1. Managing Rent
One of the most basic responsibilities of any landlord is collecting rent.
Collecting Rent: A system for collecting rent from tenants will be set up by the property manager. In order to ensure the best cash flow, a date will set to collect rent each month and will be strict with late fees.
Adjusting Rent: According to individual state/municipal lase, a property manager also has the ability to increase the rent each year. They can decrease the rent if they feel it is needed as well.
2. Managing Tenants
Another one of the main responsibilities of a property manager is managing tenants. They take care of finding and screening potential tenants, managing daily complaints and maintenance issues. Property managers also take care of tenant move outs and evictions.
Finding Tenants: They are in charge of filling vacancies and understand what interests’ tenants and can present ideas to help makeover the property. Property managers will create advertisements for the rental property.
Screening Tenants: Property managers have a consistent screening process which includes running credit checks and criminal background checks, in order to help decrease the chances of tenant turnover. Property managers know how to choose tenants who will pay their rent on time, have a longer tenancy, and create the fewest issues.
Handling Leases: This includes setting the lease length and ensuring it has all the essential clauses to protect the owner. They also set the security deposit amount that is required before move in.
Handling Complaints/Emergencies: They may take care of maintenance requests, noise complaints, and managing emergency situations.
Handling Move Outs: This includes inspecting the unit after a tenant moves out, looking for damages to determine the amount of the security deposit will be returned to the tenant. When a tenant moves out, property managers take care of cleaning the unit, repairing any damages and finding a new tenant.
Dealing With Evictions: The property manager knows the proper way to file and move forward with eviction when a tenant breaches the terms of the lease.
3. Maintenance Repairs
The property manager oversees keeping the property in a safe and habitable condition. They take care of the physical management of the property, including routine maintenance and emergency repairs.
Property Maintenance: Property managers take preventative measures in property maintenance to keep the property operating in top condition.
Repairs: The property manager fixes problems when they arise or hires someone else to take care of it. They usually have a large network of reliable vendors like plumbers, electricians, carpenters, etc.
4. Knowledge of Landlord-Tenant Law
A good property manager has expansive 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. Managing Budgets/Maintaining Records
Property managers can be in charge of managing the budget for the property or building and for maintaining all important records.
Managing budget: The manager should operate within the set budget for the property. In some emergency situations when the tenants or physical structure are in danger, property managers may use their judgement to order repairs.
Maintaining records: Property managers must keep careful records regarding the property. All income and expenses should be included; inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.
6. Assisting with Taxes
Property managers can assist the property owner with the process of filing taxes for the property.
They can also file taxes for the property.