What is a Property Manager Responsible For?
If you purchased a rental property as an investment, you may not have planned to handle day-to-day building operations. If you own several buildings as investments, you simply won’t have the time to address every issue that may arise in every property you own. On the flipside, if you’re a tenant, your landlord owns the building your apartment is in, but you likely don’t call them when you have a problem. Most landlords hire property management companies to take care day-to-day building operations, as well as to directly address individual tenant concerns.
So, what are a property manager’s responsibilities?
Attract and screen tenants
A rental property isn’t a good investment if it has vacancies that don’t generate rent. The property manager will market the property and manage the application process for prospective tenants. This might include managing advertising, showings of apartments, and explaining building features or restrictions, such as smoking or pets. When a renter wants to sign a lease, the property manager will conduct a screening that may include a credit check, confirming employment, and contacting references. The manager will also collect any required security deposit.
Set and collect rent
Market conditions change, and property managers should keep up with trends. A property manager will research competitive properties and suggest appropriate adjustments to rent rates. They will also suggest repairs or upgrades to keep the property attractive to current and prospective tenants. The manager will collect the rent and enforce rules about late payments, as well.
If it’s broken, they fix It
Property managers will either fix broken things or hire other professionals to do it. Everything from leaky pipes, clogged drains, faulty HVAC systems, snow removal, and pool maintenance can fall under this responsibility. Arranging for garbage collection, landscaping, pest control, and cleaning common areas are additional duties the manager may perform. The manager will act as the first point of contact for tenant concerns and have primary responsibility for settling them.
It’s not all sunshine and butterflies in the world of landlord-tenant relations. Property managers should have a thorough understanding of landlord-tenant rights and responsibilities. Maintaining compliance with applicable safety regulations, retaining tenant security deposits due to property damage, or initiating the unfortunate process of eviction will be the manager’s job. Any person or company hired for this role should have deep knowledge and experience in these areas.
On top of collecting rent, property managers must stick to a given budget for building operations, maintenance, marketing, emergencies, and even dispute resolution. They must keep excellent records of how much money they collect and spend, and they may even assist landlords in preparing information for tax purposes.
To learn more about tenant rental services and rental property management companies in Atlanta, GA, reach out to Excalibur Homes.