The responsibilities of a landlord go beyond just collecting rent at the end of the month. They include things like finding tenants, carrying out repair and maintenance duties, filing taxes, and handling evictions.
If you have the skills, industry experience, and the time to take on these responsibilities, then you may not need to find a qualified person to handle them for you.
If you don’t, a good property manager will help free up your time by taking on many of your responsibilities as a landlord while also adding value to your investment.
What responsibilities can a property manager help a property owner with?
The following is an overview of the main duties and responsibilities of a property manager on the Emerald Coast.
Duties and Responsibilities of a Property Manager
1. Determine the Rental Price.
The right rent attracts the right type of tenant.
A good property manager has the tools and skills to help determine the right rental price. One that is not too low or too high.
2. Fill vacant rental units.
A vacant rental unit is bad for business.
If you have a vacant unit, it’s the responsibility of the property manager to find a tenant as quickly as possible.
3. Market the property to the right audience.
Advertising is arguably one of the most important responsibilities of a property manager. A good property manager has the skills, resources, and experience to offer the most effective advertising strategy.
These qualities make them effective at filling vacant rental units in the shortest time possible.
4. Screen all tenants.
Screening tenants is a vital part of the leasing process. Renting to the right tenants can result in fewer issues and better-maintained properties than renting to problematic tenants.
Tenant screening usually involves checking their level of income, their creditworthiness, and their rental and criminal history.
After a successful screening process, you can expect to have tenants that:
- Cause less issues
- Care for your property
- Pay their rent on time
- Rent long-term
5. Enforce the terms of the lease agreement.
A lease is an important document that governs the relationship between a tenant and a landlord. It sets out the roles and responsibilities of each party in the lease.
A property manager helps to ensure that certain things are included in the lease agreement to protect you and your property.
6. Handle tenant issues.
A good property manager can help you manage conflicts and misunderstandings between you and the tenants.
They will have handled dozens, if not hundreds, of issues. Consequently, he or she will have experience on how to best resolve them.
7. Collect rent every month.
Property managers know the best ways to collect rent as well as how to solve any potential issues that may arise.
They will also help you adjust the rent when it becomes necessary.
8. Conduct property maintenance and repairs.
Buying an income property is a large investment. As such, it only makes sense to hire someone who can protect it.
A good property manager will help you keep the property habitable, healthy, and presentable. They usually carry out four inspections:
- When a tenant first moves in
- When seasons change
- During a drive-by
- When a tenant moves out
This ensures that they catch problems before they potentially become serious and costly.
9. Ensure the property complies to the law.
There are many laws that govern the rental property business.
A good property management company will help you in making your property legally compliant. That is, with local, state, and federal laws regarding safety, health, and building codes.
10. Handle tenant evictions.
Tenant evictions are inevitable but can be lengthy, costly, and time-consuming.
A small mistake during the process can lead to even bigger issues. A good property manager will have handled a countless number of them and therefore knows the right process to follow for an eviction.
These are the 10 main responsibilities of a property manager. Remember, though, not all of them are created equal. You have to do due diligence on your part to hire the right company.