It’s the landlord’s responsibility to ensure that their property is safe, secure and well-maintained. But not all landlords want to be bothered with this aspect of being a landlord. This is why many landlords hire professional property managers to fill in for them while they focus on other business matters.
Here are the 6 primary responsibilities of a property manager:
1. Screening the Tenants – The property manager has to first start with a screening process, which involves doing reference checks and a credit check on potential tenants to ensure their financial stability. If the tenants pass the background check, they will then discuss lease terms, including the rental amount and deposit.
2. Preparing Leases – After screening the potential tenants, it is time to prepare the lease agreement. The property manager will work with both the landlord and tenant on putting together a fair, comprehensive, legal, and binding lease agreement that outlines rental terms like rent amount, when rent may be raised and when security deposit must be returned to an applicant.
3. Managing Tenant Relationships – Regardless of who is the actual landlord in a property, both parties must work together to ensure that all renter needs are met. They will also need to address various concerns of the tenants like pest control and maintenance issues. So both parties should have a working relationship where they can discuss any tenant problems with each other.
4.Collecting Rents – The property manager is responsible for collecting rent from the tenants each and every month according to the lease agreement. This includes sending out late charges if they are applicable.
5. Managing Maintenance – The property manager should ensure that any maintenance requests are addressed in a timely manner with the use of an on-site repairman if needed or a roofer. Any additional costs associated with repairs will be discussed beforehand to avoid misunderstandings and legal problems down the road.
6.Helping Find New Tenants – As property managers, they will have the responsibility of not just finding new tenants for a rental unit, but also helping the former tenant find another home. This includes having an open line of communication between the landlord and potential tenants to ensure both parties agree on moving forward with lease agreements. The property manager is the liaison between all parties to ensure that everyone gets what they want, but also to make sure everything is accomplished legally. When hiring a professional property manager, it’s important to check their credentials and if they are properly insured for any potential problems that may arise in handling your rental unit.
Owning a rental property is a large, time-consuming, and expensive responsibility for any landlord. This is why many landlords would prefer to hire a professional property manager to handle all the day-to-day issues that go along with being a landlord.
A good property manager can make the difference between smooth sailing and legal battles down the road.
Therefore, landlords should make sure they do their homework and interview a few property managers before deciding who to hire.