Hiring a property manager takes a massive load of work off your hands.
They are trained to expertly handle the nitty-gritty of your rental business operation.
Depending on the company, some are full-service management providers while others only offer one type of service, such as tenant placement.
In a nutshell, a property manager’s responsibilities span from managing people to rental pricing and doing your paperwork.
Keep on reading for a full list that explains each responsibility a qualified property manager can effectively take care of for you so you don’t have to.
Rental Pricing
A property manager is responsible for rental price setting, making necessary adjustments and collecting rent.
Rental Price Setting:
The market usually dictates the rental price. For example, when your property happens to be in a hot location, the demand for your rental unit allows for rent to be high.
The property manager’s responsibility is to be able to set the optimal price preventing you from lost income or opportunity. They will allow you to strategically maximize the profit for your property and earn more.
Rental Price Adjustment:
The property market is dynamic and ever changing.
Sometimes, locations can suddenly become more popular as an area becomes more developed. Other times, the market becomes over saturated and locations become less interesting to tenants.
A qualified property manager knows how to assess the market and adjust the rental price accordingly to keep your property occupied and profitable.
Rent Collection:
Collecting rent is one of the primary responsibilities of a property manager.
They can set up an efficient system that will ensure prompt payment. They can also structure a penalty system for late payments so that they do not become reoccurring.
As a property investor, you won’t need to worry about receiving your monthly rental revenues when you have a professional property manager on your side.
Property Maintenance & Repairs
A property manager is assigned to take care of maintaining the property and the associated repairs that comes with it.
Property Maintenance:
A great property management company will oversee that your property is carefully kept in excellent condition.
This can help make your property more desirable as tenants will always prefer a well-maintained place to rent.
This usually entails double-checking specific essential parts of a property, including the inspection of its drainage/gutters, light bulbs, smoke alarms, pest control and other forms of emergency repair.
Repairs:
A property requires repairs from time to time. Especially if it has been around for several years.
It is like owning a car, it requires a continual checkup and repair to make sure that it’s running smoothly. It’s the duty of a property manager to arrange for any required repairs.
Most of the time, they also have a ready pool of reliable handymen such as plumbers, electricians and other home repair experts at their disposal. Another great advantage of working with a property manager who’s been present in the area for many years.
Tenants and Vendors
A property manager is tasked with managing people like tenants, employees and suppliers of services that help with your property’s maintenance.
Finding Tenants:
It is the duty of a property manager to market a property and attract potential tenants.
They will prepare advertisements and implement suitable strategies to find the right kind of tenants for your specific property. They are tasked to communicate, meet, welcome and show potential tenants the key features of a property.
They are expected to explain the benefits of renting in the said property and address any questions. The landlord can sleep better knowing a property manager is working to find good occupants to fill a vacant property.
Screening Tenants:
Everyone knows that screening tenants takes a lot of time and expertise. You have to run background checks, double-check credit histories, evaluate references and verify employments.
This is an essential step to reduce future problems. A property manager is equipped and responsible to efficiently conduct the screening of tenants.
Managing Tenants:
Another responsibility of a property manager is managing a tenant from start to finish. This means taking care of the relationship from the day a tenant moves in until the tenant moves out.
There are several situations that can arise when managing a rental property. These situations include emergencies, complaints, leasing terminations, handling security deposits and safety compliance.
The toughest of all however would be dealing with evictions. A property manager will be able to navigate these challenging cases professionally and smoothly giving the landlord peace of mind.
Contacting Service Suppliers:
A property manager will contact, communicate and oversee local vendors when your property requires.
Most professional property managers have solid networks of service suppliers. This means that emergencies will be taken care of quickly and efficiently.
Budgets & Paperwork
As a property manager, it is required of them to perform budget control and effective records keeping.
Budget Control:
This is a very crucial responsibility given its financial nature. A property needs a set budget that must be carefully followed.
This should be done without sacrificing the quality of maintenance and repairs.
Effective Record Keeping:
Having an excellent record keeping system makes it easy to trace and perform accounting especially during tax season.
A property manager can file the property taxes and assists the property owner in tax filing. Keeping a thorough record of repairs, leases, rental payments and insurance costs is vital.
It helps with evaluating income and the expenses related to your property. It makes it easier to make critical decisions regarding the improvement of a property’s features to attract more tenants.
Are you looking for someone to help you manage your rental properties in Austin, Texas?
If these are duties you’d like to delegate, you may need a property manager.
Enjoy peace of mind knowing your properties are cared for with our professional management services.
We have more than 30 years of experience in the business and we have built a strong reputation with our hands-on service.
We provide extensive and cutting-edge property management services in the Austin, Texas area. Contact us today to learn more about what we can offer your residential rental property!
