My Role as your Property Manager

What is a property manager?

A property manager is someone who takes care of the many aspects of residential, commercial, or industrial properties. They make sure the property is rented, looks nice, operates smoothly, and preserves its resale value. Property managers usually work in an office environment, often onsite.

What does a Property Manager do?

Property managers typically do the following:

Meet with, and show properties to, prospective renters

Discuss the lease and explain the terms of occupancy

Collect monthly fees from tenants

Inspect all building facilities, including the grounds and equipment

Arrange for new equipment or repairs as needed to keep up the property

Pay or delegate paying of bills, such as mortgage, taxes, insurance, payroll, and cleaning

Contract for trash removal, swimming pool maintenance, landscaping, security, and other services

Investigate and settle complaints, disturbances, and violations

Keep records of rental activity

Prepare budgets and financial reports

Know and comply with local fair housing laws; do not discriminate when renting or advertising

When owners of homes, apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate properties, they often hire a property or real estate manager or a community association manager. Managers are employed either directly by the owner or indirectly through a contract with a property management firm.

The Roles of Managers

Property managers ensure that the properties under their care operate smoothly, maintain their appearance, and either preserve or increase in value. They inspect all facilities; hire, supervise and assign duties to maintenance staff; and contract for services such as trash removal or landscaping. They also show properties to prospective tenants or buyers, explain occupancy terms and collect monthly rents; and pay taxes and other maintenance fees. On the administrative side, they ensure that all procedures comply with relevant laws, such as the Federal Fair Housing Amendment. They also keep property records and prepare budgets and financial reports for owners.

4 Key Responsibilities of a Property Manager

A property manager is someone hired to oversee the daily operations of a real estate investment for a landlord. They play an integral role in the success of the investment because have control over most aspects of the property and its tenant(s). With that control comes a great deal of responsibility. The following is a list of the 4 key aspects of a real estate investment property manager is responsible for:

RENT

Property managers are in charge of handling rent for the landlord. They should be experts in the real estate industry and as such, property managers are expected to do things like set the rent price and adjust it accordingly throughout the duration of their management. They are then also expected to oversee the collection of rent from the tenant – this includes enforcing penalties for late rental payments.

PROPERTY MAINTENANCE

In regards to property maintenance, the property manager must make sure that the property is in good condition and fit for the tenant to live in.While specific details are often outlined within the tenancy agreement, generally property managers are in charge of the following aspects:

Drains & gutters are clear

Some emergency repairs

Light bulbs

Smoke alarms

Building & Pest Inspections

If the property is vacant, it is up to the property manager to make sure it is secure and prevent any form of vandalism.

TENANTS

Managing tenants is an especially important responsibility of a property manager. They are responsible for finding, screening and managing tenants for the landlord. They become the main point of contact for the tenant. This means the property manager must handle things like emergencies, complaints, evictions, leases, move outs.

BUDGETS & PAPERWORK

Often, landlords set a spending budget for the property manager to use for maintenance and emergencies. It is the duty of the property manager to use this budget judiciously and keep a detailed record of all property related matters. This includes keeping accurate lists of inspections, repair & maintenance costs, rent collection, insurance costs and lease agreements.

If you think property management might be something you’re interested in, check out our courses that will help get you started in the real estate industry!

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