What are the Duties of a Property Manager?
Did you know that the property management industry is worth $99.4 billion?
Its value is expected to grow even further as more investors invest in rental property. Why? Because only a few of them have the time to follow up on the day-to-day running of their properties.
But not all property owners realize the benefits of hiring a property manager. You’re probably on the fence about hiring one as well. After all, nobody wants to part with a share of their rental income.
Nonetheless, hiring a property management company will be your best decision yet. Not convinced? Read on as we explore some of the duties you can cross off your list once you hire one.
Determine Rent Price
Determining unit rent prices isn’t always as straightforward as you think. It starts with researching an area’s average rent to find the ideal price point.
Then, you have to consider your desired profit margin and residents’ finances. Pricing too low reduces profits while pricing too high affects a property’s marketability.
Property management companies know how to find a balance between profitability and affordability. They use market data and a property’s unique features to determine the rent price.
Any property management job lists marketing experience as a top property manager attribute. Marketing is a crucial part of property management since it’s the only way to fill vacant units.
A property manager uses ads or other relevant marketing techniques to attract tenants. Their experience gives them an upper hand, so they’re likely to attract many tenants.
In a perfect world, property owners get the ideal tenants who pay rent on time and keep to themselves. But this world is far from perfect, so you’ll encounter many troublesome tenants.
You can prevent this by hiring a property manager. Their job description involves looking into potential tenants’ history and backgrounds.
Their expertise allows them to uncover issues like late payments and disorderly behavior. Discovering this information is crucial to reducing tenant turnover.
Prepare Vacant Units
There’s nothing worse for a property investor than having vacant units. Property management companies realize this, so they do whatever it takes to fill them.
Property manager duties include repairing and cleaning units after tenants move out. They also revamp them by adding features to attract tenants faster. This is the main reason new tenants choose professionally managed units.
Show Vacant Units
No tenant is willing to move into a unit without seeing it first. Showing vacant spaces, especially if you live far from your property, is challenging. After all, nobody wants to incur expenses without being sure they’ll secure a tenant.
That’s where a property manager steps in to help. They’re responsible for everything from staging units to convincing tenants why they’re the best choice.
Have you ever had a troublesome neighbor you couldn’t talk to or report? Not the best of experiences, right? Such neighbors may force tenants to move out and affect your units’ marketability.
That’s why it’s crucial to hire a property management company. They’re easy to reach, so tenants can easily report disruptive behavior.
Collect, Deposit, and Adjust Rent
Let’s face it: Collecting rent isn’t easy, especially if you already have a job. Sometimes it requires you to follow up with tenants, which can be exhausting.
A property management company can take over this responsibility. They set up payment methods to make it easier for tenants to pay and for you to access your money.
They’re also responsible for adjusting rent prices when your area’s property value rises. They know which rules to follow when increasing rent to minimize resistance. You can visit this link to get a professional evaluation of your property.
Property management companies are involved in the day-to-day supervision of properties. They’re more likely to identify damages and breakages on your property before you do.
So, part of their job involves repairing everything that needs fixing. They work to ensure properties are safe, presentable, and habitable.
They also carry out preventative tasks like regular property inspections. Some have in-house staff who handle these tasks, but others outsource them. Either way, a property manager makes property maintenance easy for you.
If they choose to outsource, a property manager is responsible for supervising employees. They’ll oversee cleaners and repair contractors to ensure they do their job right.
This instills confidence in tenants as it ensures their security. You’re less likely to hear complaints from them if you work with a professional.
Tenant safety is another crucial property management responsibility. A property manager assesses your property’s security risks and determines the best measure.
Depending on your property’s location, installing surveillance cameras may be enough. But you may have to hire a security company in other areas. Either way, your chosen property management company will handle the entire process.
Prevent Tenant Turnover
You don’t want tenants moving out of your property after staying for only a few months. This affects your finances and paints your property in a bad light.
You can prevent this by hiring a property manager. All their roles are aimed toward minimizing tenant turnover.
Enforce Landlord-Tenant Law
Poor execution of landlord-tenant law can land you in legal trouble. Something as simple as evicting a tenant without reason is enough ground for a lawsuit.
Property management companies understand the repercussions of not following this law. They work with legal experts and stay on top of new legislation to protect you.
Hire a Property Manager to Enjoy These Benefits
Being skeptical about hiring a property manager is normal if you don’t know their duties. This article has outlined their roles to help you decide whether to hire them.
If you do, you can forget about dealing with rent issues, preparing units, and ensuring safety. You get to enjoy the fruits of your investment without lifting a finger.
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