The process of managing a property
Here are seven important roles we undertake.
1. Responsible for Managing Rent
Collecting rent is a basic responsibility of any landlord. Therefore, it is one of the most common jobs a landlord will pass on to a property manager. A property manager’s rent responsibilities could include:
- Setting Rent:
- .Collecting Rent:
- Adjusting Rent:
2. Responsible for Managing Tenants
Managing tenants is another core responsibility of a property manager. The property manager may be involved in finding and screening prospective tenants, managing daily complaints and maintenance issues and handing tenant move outs and evictions.
- Finding Tenants
- Screening Tenants
- Handling Leases
- Handling Complaints/Emergencies
- Handling Move Outs
- Dealing With Evictions
3. Maintenance and Repairs Roles
The property manager must keep the property in safe and habitable condition. Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
- Property Maintenance
4. Knowledge of Landlord-Tenant Law
Good property managers have an in-depth knowledge of statewide and national laws regarding the proper ways to:
- Screen a Tenant
- Handle Security Deposits
- Terminate a Lease
- Evict a Tenant
- Comply With Property Safety Standards
5. Supervising Responsibilities
- Other Employees
- Vacant Properties
6. Responsible for Managing the Budget/Maintaining Records
Property managers can be responsible for managing the budget for the building and for maintaining all important records.
- Managing Budget
- Maintaining Records
7. Responsible for Taxes
- The property manager can assist the property owner with understanding how to file taxes for the investment property.
- The property manager can also file taxes for the property.