What Does a Property Manager Do?

One of the biggest misconceptions is that professional property management companies are the owners of the properties they lease. On the contrary, they work on behalf of the property owner, managing their investment property and the people that reside within it.

Residential property management falls under the branch of real estate related to renting or leasing rental housing. Ideal property managers should have a working knowledge of the real estate industry as well as in-depth familiarity of state and national laws regarding the legal methods to screen tenants, handle security deposits, terminate leases, conduct evictions, and comply with property safety standards.

Professionals in this industry perform duties on behalf of the property owner while providing services to the tenants and the property. On the surface, this means signing leases and collecting rent for an owner but it also highlights the question, “What else does a property manager really do?”

6 Things Property Managers Do

THE RENT

Property managers assist owners with setting the right rent amount that will ensure the property is occupied by quality residents, allowing an owner to collect appropriate rental income. A property management firm should have a clear rent collection procedure that outlines collection policies, late fees, how non-payment of rent will be handled, how outstanding resident debts are handled, and how rental funds are paid out to owners.

THE RULES

Property managers specialize in ensuring a rental is being operated according to the guidance given by the owner, their client. As well, they ensure all laws and regulations at the state and federal levels are followed. They ensure responsible tenants occupy the property, payments are received on time, budgets are followed, and the rental is properly maintained and up to code.

THE RESIDENTS

One of the primary responsibilities of a property manager includes all resident-related issues including finding and screening applicants, communicating and enforcing lease terms, managing complaints, dealing with maintenance needs, and proper handling of resident funds.

THE OWNERS

Property Managers work directly with the rental property owners they serve and must communicate relevant information in regards to property performance, owner funds, and legal issues. Good property managers will create a working relationship with the property owners to ensure their investment goals are being met.

THE PROPERTY

Property Managers are charged with the daily responsibility of the physical management of the rental in regards to regular maintenance and emergency repairs. Their primary goal in this task is to ensure the property remains in liveable condition for current residents, and stays in an attractive, rent-ready condition for future residents.

THE BUSINESS

To provide the best services to owners and residents, a Property Manager must also run a professional business that follows Federal and State requirements for managing rental properties. This includes acquiring proper licensing, maintaining records, obtaining insurance, working with quality vendors, and paying taxes.

Want to learn 5 Keys to Being a Successful Landlord? Read here .