What Are The Responsibilities Of A Property Manager?

A professional property manager can take a lot of the stress and admin out of running a rental property on your own. That being said, if you’re considering becoming a property manager, you need to be aware of the property management responsibilities associated with the role. You’ll take on a lot of the property management duties on behalf of landlords, however, the job can be very rewarding if done properly. 

Whether you’re looking at hiring a property management firm, or an individual property manager or if you think you are well-suited for the position, you need to understand basic property management responsibility. In this post, we’ll take a look at these in more detail and highlight the benefits of hiring a property manager to take care of your rental unit. 

Property management responsibilities and duties

When you work as a property manager, there are several duties you have to carry out that come with the role. However, as the role is prominently client-facing, not all responsibilities and duties are necessarily predictable. The following will give you an idea of just what is expected of property managers and a rundown of property management responsibilities.

Advertising and marketing the rental property

One of the most important duties of a property manager is to make sure the rental unit is occupied as much of the time as possible. It is therefore the responsibility of the property manager to advertise that the property is vacant for rental to get new tenants in as quickly as possible.

Determining the rent price

If you’re not in the real estate industry,  it can be difficult to know how much to charge for rent. A property manager has expert knowledge of how to competitively price rental properties to attract tenants and make sure the profits gained from the rental are worth it.

Tenant screening

One of the biggest concerns landlords face is the well-being of their property during a tenancy period and whether or not the tenant will pay their rent as agreed. For these reasons, a property manager must conduct thorough tenant screening processes to assess the eligibility of a tenant to stay in the property. This process also helps to mitigate the risk of having to take further legal action such as eviction or lease termination.

Use property management software

Although property management software like Hospiria’s is designed to make overall property management easier, a property manager may know how to use such tools more effectively than a property owner would. Using software will also optimize the property manager’s capacity to be able to keep track of all the properties in their portfolio, ultimately making their job easier and making their work for the landlord more effective.

Putting together lease agreements

The legal aspect of renting out a property always requires a lot of paperwork and legal consultation. Property managers take on this responsibility on behalf of the landlord. Lease agreements need to be thoroughly drawn up to ensure there are no misunderstandings between the tenants and the landlord. For this reason, a property manager will ensure all the legalities surrounding a lease are included and effectively communicated in writing in the lease agreement. They will also make sure it is signed and copies delivered to each stakeholder.

Vacant unit preparation

At the end of each tenancy, there are usually some minor repairs, cleaning, and redecorating to be done. A property manager is responsible for making sure that the vacant unit is in an acceptable state for the new tenants to occupy. Preparing a vacant unit may entail bringing in professional cleaners, painters and health and safety surveyors as a few examples.

Responding to tenant queries and concerns

When the tenants have moved into a rental unit, the space becomes their home. It’s therefore vital that the property is well maintained and that the tenant, a paying customer, remains satisfied throughout their tenancy. One key property management responsibility is to ensure the tenants are satisfied with the property’s condition and to respond to any complaints, requests or concerns from the tenant, and communicate these to the landlord should their input be required. 

Rent collection

It’s up to the property manager to ensure that rent is paid on time and that all invoices are properly reconciled against payment made by the tenant. If the rent is not paid, it also falls onto the property manager to carry out any previously agreed upon legal action as per the lease agreement. This may include charging the tenant interest on the delayed period or evicting the tenant in the event of consistent rent payment delays.

Contractor coordination for repair and maintenance

One of the main property management responsibilities is to ensure that the rental unit is well-maintained at all times. This may include repairing plumbing, eclectic maintenance, or painting work. Work that needs to be carried out by a contractor should be coordinated by the property manager and should also only take place when convenient for the tenant. It’s also up to the property manager to ensure the contractor is paid on time.

Handling legal matters 

In the event of a tenant eviction, a property manager must make sure all the legal aspects of the process align. Legal action can, however, also involve making sure inspections and contracts are legally compliant. With the help of a legal professional, property managers will need to ensure all legal matters surrounding the property and tenant-landlord relations are properly dealt with.

Generating reports for landlords

As a landlord is effectively a business owner and investor, they will want to know that their property is being managed properly as well as the status of the tenancy. Property management duties may, therefore, also include generating reports for the landlords or property owners.

Implements rent adjustments

As inflation goes up, it’s common practice for rent to be adjusted too. It's up to the property manager to track rent pricing trends against those of their property portfolio and to implement rent pricing adjustments accordingly while maintaining clear and open communication with their clients.

Should I hire a property manager? 

If you have been privately renting your home or want to start renting out a property to make some extra cash, it may be worth considering hiring a property management team or individual. Having someone who is dedicated to making sure your property and tenancy relations are in order can save landlords a lot of time and will ultimately ensure that the rental is compliant with all legalities and related policies. It also means all administrative processes are professionally handled in a timely fashion.