Finding a reliable property manager is generally a logical choice for a property owner with multiple properties. But a property manager also benefits owners of singular properties as well. Property managers can oversee small rental properties, or take care of vacant properties as well, ensuring that the owner’s investment is secure and tidy. A property manager can be your absolute best asset by giving you more free time and less stress with the right kind of person in place.
So what does a property manager do? Here are several main responsibilities that describe a property manager, but understand that not all management contracts are the same, and not every property manager is either.
This includes setting rent, collecting rent, adjusting rent, and administrating late fees.
Managing tenants is another core responsibility including finding tenants, screening tenants, running credit checks, criminal background checks, handling leases, handling complaints/emergencies, handling move outs, and dealing with evictions.
The property manager is responsible for the physical appearance of the property, including things like regular maintenance and emergency repairs. This includes preventative property maintenance and being personally in charge of things such as extermination, leaks and plumbing, electrician issues, landscape, shovel snow, and trash removal.
Property managers should 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, and comply with property safety standards.
If there are other employees in the property, such as security, maintenance or concierge, the property manager is responsible for making sure they are doing their job. Property managers are also often hired to look after vacant properties to ensure there has been no vandalism and monitor for routine maintenance.
Property managers can also be responsible for managing the budget for the building. They are usually responsible for maintaining all important records regarding costs associated with the property.
A really good property manager can assist the property owner with understanding how to file taxes for the investment property. A trusted property manager can also file taxes for the property. And though finding a property manager who can manage this and everything else they are responsible for is great, some property owners opt for a certified CPA to handle taxes for their investment properties.