Rental property owners have a TON of duties and responsibilities: finding and screening tenants, collecting rent, and managing maintenance and repairs, not to mention staying compliant with all the relevant laws and regulations.
Let's be honest: most people don't have the time or expertise to handle these tasks themselves. So many folks consider hiring a property manager or rental agent to handle the day-to-day aspects of managing a property so they can focus on other things.
But you don't want to go into such an important hiring decision, which is why you're here. To find the right person for the job, you’ll need to understand what to expect from a promising property manager before making a choice.
This guide will walk property owners through property manager duties and responsibilities, helping you make an informed decision that aligns with your particular needs and financial goals.
You can also download a full checklist of Property Manager Duties and Responsibilities once you're ready to get started.
The perfect property manager is a consummate communicator, easily handling tenant requests and relationships across properties. Typically, tenant management is the most important role of a property manager. Some of their day-to-day tenant tasks include:
- Finding and Screening Tenants: One of the primary responsibilities of a property manager is to find and screen potential tenants. This includes advertising the property, conducting showings, screening applicants, and ultimately selecting the best tenants for your property.
- Lease Management: Property managers handle the preparation, review, and execution of lease agreements, ensuring that all terms and conditions are in accordance with the law.
- Tenant Relations: A good property manager is adept at addressing tenant concerns, managing disputes, and keeping your tenants happy, all of which can lead to fewer vacancies and stable revenue.
- Move-in and Move-out Procedures: Property managers oversee the move-in and move-out process, conducting property inspections and managing security deposit dispositions fairly and transparently.
Part of a property manager's duties and responsibilities necessarily include the financial aspects of your property. Although you may eventually rely on a property manager's financial advice to buy new properties and expand your earnings, they'll first need to prove they can handle the smaller, run-of-the-mill bills and cash flow.
This includes tasks like:
- Rent Collection: Property managers handle rent invoicing and collection, as well as address late payments, ensuring you receive consistent income from your property.
- Budget Management: They are responsible for developing and managing budgets for property operations and optimizing your financial performance.
- Financial Reporting: Expect regular financial reports that provide insights into the financial health of your property.
- Vendor Payments: Property managers manage payments to vendors and contractors, ensuring all services are carried out efficiently.
Maintenance and Repairs
There's nothing more frustrating for tenants than unfulfilled maintenance and repair requests. This is where a good property manager can really prove their mettle by efficiently handling the logistics of all:
- Routine Maintenance: A huge perk of working with a property manager is having quality contractors on hand. This ensures regular maintenance activities, such as landscaping and pest control, are performed without interruption and on schedule, maintaining your property's appeal and value.
- Repair Management: They'll also address repair requests promptly, hire and oversee contractors, and ensure the quality of workmanship. Property managers often have relationships with already-vetted contractors, while property owners often have trouble finding trusted contractors.
- Property Inspections: They conduct regular property inspections to keep properties in good condition and take care of any issues promptly to prevent further damage.
Legal Compliance and Risk Management
Federal laws, state laws, local ordinances, and city codes? Who can keep up with all of it? Luckily, a property manager can. They'll keep every part of your property up-to-date with regulations and your contracts legally sound by taking care of a few important areas:
- Legal Adherence: Property managers are there to double-check that your property complies with local, state, and federal laws and regulations related to property management and tenant rights.
- Risk Management: They'll implement proper insurance and risk management strategies to protect your investment no matter the incident.
- Evictions: In the unfortunate event that a tenant violates lease terms and an agreement can't be reached, property managers manage the logistics of an eviction process in compliance with applicable laws.
Marketing and Advertising
Unless you're a marketing maniac, you're probably not interested in maintaining an online presence, including social media accounts, around the clock, seven days a week. But ongoing marketing is a property manager role that is often overlooked.. They'll take care of all things marketing, including:
- Property Marketing: Property managers create and manage effective advertising campaigns to attract potential tenants, minimizing vacancy periods and maximizing your investment.
- Market Analysis: They'll analyze local rental rates and trends to appropriately price rent, securing competitive yet profitable rates. They can also recommend property updates between tenants to increase your space's profit.
One of the best reasons to hire a property manager is to knock pesky administrative duties off your to-do list, such as:
- Record-Keeping: No more file folders for you. A property manager keeps comprehensive records of all financial transactions, tenant interactions, leases, maintenance requests, and inspections.
- Communication: The best property managers are expert communicators between tenants, owners, and vendors, fostering a harmonious experience for everyone.
- Technology Management: They’ll also leverage the latest property management software and other technologies to streamline operations and give you insights into how your rental investment is faring, providing you with efficient and transparent service.
Property Upkeep and Improvement
Everyone's least favorite property owner tasks? Upkeep and improvements, aka "the boring (and messy) bits'' of owning property. A property manager can handle that for you by preemptively taking care of issues before they become problems.
- Upkeep: Property managers keep your properties clean, safe, and presentable, enhancing tenant satisfaction. They can also schedule regular inspections for high-value appliances in and outside the home.
- Improvements: They may propose and manage property improvements or renovations to increase property value over time.
As mentioned earlier, one of the best perks of partnering with professional property management is not having to track down high-quality vendors and contractors on your own. Property managers focus on building relationships across the real estate rental space and handle tasks for you like:
- Vendor Selection: Property managers are responsible for selecting, negotiating with, and managing vendors and contractors, snagging quality service at competitive rates.
- Quality Assurance: They oversee all outsourced work, maintaining your property's value and functionality so you don't have to lift a finger.
While it doesn't happen often, you want people you can trust nearby when the worst occurs. The best property managers are cool in a crisis and can handle whatever is thrown their way. This is a skill of property managers that is often overlooked. Some of the ways they accomplish this are:
- Near-Immediate Emergency Response: Property managers ensure they or one of their team members is always on call to respond to property-related emergencies ASAP, such as maintenance issues, security breaches, and natural disasters.
- Disaster Preparedness: They're always ready, with a plan in place for responding to natural disasters and other large-scale emergencies outlined BEFOREHAND, safeguarding your property when a crisis arises.
What Sets the Best Property Managers Apart From the Rest?
Property management involves wearing a lot of hats. The most promising property managers have excellent soft skills, such as communication, curiosity, and an openness to feedback, as well as the ability to think strategically, stay organized, and punctuality coupled with top-notch time management. The best property managers are masterful and consistent communicators, have scalable systems, are aware of local, regional, and national real estate trends, and able to apply their expertise to maximize profits.
Furthermore, they're respectful of both tenants and owners, while displaying consistency of character and judgment. Hiring the right property manager creates a safe environment for tenants to feel cared for and comfortable, making your property a home for years to come.
Download our free Property Manager Duties and Responsibilities Checklist to get started.
How To Find a Property Manager with All These Skills—Fast
If you're looking for the shortcut to profits as a property owner, hiring a property manager can play a pivotal role in that journey. It’s crucial to understand what to expect in terms of property manager duties and responsibilities to arriving at the perfect property manager partnership for you.
Armed with the knowledge from this article, it will be a cinch for you to confidently interview multiple property managers to find the perfect fit who aligns with your needs, ensuring flawless tenant management and meticulous maintenance of your most valuable asset.
Ready to find a local property manager who can provide you with the expert service you need? Begin your search today for free and take the first step towards efficient property management.