What Does a Property Manager Do?

what does a property manager do
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Homeownership rates are at a 50 year low. While that might seem like a scary statistic, for the landlord that means that the rental market is on the rise. You could attempt to face this market on your own, or you could hire a property manager. Now, you might be asking yourself: what does a property manager do?

Between 2005 and 2015, renter households increased by 9 million.

Along with the increase in rentals comes an increase in rental issues. Are you prepared to deal with high turnover rates, late rent payments, legal trouble, the excessive stress, frequent evictions, and the immense organization required to own a rental property on your own? At the least, you can expect to spend four hours a week maintaining a rental property, but that’s a bare minimum on a property with an ideal tenant.

If this all sounds a little daunting to you, finding a property manager should be your next step.

What is a Property Manager?

A property manager is an agency in charge of operating a real estate property for a fee. This could be a single person or a group of people who act on a homeowner’s behalf.

Maybe you’re a long distance homeowner and you can’t be there personally to oversee the many time and sanity consuming jobs that your rental properties need. Or, maybe you just aren’t interested in managing the whole thing on your own.

Either way, finding the perfect property manager can be a wonderful resource and can provide peace of mind.

What Does a Property Manager Do?

A property manager does a wide scope of things. They do the obvious, like advertise for tenants. They vet the various candidates to increase the chances that your property goes to the right people. They also organize maintenance and deal with the everyday problems tenants face.

But that’s not all they do.

They handle leases and move-outs. They inspect the unit and figure out what portion of the security deposit to return when a tenant leaves. They also clean and repair the unit.

Property managers deal with issues between tenants, they enforce the lease, and they aren’t afraid to be the ‘bad guy’ when necessary.

One of the most useful things property managers do is handle the legal side of things. The eviction process is lengthy and expensive, often leaving a property without a tenant for a minimum of four months. A property manager is there to handle that process and make it easier on the homeowner.

Property managers also supervise. Being an employer is difficult, and they’re not afraid to take this on themselves. The property manager handles any personnel required for your property.

Property managers deal with the recordkeeping. They manage the budget and all records. They also deal with taxes and are great tools to help you file taxes the right way.

Closing the Door

What does a property manager do? Everything. A lot of new investment property owners think they can save themselves the money it costs to hire a property manager, but this can be a losing game.

Property managers are invaluable resources. They make a property owner’s life easier and are absolutely worth the investment.

But finding one can be a difficult process. Contact us by phone or email and we will happily help you find the right person for you. We’re here to help!

 

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