As a rental property investor or a busy landlord, you want to make sure every bill counts.
So, what can you expect from a property manager?
In this article, you’ll learn all about their expected roles and responsibilities.
Do note that some managers accept only certain types of duties. That’s why it’s essential to list your needs and communicate them to the potential manager before signing any papers.
Property managers need to be well-versed in the principles of good marketing. It is pivotal that they understand the specifics of real estate marketing as well. They need to know how to choose the appropriate target groups and how to communicate with them effectively.
Additionally, it’s important to see what’s marketable about the particular property while knowing how to balance the potential shortcomings of the rental. As a result, they’ll always be able to fill the vacancies with the people who would love to rent your property.
The property managers know the ins and outs of the legal requirements when evicting any tenants.
In addition to eviction, managers are required to react when tenants plan to move out. This process involves inspecting the rental property to ensure nothing is damaged or missing, and returning the security deposit.
Property managers need to protect the owner’s interests when preparing lease agreements. Every single aspect deemed important enough needs to be reflected in the agreement.
For example, the manager needs to clearly touch upon the subjects like late rent fees or property damage penalties. Otherwise, the tenants could find a legal loophole in the agreement that would allow them to escape their responsibilities.
Maintenance & Repairs
One duty of property managers is to keep the property in top condition through regular maintenance and repair work. There are two main options on how to complete the necessary tasks:
The managers might use an in-house team, or outsource the assignments to service providers they trust in the local area.
And of course, some maintenance can be preventive in nature. For example, inspecting the drains to prevent flooding or overflow. Regular maintenance also addresses the owner’s responsibility of keeping the property legally compliant: complying with health, housing, and safety laws on the local, state, and federal levels.
When your property manager determines your rental’s monthly price, they need to strike the right balance between affordability and profits. The first is important for the tenants, whereas the latter is the topmost priority for the landlord.
The price isn’t the result of an improvised guess. There has to be some serious number crunching behind the scenes.
The manager needs to use data from the property market alongside the averages for the surrounding area. Also, the property’s amenities and unique features need to get a price tag that helps to form the final price. Having the right price means reducing vacancy and maximizing profit for your investment.
Records & Reports
Getting regular reports from your property manager ensures that you have a constant overview of the financial state of your investment, along with the reassurance they are doing a good job.
You’ll find all the expenses and growth indicators in these documents. Along with creating the financial reports, some property managers may file your taxes on your behalf. Even if you prefer to do this alone, your property manager could still share some handy tips on tax filing.
Rent Collection & Adjustment
Property managers not only collect the rent but adjust it as well if need be. They need to factor in multiple variables, such as current market conditions and changes in the surrounding areas, for making efficient decisions regarding the rent.
They are responsible for enforcing late payment fees. All of the rent collection systems need to be transparent.
Nowadays, many managers opt for digital solutions that make handling the transactions easier for all parties involved.
An often-overlooked process of picking the right tenants is one of the most important aspects of running a successful rental business. Failing to screen them could end up in delayed payments, negligence, or worse. It’s often one of the most common mistakes landlords make.
Great property managers utilize every aspect of a background check to do a thorough job of selecting the best tenants.
All parts of the selection process need to be properly carried out in order to avoid discrimination charges under the Fair Housing Act.
Vacant Property Care
Properties that can’t seem to find new tenants as quickly as expected need extra attention. When you simply leave them sitting vacant, they become targets for squatting, unlawful entering, and plain vandalism.
The property manager has to find solutions to minimize these risks. Often, this means hiring someone to look after the property while it’s vacant.
Would You Like to Pass These Responsibilities Over to a Property Manager?
Clearly, a good property manager can do a lot for you and your property.
Advertising vacancies, doing the paperwork, determining the rent prices, maintaining and repairing your property, and much more. These are just a few of the benefits of property management services.
The particular services depend on your contract. However, we can assure you of one thing, the amount of typical responsibilities provides plenty of value for your money.
All you looking for a trustworthy team of real estate professionals who can help you manage your investment property?
Call Rogue Real Estate Sales & Property Management to discover how we can help you!