be able to assist the owner with understanding how to file the taxes and then the property manager may also file the taxes for the property.
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 All Area Realty Services for decades, All Area can be trusted with taking care of your building and tenants.