5 Property Management Responsibilities That Can’t Be Ignored

property management responsibilities

More than a third of U.S. households were renters in 2016. Even up to now, 77 of the 100 biggest cities in the country still see a rise in rents, both in rates and number of tenants.

No wonder then that renters shelled out a whopping $485.6 billion in 2017!

As a property owner, this should be enough to make you want to rent out your property. But what if the property you want to rent is too far from you? Or you have a lot of properties and can’t deal with them all by yourself?

This is where property management responsibilities come into play.

You may have heard of property managers as rent collectors or tenant managers. But their duties go beyond that.

So, before you hire a rental property manager, it’s best you know what these are. We’ve rounded up five of the most important.

1. Setting the Right Rental Rate

Collecting rent, check. Determining the right rental rate – that’s a given.

That’s right. The duties of a property manager extend to setting and adjusting rental rates.

Remember, cities across the nation have a varying cost of living. That includes housing, which includes rental rates.

As such, you can’t charge the average $3,000 they do for a one-bedroom unit in NYC for a similar one in Kansas City. If you do, you’ll scare away most, if not all potential tenants.

That’s why the duties of a property manager include setting the right rental rate. They know the market of your property’s location inside out. They know how much comparable properties nearby cost.

They then use this to come up with an attractive rental price that will still make you profits.

2. Making Appropriate Rental Rate Adjustments

If rent went up in 77 large cities, the opposite happened to seven of the 25 biggest ones. Baltimore, Chicago, and Pittsburgh are to name a few.

Your property needs to stay competitive, so you need to adjust according to these changes. A property manager takes responsibility for this.

Don’t worry though. If rental rates go up, then your manager can also make the appropriate increase to your rental rate.

Always keep in mind that there are laws surrounding these changes. Unless you’re an experienced property manager yourself, you may not know what these are. As such, it’s best you let the pros handle these adjustments.

3. Dealing with Move Outs

Let’s face it. Not all renters stay renters throughout their lifetime. That means your tenant may also move out in the future.

So, who’s responsible for handling such instances? Your property manager.

Your manager will first inspect the unit to make sure no tenant-caused damages exist. He/she will also determine how much of the security deposit to give back the tenant. After the move-out, he/she will clean the unit, have existing damages repaired, and look for a new renter.

4. Maintain Your Property

Maintaining your property is important whether it’s still in the market or already has occupants.

Your manager will either do this on his/her own or hire another professional. Such tasks include pest extermination, trash removal, and checking for plumbing or roof leaks among many others.

5. Have Repairs Done ASAP

All those potential calls at 3 AM from tenants with leaking roofs or plumbing pipes? These will go to your property manager. It’s their responsibility to address property damages and problems, after all.

They can either do the repairs on their own or hire a professional to do it. This is a cinch for the most reliable property managers since they have connections to other service providers. These include plumbers, electricians, as well as HVAC and roof contractors.

Outsource these Property Management Responsibilities to a Pro

Keep in mind that in the U.S., tenancy turnover rate averages at 50%. Although it’s not always due to tenant-landlord disputes, you still want to bring that rate down as much as possible. That’s why you should consider letting an expert carry out all these property management responsibilities.

With a dependable and experienced property manager, you can rest assured your tenants will remain happy. Because they’re happy, they’ll have fewer, even no reason to move out.

Ready to make your property even more attractive to renters? If so, then let us help! Connect with us now and we’ll be more than happy to address your landlord concerns.