Many people see real estate as a get-rich-quick scheme. Obviously, this is far from the truth. Many responsibilities go into becoming a landlord, but none more so than being a property manager. The reality is that you can’t just be a landlord expecting monthly payment from your tenants. It’s still a form of work that entails tasks and responsibilities largely covered by the property manager job title. But what is a property manager really, and how is it connected to being a landlord? Let’s find out.
Defining a Property Manager
A property manager doesn’t have to be the owner of the real estate, although in most cases, they’re one and the same. While an owner owns, a property manager does a lot more. In many cases, a landlord hires a property manager to do the job for them.
Property managers ensure that the property is operating under optimum capacity. They should know if the living conditions are sufficient for the clients and make the necessary financial decisions when running the property itself. They’re also responsible for helping the tenants, collecting the payments, and maintaining the physical aspects of the property.
What Does a Property Manager Do?
The responsibilities of a property manager are wide and varied. They include legal aspects to logistical aspects of running a rental property. Here are some of the important responsibilities of a property owner.
Deciding the Fee
A landlord can decide how much rent should cost, but oftentimes, it’s the property manager who decides the final price. They’re responsible for setting a competitive amount that can attract interest to the property. Usually, this is accomplished by comparing the market fee for a similar-sized room, with all the amenities and benefits added on top.
There has to be a system for taking the rental fee from the tenants. Property managers are the ones that ensure the cash flow by setting collection dates and making sure that monthly property expenses are met. This also means having to deal with late fees from tenants and other financially related tasks.
Attracting Tenants and Managing Tenants
Another major responsibility of a property manager is getting tenants for the units for rent. It involves finding potential tenants and screening them to ensure that they’re an appropriate fit for the other tenants. Of course, one shouldn’t forget that this also includes handling issues with tenants. A property manager has to handle the complaints and even give out eviction notices if necessary.
Managing and Maintaining the Property Itself
From the name itself, property managers have to manage the property and make sure everything is working. It means frequent trips to Banner Solutions to get the necessary bolts and hinges or padlocks and keys.
It means connecting with your local plumber or electrician to make sure your tenant’s utilities are working fine. They will have to make constant rounds to make sure that the hallway lights are working and coordinate with the tenants to make sure that their unit’s plumbing and utilities are fixed. It also involves security and safety concerns.
It’s the property manager who has to organize the installation of CCTV, watch out for burglars and other ill-doers, and of course, maintain the smoke alarms, motion sensors, and fire extinguishers. This is the bulk of a property manager’s job, making sure that the property itself is functioning well.
Managing the Property’s Budget
As mentioned before, a property manager is responsible for the building’s maintenance and upkeep. That also includes the budget and other financial duties. They must operate within a limited budget while using their discretion to spend for sudden situations like compromised physical structures or problems arising with tenants.
Managing the budget also means handling the taxes and other utility expenses. In some properties, it’s the tenant’s responsibility to make the payments, but some apartments have it consolidated by the property manager.
Is it for You?
Being a property manager is far from easy. Landlords and property owners may want to hire a property manager to do everything for them. However, there’s still a sense of fulfillment and accomplishment of wanting to do it on your own. It can get considerably stressful, especially if you’re approaching it without understanding the full picture.
If you’re a property owner looking to handle the management side of things like a full-time job, make sure that you’re familiar with the responsibilities and the tasks of a property manager. When doing so, you’re sure to have a better experience and knowledge handling your duties.