What Do Property Managers Do?

Handling the Legwork for Renters

Property managers are responsible for eliminating any interruptions in rental income for an owner. Property management is a complex job that requires a wide range of technical, interpersonal, and regulatory skills. A PM performs the work of a landlord, allowing the owner to collect rent payments without being the landlord themselves. The property manager's role also includes handling tenant relations, resolving conflicts, and addressing issues such as complaints or late payments. Property managers handle maintenance, repairs, budgeting, payments, and daily operations to ensure property value and tenant satisfaction for property owners.

On Call 24/7, so You Don’t Have to be

Property managers field tenant inquiries, requests, emails, and phone calls on a day-to-day basis. They handle lease violations, conduct inspections, and perform all accounting on behalf of the owner; very often, they work with vendors as well to take care of property maintenance requests and address maintenance issues, including landscaping, plumbing & repairs, and snow removal. Property managers also handle tenant complaints, ensuring resident concerns are addressed promptly.

They Vet and Place Tenants for the Owner

Screening tenants is a key responsibility of property managers, ensuring that only qualified individuals are selected for rental properties. Property managers also market to prospective tenants, working with multiple platforms to increase visibility and translate into frequent showings. They check the prospect’s creditworthiness, proof of income, criminal background, and rental history to find reliable tenants.

Additionally, property managers onboard new tenants to ensure a smooth transition and maintain high occupancy rates.Before a new tenant moves in, property managers conduct thorough inspections and walk-throughs to confirm the unit is ready and compliant with all regulations.

Leasing and Marketing Your Property

Leasing and marketing are at the heart of successful property management, directly influencing how quickly rental properties are filled and how much rental income property owners can expect. A professional property manager takes charge of creating compelling marketing campaigns, advertising rental properties across multiple platforms, and ensuring listings stand out to attract potential tenants. They organize open houses and property tours, making it easy for interested renters to view the property. By conducting thorough market research, property managers set competitive rental rates that reflect current real estate trends, helping property owners maximize their rental income while keeping tenant satisfaction high. Additionally, property managers draft clear and fair lease agreements that protect the interests of both property owners and tenants, ensuring a smooth leasing process from start to finish.

Systematic Rent Collection and Informed Financial Management

Experienced property managers have managed accounts and collections for hundreds of properties on behalf of hundreds of owners, so their business has a system in place to provide informed accounting, financial reporting, and rent collection procedures. Property management companies often charge a fee based on the income or rent the property generates.

Most property managers are responsible for ensuring timely rent collection to maintain cash flow. Collecting rent is a fundamental responsibility, and PMs are experienced at ensuring rent collection and have often navigated a wide range of scenarios, from dealing with delinquencies to enforcing policy on late fees. With that experience, PMs have developed procedures and systems to, for a small fee—often calculated as a percentage of the monthly rent—maximize rent return for the owner of the property.

PMs Maintain Your Property For You

A property management firm may use in-house teams or contractors to handle maintenance and repairs, ensuring that all aspects of property upkeep are addressed efficiently.

Property managers have relationships with licensed contractors or employ on-site staff who offer preferred pricing due to volume. They’re there for emergency calls, set up routine upkeep, and conduct regular property inspections to identify small issues before they become expensive problems. If the maintenance cost exceeds a limit determined in the PM Agreement between the owner and the manager, the PM consults the owner first regarding the specific property managed.

Property management firms oversee a wide range of properties, and the type of property managed can affect maintenance needs and the approach taken to address them.

Legal Compliance with Local Laws to Avoid Violations

Managers also stay current with housing laws to ensure the owner’s properties comply with local regulations. Property managers are regulated, and depending on the state, may require specific licenses to operate legally. In many cases, a licensed property manager is required to manage properties in compliance with state laws. Obtaining a real estate license may be necessary for property managers in some jurisdictions to fulfill legal requirements. Additionally, many states require property managers or management companies to be licensed by the local real estate board to ensure regulatory compliance. They will store the necessary documentation and handle any labor and administrative work to maintain compliance, especially for rental property and adherence to landlord-tenant laws. These updates would also be regularly reported to the owner.

A Property Manager Will Also Handle Evictions

When tenant issues arise, the manager is there to handle them. The most common problems and complaints that arise from tenants are:

1. Maintenance and repair issues
2. Pest infestations
3. Noise complaints
4. Tenant complaints

Property managers work to maintain positive relationships with tenants by addressing their concerns promptly.

And, when necessary, a PM will also handle the eviction process while maintaining proper documentation.

A PM Eliminates the ‘Landlord Burden’ and Delivers Rental Returns

A property manager does almost all of the work involved in renting a property on behalf of the owner. They are on call full-time to respond to tenant requests, screen and place tenants, perform accounting, keep your property compliant, handle maintenance, and collect rent so that you don’t have to be a landlord while still making rental returns on your investment. Effective handling of tenant issues leads to satisfied tenants and helps ensure ongoing lease renewals.

Multi-Family Property Management

Managing multi-family properties, such as apartment complexes or condominiums, requires a specialized approach. Multi-family property managers oversee the day-to-day operations of these residential properties, handling everything from rent collection and maintenance requests to resolving tenant concerns and fostering positive tenant relations. They are experts at balancing the needs of multiple tenants while ensuring property owners’ interests are protected. Multi-family property management requires a deep understanding of landlord-tenant laws and the ability to coordinate maintenance for shared amenities and common areas. By hiring a professional property manager who specializes in multi-family properties, property owners benefit from streamlined operations, reduced costs, and higher tenant satisfaction, all of which contribute to the long-term success of their investment.

Investment Property Management

For real estate investors, investment property management is essential to generating passive income and maximizing returns. A dedicated property manager handles the day-to-day operations of investment properties, whether they are single-family homes, apartment buildings, or commercial spaces. Their responsibilities include rent collection, property maintenance, and thorough tenant screening to ensure reliable occupancy. Investment property managers also provide regular financial reports, keeping property owners informed about rental income, expenses, and the overall performance of their investment property. By entrusting their assets to a professional property manager, real estate investors can enjoy increased cash flow, reduced risk, and peace of mind knowing their properties are being managed efficiently and profitably.

Management Company Services

A property management company offers a comprehensive suite of services designed to make property ownership hassle-free. These companies employ experienced property managers who handle the day-to-day operations of real estate properties, including property maintenance, rent collection, and tenant screening. Property management companies also manage lease renewals, coordinate repairs, and provide detailed financial reporting, allowing property owners to focus on other priorities while their investments are professionally managed. By staying up-to-date with local real estate laws and market trends, property management companies help property owners set optimal rental rates and maintain high tenant satisfaction. Partnering with a reputable management company means property owners can enjoy increased efficiency, lower costs, and the confidence that their properties are in expert hands.