If you’re a renter, an investor, or just curious about real estate, then you probably know about property managers. They typically do more than just rent. Their duties can go beyond what you might expect. In this article, we’ll talk about some of the responsibilities that property managers have and what you can expect from them.
An Overview of the Position
A property manager is a person or group of individuals who the owner of a property hires to oversee and manage the daily operations of the property. Their duties include collecting rent, filling out maintenance requests, and setting the budget for the unit.
Sometimes, property managers are hired by real estate investors who don’t live near the property and don’t want to manage it themselves. They can be a single person or a group of managers.
The primary goal of a property manager is to protect the interests of the investor and the property. Some investors hire property managers to handle their rental properties due to a desire to take a more hands-off approach to their properties.
Aside from looking after the interests of the property, a property manager also has a variety of responsibilities. Let’s take a look at some of these duties.
Understanding and Following the Law
If you’re an investor with multiple properties in different states, keeping track of all the regulations and laws related to landlord-tenant matters can be tricky. Having a property manager help you navigate through these regulations can help avoid potential legal issues. Usually, property managers have the necessary skills to deal with local laws.
Property managers can also help out-of-town owners who live in different states as an on-site presence. If an investor has lived in Texas their entire life, they may not have the necessary skills to manage properties in places such as New York or California. Having a property manager helps them keep track of all the details of their units and ensure that they’re doing well.
Deals with Maintenance
Apart from looking after the interests of the property, a property manager can also handle in-person maintenance requests. Having a property manager on-site can help alleviate some of the frustration tenants might feel due to the slow response time of the landlord.
Having an on-site presence can also help alleviate some of the frustration tenants might feel due to the slow response time of the landlord. Having a property manager on-site can help keep the property running smoothly. Issues such as broken appliances or wildlife in the home can cause tenants to leave the property when their lease is up.
Handles Vacant Units
Having a property manager on-site can also help owners avoid the potential financial loss resulting from having a vacant unit for an extended period. Instead of marketing your property to potential tenants, you can hire a property manager to help you attract new tenants and renew your leases.
Since potential tenants might be hesitant to move in without seeing the property first, showing it off can be ineffective if the owner lives in another state. A property manager can help owners show off their units to potential tenants.
Apart from looking after the interests of the property, a property manager can also collect rent as part of their duties. Some companies and property managers will allow owners to pay rent through online payment methods. Having a property manager on-site can help owners save time and money.