The Role and Responsibilities of a Property Manager
As a property owner, one of the most significant decisions you will make is whether or not to hire a property manager. There is no single correct answer, as some people enjoy the responsibilities while others prefer to allow a professional to handle their investment properties.
The easiest way to make that choice is by getting a plain look at what a property manager does and if you want to or can fill the role.
Understanding the role of a property manager is essential. It is a multifaceted position that requires specific skills as well as individual traits. Insight into these is necessary if you are going to manage your property or make good hiring decisions.
The Top Nine Traits and Skills a Rental Property Manager Needs
Experience and a proven record of successful management are vital for the role. However, specific qualities can translate into job success. The top nine traits you want to look for include,
- Assertiveness
- Professionalism
- Flexibility
- Strong communication skills
- Organised
- Tech-savvy
- An investor mindset
- Quick response times
- Good negotiating skills
Role of a Property Manager
Your property manager has an integral role in assuring the success and profitability of your investment because they direct the day-to-day operations of rental property on your behalf. The role of a property manager is significant as they control a great many aspects of the property and its tenants.
While a property manager should have the necessary knowledge and skills to handle all of the roles that the job entails, however, if there are roles you would prefer not to be carried out by your residential property manager, that is acceptable.
Typical Responsibilities of a Property Manager
A property manager has a multitude of responsibilities which include:
- Ensure the Property is Legally Compliant – Several standards govern residential rentals on the federal, state, and local levels. Knowing and adhering to this set of strict minimum standards is crucial.
- Setting and Adjusting Rent Prices – Your property manager will set appropriate rent for incoming tenants based on how the property compares to similar buildings in the area. While getting a good return is essential, your property may seem less appealing with high rent. Adjusting the rent to stay competitive is a fine line as managers need to comply with existing residential tenancy rent increase legislation.
- Organise Property Repairs and Maintain Vacant Properties – There are many advantages to having your property looking good and being in good repair. Aside from keeping up with various statutes, tenants want to live in a well-cared-for unit. Your vacancies will fill up if well-maintained. To learn more about maintaining, upgrading and making the most out of a commercial property check out the guides by Tob Lab Commercial Kitchens.
- Screening and Approving Tenants – During the process of screening, a property manager will check a potential renter’s identity, references, and proof of income. Also, they should communicate with previous landlords. Creating and enforcing a thorough screening process results in tenants who are responsible and pay their rent on time.
- Perform General Administrative Tasks – Taking care of phone and email queries, setting appointments with contractors, and arranging viewings are just a few regular tasks a property manager must complete. Additionally, collecting rent and handling late payment penalties are part of a property manager’s administrative duties.
- Plan and Conduct Routine Property Inspections – Routine inspections allow a manager to ensure that the renters are correctly maintaining their apartment or house. Generally, a property manager will give tenants notice before inspections take place. This is usually a letter or an email. If the property manager finds any problems with the unit, they may discuss their concerns with the landlord and pass on any warnings or requests to the tenant.
- Enforcing Evictions and Managing Vacating Tenants – Unpaid rent, undesirable behaviours, or using the property in a way that is not authorised by the lease agreement are the most common reasons for eviction. Property managers must carry out the formal process of removal as required by the eviction laws of the state or territory in which they operate.
Why Hire a Property Manager?
Our clients, at Zest Realty, purchase rental property and are frequently quite financially savvy, but they are often better off when they hire property managers rather than running the investment themselves.
Here are three excellent reasons to hire a residential property manager:
- Expert marketing for your available properties
- Locating and renting to qualified tenants who are likely to be long-term residents, thereby reducing vacancies
- Experience with setting rent prices that are fair and still profitable
If you are not sure about taking on the role of a property manager, you might benefit from discussing your situation with an expert. At Zest Realty, we can examine your situation and highlight the specific pros and cons of you hiring a rental property manager. Our team is also happy to assist you with other aspects of your personal or investment property.
