Did you know that not all property managers are made equal?
Depending on the company, some offer a full range of services, while others specialize in only one type of service (like rent collection).
It will be up to you, and your assessment of your property’s needs, to find a property manager that meets your exact requirements.
This post will help you have a better idea as to what you can expect from most property managers before you do business with them.
Keep on reading to know more about 14 of the main responsibilities that property managers carry out.
1. Setting the rent price
A great rent price should not only be reasonable for tenants but should also be income generating for the owner.
A good property manager knows how to keep your property profitable. They have the tools and experience to professionally set the right price for your rental property.
They know how to determine this by using market data, the surrounding area averages, location information, and much more.
They understand that by setting the right price, you are setting your investment property up for success before a tenant even sets foot in the unit.
2. Get vacant units ready
Every real estate investor and property manager’s worst nightmare is having a vacancy and/ora high turnover rate.
When your property is vacant, it’s the responsibility of the property manager to clean, repair, and maintain it.
They can also give advice on how to spruce up a vacant unit to attract long-term tenants. This allows your unit to be more appealing and more profitable over time.
3. Market rental vacancies
Aside from making sure that your unit is rent worthy, another duty of the property manager is to advertise your property to get your property off the rental market.
An experienced property manager has enough knowledge of the industry to know when, where, and how to advertise a vacancy.
They know how to market your property to attract as many prospects as possible. This makes it easy to find the perfect tenants to fill the vacancy. This is one of the many advantages of working with an experienced manager.
4. Tenant screening and approval
Another responsibility of the property manager is to screen all prospective tenants.
They have the trained staff to perform thorough checks before approving an application. This means that they can find you the ideal tenants for your vacant rental units. A good property manager is also aware of the Fair Housing Act and knows how to screen professionally while avoiding lawsuits.
After this thorough screening process, expect to have tenants who are responsible, pay their rent on time, and take care of your property. These types of tenants are ideal because they usually are the ones who stay longer and are the most desirable to work with.
5. Make and impose the lease agreement
A property manager knows how to set lease terms in order to protect the property and the owner’s interests.
A good lease agreement should have every important detail covered. It should include everything from the security deposit, to late rent fees, and the consequences of failing to abide by the terms of the lease agreement.
6. Manage tenant complaints and issues
If there are conflicts between tenants, it’s the manager’s job to mediate and resolve the issue.
It is also their job to solve complaints and meet any other of the tenants’ needs with regard to the property.
Their main goal is to make sure that the tenants are happy and taken care of.
7. Rent collection and adjustment
It is expected that property managers should be familiar when it comes to the rent collection process. They also need to enforce and collect late payment fees.
Since property managers also often set the rent price, they will also the ones who know how to compute and adjust it. An increase or decrease in the rent will depend on the current state of the market and other factors.
8. Conduct property maintenance and repairs
It is also a property manager’s responsibility to making sure that your property is safe, healthy and operational. This responsibility is mandated by law.
So, whenever there are damages or any breakdowns in the property, they need to ensure that the repairs are done quickly and efficiently. They also need to carry out preventive maintenance tasks such as cleaning, repainting, drain inspections, and so on.
A good property manager should already have their own service-people, or by outsourcing the work to local service vendors.
9. Oversee on-site employees
It’s the duty of property managers to supervise on-site employees like cleaners, security personnel, or a concierge if the property requires them.
Their job is to ensure that their employees are working diligently while performing their tasks. As they are employed by the property manager, they can also change personnel should the circumstances require it.
10. Take care of the rental property
Whenever a property is in between tenants or is vacant, the property management company needs to make sure that it is well-protected and taken care of.
This means getting their people to look after it to avoid squatting and vandalism.
If there is any ongoing work being done, they also need to make sure that these repairs are being completed on time.
11. Process evictions and move-outs
There are some situations when it’s necessary to evict a tenant.
The property manager is responsible for carrying out a proper eviction process. A good property manager has all the legal knowledge to be able to follow the correct process. They will do everything possible to make sure that the eviction won’t lead to an unnecessary lawsuit.
During a move-out, the manager will follow the move out regulations that can be state specific. This is to make sure that everything is in place, the unit doesn’t have any damages and that it is returned in the same state as when the tenant first occupied the property.
Once everything checks out, then the move-out process ensues, and the security deposit is returned. If there were any damages, only a portion of the security deposit will be returned.
They will then clean the unit and prepare it for a new tenant.
12. Legal Compliance
A good property manager makes sure that the property complies with local, state, federal, health, safety, and housing laws.
There are many laws that have to be complied with and they know how to navigate the tricky road of investment and property laws and responsibilities.
13. File taxes
When needed, a property manager can file also taxes on behalf of the owner.
If the owner prefers filing their own taxes, then they can also guide them on how to do this properly.
14. Keeps records and creates regular reports
As property manager can also be tasked to keep accurate, up-to-date, and comprehensive records of your investment.
These records help you to keep track of your property’s growth and finances.
You will need these records because you need to document all your property’s expenses and gross income.
There you have it! 14 responsibilities of a good property manager.
But also remember that not all of them offer the same services. Make sure that you understand what you need for your property before deciding on getting a property manager.
Curious to know-how Real Canadian Property Management Solutions can help you with your Grande Prairie Rental Properties?
Give us Call at (780) 532-4900!