As a landlord, you have so much to consider. Finding tenants, collecting rent, and dealing with maintenance issues can be a bit overwhelming. This is especially true if you’re busy with other responsibilities or live away from your rental property.
Hiring a property management team can make your life easier. They can handle the day-to-day responsibilities of your property, so you can focus on other things.
A property manager’s first responsibility is rent collection. But they do so much more!
If you’ve wondered what does a property manager do, we have the information you need. Here’s a look at some of the major responsibilities of property managers.
Set the Rent Price
Setting the price of rent is among the most important property management duties. It’s a basic responsibility of a landlord and one they often pass on to their property manager.
Property managers are familiar with current rent prices and how to set a fair price. They know how to evaluate a property and decide on the best price to help you capitalize on your investment.
They analyze market data, compare local prices, and consider property amenities to come up with the perfect rental price.
Prepare the Vacancy
Having a vacant rental property is a problem. You’re losing money each month the property sits unoccupied.
You want your property to look its absolute best to attract new tenants. It’s the property manager’s responsibility to make sure the rental is clean and move-in ready.
Property managers know what tenants are looking for. They can offer great advice on how to make your investment property more appealing to renters.
Marketing vacant properties is an important duty of a property manager. Their knowledge and experience helps them understand the current market and where and how to advertise your property.
They want to attract as many viable prospects as possible. They understand there are multiple ways to find tenants, including:
- Posting for rent signs
- Online advertising
- Social media advertising
- Print advertisement
- Tenant referrals
- Hosting open houses
Finding the ideal tenant is an important aspect of advertising your rental. This offers the best chance of a reliable long-term renter choosing your home or unit.
Screening tenants is another crucial responsibility of a property manager. They will search for the best tenant for you.
A property manager will strive to find someone who will pay their rent on time, follow the terms of the lease, and take good care of the property.
Screening potential tenants is an important step in the rental process. The property manager should consider a person’s income, place of employment, credit history, criminal background, and rental history during the screening process.
Prepare the Lease Agreement
A property manager sets the lease terms to protect the owner’s interests and property. They will review the terms of the lease with renters during the signing process.
A lease agreement covers all the details of the lease, including the security deposit, rent price, late fees, and consequences for failing to comply. Property managers handle all the paperwork and keep records of all financial transactions.
Resolve Tenant Issues
Another core responsibility for property managers is managing tenants. Property owners often need help handling day-to-day issues and dealing with difficult tenants.
The goal is to find reliable and compliant tenants, but that’s not always the case. Tenants who are behind on rent can become destructive, and it’s hard to handle these situations at a distance.
Your property manager can handle rent disputes, complaints, and emergencies. They can oversee evictions and move-outs, ensuring your property is protected.
Collect and Adjust Rent
Property managers are experts in rent collection matters. One of their most important duties is rent collection.
They often set the rent price, collect rent payments, and issue late fees. Sometimes property managers adjust the rent price based on the current market, area trends, and other factors.
Handle Maintenance and Repairs
Landlords have the responsibility of keeping their property safe and habitable for tenants. Maintenance is an ongoing concern that many landlords don’t have time to handle.
Property management responsibilities include maintaining your property. These duties may include overseeing general upkeep and handling emergency maintenance needs.
A well-maintained property is more likely to attract new tenants or keep current tenants happy. Property managers handle maintenance issues as they arise, keeping minor problems from becoming pricey catastrophes.
Supervise On-Site Work
If you’re away from your property, it’s hard to keep up with any on-site work that’s taking place. If you’re hiring contractors, cleaners, landscapers, painters, or anyone to service your home or property, you want to ensure they’re doing the job right.
Having a property manager to oversee all on-site work can be a relief and a time-saver for you. They can manage the details and make sure all on-site workers are doing their job and taking care of your investment.
Evict Difficult Tenants
Evicting tenants is never fun. And it’s almost impossible to do at a distance.
Having a property manager to handle this difficult task is a life-saver. They are aware of eviction laws and know how to handle the process respectfully and legally.
An eviction is a lengthy legal process. If you don’t follow the proper steps, you could face legal issues down the road.
You want a property manager with the knowledge and expertise to handle evictions and any other issues that may come along with your renters.
Hire a Top Property Management Team
Although rent collection is the primary role of a property manager, there’s so much more they can do. From setting the rent price to advertising vacancies to dealing with tenants, your property management team can handle it all.
We’re committed to providing outstanding property management and excellent customer service. If you’re ready to put your investment property in capable hands, we’re ready to help.
To learn more about how we can meet your property management needs in the Delaware area, contact us today.