Whether you’re planning to hire a property manager or interested in being one yourself, you need to be deeply acquainted with what the job entails.
Property managers wear many hats – they’re mediators, bookkeepers, accountants, marketing experts, and more. Though the tasks can vary depending on the size and type of property being managed, there are some core responsibilities that all property managers share.
Maintaining the Property
The physical condition of a property is paramount to its success. Not only does it need to be aesthetically pleasing to attract and retain tenants, but it also needs to be safe and well-maintained to comply with local regulations.
As such, a large part of a property manager’s job is ensuring that the property is in tip-top shape. This includes everything from conducting regular inspections and maintenance to coordinating major repairs and renovations.
Tenant Relations and Compliance
Another key responsibility of property managers is maintaining positive relationships with tenants. The best Boulder rental companies understand that happy tenants equal long-term tenants, which also means long-term profit for both the company and property owners.
This part of the job usually involves handling tenant inquiries and requests in a timely and professional manner, as well as enforcing the terms of the lease agreement.
It’s also the property manager’s job to ensure that tenants are complying with all local, state, and federal regulations. Some examples are occupancy limits and noise ordinances, along with fire and safety codes. Not only does this help to keep the property running smoothly, but it can also prevent costly legal issues down the road.
Marketing and Leasing
Vacancies are the enemy of any property manager. Not only do they mean lost income for the property owner, but they also reflect poorly on the manager’s ability to do their job.
That’s why one of a property manager’s most important responsibilities is marketing vacant units and leasing them to qualified tenants. To do this, they need to have a deep understanding of the local rental market, as well as effective marketing and sales skills.
They also need to have a keen sense when it comes to screening potential tenants. Property managers know how to evaluate a tenant’s financial stability and past rental history to determine whether or not they’re a good fit for the property – all while complying with relevant laws like the Fair Housing Act.
Accounting, Management, and Reporting
Last but not least, property managers are also responsible for the financial side of things. Since they’re handling other people’s money, they need to be highly organized and have an eye for detail.
Some of the specific tasks in this area include collecting rent, keeping track of expenses, preparing budgets, and generating reports for the property owner.
These tasks also go beyond just jotting down numbers. Property managers also need to be familiar with software programs like property management software and QuickBooks, as well as have a good understanding of basic accounting principles, in order to do their job effectively.
Other Responsibilities of Property Managers
Depending on the size and type of property being managed, there may be other responsibilities that fall under a property manager’s purview:
Security: If the property has on-site security, the manager may be responsible for coordinating their schedules and managing any incidents that arise. For example, if there’s a break-in or a fight, the property manager would be the one to call the police and deal with the aftermath.
Eviction: Depending on the state, property managers may be able to evict problem tenants. This is a last resort, of course, but it’s something that needs to be done from time to time. It’s also quite stressful and there are a lot of legal hoops to jump through, so it’s not a responsibility to be taken lightly.
Housekeeping: For properties with common areas like gyms or pools, the property manager may need to hire and oversee a housekeeping staff. Hiring cleaners, stocking supplies, and dealing with complaints are all part of the job.
Coordinating with Contractors: If there are any contractors working on the property, it’s the property manager’s job to coordinate their schedules and make sure they have everything they need. This might include working with and maintaining a network of trusted plumbers, professionals, and the like.
To sum it up, property managers have a lot on their plate! Managing a property isn’t something that just anyone can do – it takes a special set of skills and knowledge.
So if you have a property you want to rent out, but you’re not ready (or willing) to fully commit to managing it yourself, consider hiring a property manager to take care of the day-to-day operations. It’ll free up your time and give you the peace of mind knowing that your property is in good hands.