Working as a property manager can be rewarding, but it is a demanding role that also has some drawbacks. If you’re considering becoming a property manager, then you must have a clear understanding of the role and what it involves. With that in mind, here’re the top five responsibilities of a property manager.
1. Determine a Rental Price
A good rental price must be affordable for the tenant while also making a profit for the landlord. A property manager should have a good understanding of the local rental market and will be responsible for determining a rental price that is both competitive and profitable. They will consider factors like location, amenities, and local market data to determine the perfect price for the rental property.
2. Complete Property Maintenance
Property managers are responsible for keeping rental properties clean, functional, and safe. If there is a fault or damage, then the property manager must arrange necessary repairs. They may also be responsible for maintaining other elements of the rental building e.g. an elevator in an apartment block. A company like ATIS can be hired to carry out inspections and maintenance on vertical transportation systems on behalf of property managers.
3. Advertise Rental Vacancies
Marketing is a big part of a property manager’s role. In most cases, the property manager will be responsible for finding new tenants and ensuring that a rental property does not remain vacant. Property managers can attract new tenants by posting attractive rental ads to relevant listing sites and other rental platforms. According to propertyware.com, some of the best sites to post a rental property listing are Craigslist, Oodle, and Zillow.
4. Screen Potential Tenants
Most landlords outsource tenant management to a property manager. This means that the property manager will need to screen all prospective tenants. A property manager should do thorough checks before they approve a new tenant. Most property managers will run a renter background check and a credit report to help them choose the best tenant for the property. A thorough screening process is essential because it ensures that prospective tenants will be reliable, responsible, and able to make their rent payments on time.
5. Handle Tenant Complaints
If a tenant has a conflict with another tenant, then it is usually the property manager’s job to resolve any issues. A property manager will also have to deal with any complaints relating to the condition of the property or any other rental issues. The property manager must ensure that the tenant is taken care of and remains happy with the rental property. Failing to handle complaints efficiently may lead to a high tenant turnover, which will affect the landlord’s profits and reputation.
Above, are some of the common responsibilities of a property manager, but you should be aware that not all property managers perform the same duties. If you’re interested in becoming a property manager, then research the role and gain a good understanding of the pros and cons.