Job Description of a Property Manager - What do they do best?
Thinking of managing your property on your own? This article is a must-read for Home Owners.
By Faraaz Hashmi
What does the job description of a Property Manager look like?
What does the Property Manager do?
I can manage my own property. Why do I need someone to do something I can do?
If you are a homeowner and you are pondering on the above questions, here is our detailed take on the responsibilities of a property manager. Let us look at them one by one.
1. Property Marketing and Listing
Marketing a product / service in the modern day requires a lot of technical skills and targeted efforts. It is important to stand out in the market when there is so much competition.
It is the same for rental properties too. Tenants look for specific features and amenities when they are looking to rent a home. A property manager will make sure those terms are out in bold whenever it is listed on websites to attract qualified tenants.
It is not just for the tenants to find but also for algorithms to understand and list them in listing websites prominently. It takes a lot of time to master these platforms and play the game right.
Property managers know their way around these platforms as they use them daily to attract qualified tenants to fill vacancies in the properties they manage. It is best to leave it to the experts.
2. Setting the Rent
The Property Manager will be able to help you arrive at the right rent for your property depending on a variety of factors.
By choosing a fair rent, there are greater odds for attracting a good number of tenant applications for your property. They will analyze the location and see the similar properties and their rents to help you arrive at the magic number.
Every year, your property manager will also guide you in revising the rent according to the State and Municipal laws.
3. Tenant Verification and Vetting
There are good apples and then there are bad apples. It takes a lot of time and efforts to screen through the list of applicants who have expressed interest in renting your property.
A good tenant is a godsend while a bad tenant can be a source of constant worry. Credit checks, reference checks, background checks – leave it all to the property manager. Their experience in this industry and their instincts will go a long way in finding the right tenants for your property.
Great tenants maintain your property like their own and finding such tenants require a special set of skills which are often mastered by expert property managers.
They are the ones who will be dealing with the tenants on behalf of you and so they will look for the best tenants for your property.
4. Rental Property Showing
We are often in a race against time.
“Wake up – commute – work – commute – rest – repeat”
Most of us follow this pattern everyday.
As a homeowner, it will be hard for you to be available at all times to show your property to prospective tenants. Especially when you are living away from your rental property, it is really difficult to do the showings. When you work with a property manager, they will take care of the showings on your behalf. They will save a lot of time for you and they will answer all the questions to tenants on behalf of you and as we all know, time is money.
5. Handling Tenant Concerns
Ever felt relieved after talking to a great customer service agent who solved your burning concern in a jiffy? Do you picture yourself doing the same to your tenant whenever they have a concern?
Handling concerns and solving problems immediately requires a lot of experience. Even if you have relevant work experience in customer support, we are sure you do not want to continue your day job even after coming home.
A good property manager is very resourceful and years of experience in property management has converted them into a ready-reckoner for any queries / concerns. They know the right people for every situation, and they bring them on-board to solve your tenant issues.
6. Supervision of Repairs and Maintenance
“To err is human, to repair is divine”
Bad quote, right. It is completely natural for a home to require repairs from time to time. What may seem like a small deal to you (as a homeowner) may be the deal breaker for your tenant.
Practically speaking, you may take some time to fix things for your tenant. Every passing day will be a difficult experience for your tenant, and it will lead to friction between you and the tenant.
Enter property managers – they will handle the concerns without even bringing it to your notice. Preventative maintenance of the property to keep it functioning in top condition is one of the key responsibilities of a property manager.
Property managers are often well connected with top-rated service providers in your locality and they will be able to get stuff done quickly at affordable costs as they will usually get better prices from service providers due to their volume of business from all the properties they manage.
7. Rent Collection
Money is the most important element in any transaction. Collecting the rent on time requires follow-ups, reminders and lots more. Although most of the tenants will pay up on time, there are always exceptions. It is important.
A property manager will collect the rents every month on behalf of you and transfer it to you as a part of their contract. They will setup a system in place for collecting the rent every month.
8. Handling the Accounting
This is a no-brainer. There are very few people who are gifted with the love for numbers. They become chartered accountants. Let’s talk about you. Maybe you love them too, maybe not.
How magical it would be to get everything sorted out when it comes to accounting without raising a finger. Property managers can do that for you. One of the major advantages of working with a property manager is the accounting taken care of.
9. Tenant Renewal
“It is far cheaper to keep an existing customer happy and retain them than looking for a new customer”
This is not just true with marketing and customer acquisition world. It holds true even for renting out your property. Great tenants need to be retained. This boils down to their experience of renting your property.
By hiring a good property manager who can address your tenant concerns quickly, the tenants will have a pleasurable and stress-free experience. This will substantially increase the odds of tenant renewal.
10. Move-out Assistance
When a tenant moves out, the property manager is responsible for inspecting the unit thoroughly and checking for any damages to the property. If there are damages, they will deduct the appropriate charges from the security deposit to be paid back to the tenant.
Once the tenant moves out, they are responsible for cleaning the property and taking care of any needed repairs before they find a new tenant for your property.
11. Tenant Evictions
There will be instances when things go south like the need for a tenant eviction. It may be because of unpaid rents or breach of contract. Property managers are experienced with handling such situations and they will take the essential steps to file and move forward with the tenant eviction.
12. Regular Inspection of the Property
Inspections lead to findings and findings lead to fixes. In your busy schedule, it is impossible to do inspections of your rental property regularly. Sometimes, you can save a lot of money in repairs and maintenance when you spot problems at the earliest.
Property Managers always schedule routine inspections for the properties they manage. They will bring any concerns to your attention immediately. These concerns when fixed immediately leads to happy tenants and stress-free tenant renewals. Not to forget, the savings of fixing it early.
13. Maintenance of Records
As a single point of contact for everything, your property manager will have a record of every transaction / update with regards to your property.
This includes income, expenses, inspections, leases, complaints, repairs and maintenance requests, maintenance costs, record of rent collection and insurance payments. This data will serve as a central repository of information on everything related to your property.
14. Capital Improvement Ideas and Execution
Property Managers know exactly what the majority of the tenants are looking for. They work with hundreds of property owners in managing their properties and they speak to over a dozen tenants to find the right one for your property.
Since they act as the bridge between the tenants and the property owners, they understand both the sides of the coin. By making small fixes and improvements to your property based on their recommendations, your property can fetch you a higher rental income thereby increasing your returns considerably.
Note: The exact responsibilities of the property manager may vary depending on the location, type of the property, their fee structure and terms of their contract.
At Skybridge Property Group, we offer full-service property management services to homeowners. We have over hundreds of satisfied homeowners who love working with us. You can check their reviews here.