What Are the Property Manager's Job Duties
This means a property manager's job duties can be quite diverse. Here is a look at what the best managers do every day.
Setting the rent at a good price point. Property managers are involved with their community every day in some way. That means they know what the general population can support when it comes to rental costs. They need to be able to walk the balance between profitability and affordability when it comes to rental costs so that people are attracted to their rental units.
Developing relationships with tenants. One of the worst jobs a property manager has is to enforce the terms and conditions of a rental agreement. This is most commonly associated with a lack of paying rent, but could include health conditions, sanitary issues with a rental unit, or even illegal activities. By building relationships with each tenant, this part of the job will be much smoother.
Marketing is an essential skill. No one makes any money unless there are rental units that have been occupied. That means knowing how to market to the local community is an essential skill. Knowing the best publications for advertisements, being responsible for creative ad campaigns, and knowing what a community requires for an attractive unit should be known ahead of time.
Finding potentially bad tenants during the application process. The screening process for tenants is also an essential part of a property manager's job because costs can be reduced when tenants that could cause trouble are screened out. This means running credit and background checks in a consistent manner so there is no hint of discrimination.
Knowing what it takes to move out tenants. The restoration of a rental unit is critical to a landlord's profitability. Being able to inspect a unit quickly after someone has moved out is just one piece of this puzzle. Building relationships with contractors that charge fair prices, having a good eye for hidden damage, and knowing what the law says about tenant responsibilities and the return of a security deposit are all critical to a good job performance.
Dealing with repairs. Property managers are responsible not only for the management of the tenants, but also the management of the property itself. This means being available for contact during emergency repair situations, performing regular maintenance, and keeping up the grounds of the property in an adequate way.
A full knowledge of local landlord-tenant law. Every community/state/country has different laws regarding the landlord/tenant relationship. A property manager needs to know these laws comprehensively so that protocols are followed and responsibilities are taken care of appropriately so that a landlord is always in compliance on their end.
Property managers do a lot of good work. If you find a good manager who can do all of this work successfully on a daily basis, hold onto them because they really are worth the money they'll earn.
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