As a property manager, you may think that your greatest responsibilities are leasing units, collecting rent, and ensuring the place stays tidy. But, as The London Management Company explains, there’s so much more to it than that. A property manager’s job is to ensure all operations run smoothly, oversee the maintenance of the property, keep an eye on budgets, supervise vendors and contractors, and ensure the property owner is happy with how everything is running. Here are the responsibilities of a property manager explained.
Leasing the Property
A property manager’s first responsibility is to find renters for the units in their portfolio. The PM has to find renters that fit the landlord’s criteria and screen them for credit history and ability to pay rent on time.
Once a renter is approved, the property manager must make sure they get moved into their new home as quickly as possible. They also have to help with any tenant issues, such as eviction or damage repair.
Collecting Rent
As a property manager, you are responsible for collecting rent from tenants on time each month. This includes sending out notices when it’s late and ensuring you have an appropriate late charge policy in place so you don’t end up owing your owner money because of lost revenue due to tardy payments.
You should set up a system for collecting rent that requires the tenant to pay online or by phone, so you can keep track of what’s coming in each month and have proof of payment if there is ever an issue with late fees or bounced checks.
Making Sure Repairs are Made Quickly and Properly
If there is ever an issue with plumbing, appliances, heating or cooling systems, or other repairs needed at your property, it is your job as a property manager to make sure they are fixed immediately.
You must find qualified professionals who will do quality work at fair prices. You need to ensure all contractors are licensed, bonded, and insured and have a system in place to ensure they are paid promptly.
Keeping Buildings Up to Code
When you manage multiple buildings or properties, it’s easy to let things slide as far as upkeep and maintenance go. You must ensure that all repairs are up to code, buildings are kept clean, and tenants are not exposed to any safety hazards.
This means making regular inspections of the property and having a system for dealing with tenant complaints about maintenance issues quickly so they don’t escalate into something more serious.
Doing Marketing and Advertising for Your Properties
Because you work for a property management company, it is your job to do marketing for the properties your company manages. This includes putting together marketing materials such as brochures or flyers. You must also create websites for each property that show off features of the building, such as its location or amenities offered by the landlord.
Another way is posting information about units on social media sites such as Facebook or Twitter and using other strategies to help attract tenants who want to rent space in the buildings. You may also be required to attend open houses when new properties become available so you can meet potential renters face-to-face instead of simply relying on online advertising strategies alone.
Handling Difficult Tenants and Complaints from Renters
While most of your time as a property manager will be spent dealing with maintenance issues or helping renters find out about unit availability, you should also be prepared to handle complaints or difficult situations when dealing with tenants daily.
Some examples of these situations include handling problems with late rent payments and evicting tenants who are not paying rent or keeping up their end of the lease agreement.
Keeping Records and Updating Information on Tenants
Another important responsibility of a property manager is keeping records for each unit you manage, including detailed records on all tenants who rent from you. This includes contact information for each tenant, along with information about their employment status and income level, so you can determine if they are likely to pay their rent on time each month.
So What’s a Property Manager’s Greatest Responsibility?
Many responsibilities come as part of being a property manager; however, it is within your scope to prioritize and manage them accordingly. Your primary responsibility should be to protect your company from any risks associated with the properties you manage. Although this may seem like common sense, there are plenty of pitfalls if you don’t pay attention to the details.
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