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If you’re thinking of being your own property manager, or  you simply want to start working with a property manager, you must know the wide range of responsibilities this job requires.

On the surface, it may appear like a property manager finds tenants and sits back to collect rents. Easy, right? But the reality of their job is vastly different and goes much deeper. In this article, we’ll cover the tasks property management covers. 

Find tenants

A vacant property is a liability for the owner, losing money instead of being a reliable source of income. A property manager protects the homeowner’s investment by proceeding with marketing efforts to find new tenants for the vacant property as soon as possible.

This includes putting up For Rent signs, hosting open houses, online web marketing, posting on social media groups, checking with the current contacts for qualified referrals, creating walkthrough videos etc.

Not only do they handle the advertisement, but they also make sure the tenants meet the necessary pre-qualification criteria. They make sure the potential tenant has the financial resources to afford a new place, and they run an employment verification, criminal record, positive rental history, etc.

Enforce lease terms

A property manager makes the new tenant aware of the owner’s regulations, as well as the legal ones, by reviewing them during the signing process, before they move in. This process of clear communication will result in fewer violations of the contract later on. Performing effective tenant orientations is key to good tenancies to follow.

When a violation of the lease occurs, they will handle the consequences for that violation. Many stressful tenant situations often occur when the two parties rely on conversation, which can be frustrating, rather than the lease. The property manager cuts these incidents out of the equation by efficiently enforcing the lease provisions.

Collect and deposit rent

It’s the property manager’s duty to collect rent and associated payments due under the lease. The property manager will also advise on the rent price . The manager will also distribute calculate and reconcile these monies according to federal regulations for tenant security deposits.

Manage complaints and evictions

If the tenants have complaints the property manager will deal with them instead of the owner.  These complaints can come at all ours of the day and night, including weekends!.

This can be overwhelming and time-consuming when renting a property out and outsourcing it to a property manager can save the owner a lot of energy, stress and valuable time.

Additionally, property managers will also handle evictions. No one likes to deal with nightmare tenants and evictions can be a hard process for both parties. A property manager will take the legal and necessary steps of removing  the tenant  from the property.

Handle maintenance

A well-maintained property is a big asset for the homeowner. It has low chances of remaining vacant for long, it attracts more prospects to view the property, it reduces costs on the long term by lowering the risk of complaints and it helps you achieve the best rent

However, the maintenance can be time consuming unless handled by an outside party. A property manager takes care of routine and preventative maintenance so that the property remains in good condition without time consuming efforts from the owner’s part.  This includes doing regular inspections, responding to repair requests, and keeping the home in generally tip top condition.

A property manager will inspect the property to identify if anything needs to be fixed or replaced, preventing them becoming problems that will arise later. If something gets broken and needs fixing, the property manager will inform the owner and proceed to getting the issue fixed.

Communication

The property manager will oversee the performance of the house and communicate everything with the owner. The owner will not have to deal with any communication with the tenant. This can be even more overwhelming when the owner has multiple properties in his portfolio, so the value of a property manager is multiplied in this case.

Assist in trials

In an unfortunate event of a legal battle between owner and tenant, the property manager can also represent the owner in trial and provide evidence that might be needed.

Stay up to date with the law

Staying up to date with landlord & tenancy laws can be challenging for someone who is not in the legal field. However, the property manager has the responsibility of getting informed about changes and implementing them into the daily work of the tenant relationship.

Conclusion

A trustworthy property management will ease the job of creating and maintaining a good income stream. They protect the owner’s investment throughout the whole process, saving the owner time and money.

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