You are probably already aware that property managers exist, but you don’t have any idea what they do. They are a third party that you hire to manage everyday operations of your real estate investment. Residential property management involves handling every kind of property, ranging from massive apartment complexes to single-family homes. Here are their responsibilities in more detail:
Property managers are the ones tasked to set the primary rent level, adjust the rent and collect rent from tenants. In setting the rent, they will have the expertise to know which rent level will lure more tenants to your property. When it comes to rent collection, they will serve as an enforcer to guarantee optimal cash flow and firmly enforce late fees. For rent adjustment, they can raise the rent by a fixed percentage every year based on the municipal or state law.
One of the primary roles of a property manager is to handle your tenants. They will be involved in every capacity, including managing complaints and instigating evictions, as well as, finding and screening tenants. They will also manage leases, emergencies and move outs.
Repairs and Maintenance Responsibilities
Moreover, property managers are in charge of the physical management of your investment property. Their tasks include conducting preventive property maintenance to guarantee that it functions in prime condition. Specifically, they would personally handle or hire someone to remove trash, landscape, shovel snow, check for leaks or exterminate.
In case there is a problem, they will be the ones who have to attend to it, or they will hire someone to address it. They commonly have a massive network or trustworthy contractors, like carpenters, plumbers and electricians.
The property manager’s responsibilities will depend on the particular terms of their management contract and their salary. Nevertheless, it can include the above roles.