What Are the Responsibilities of a Property Manager?
There are multiple tasks that a property manager handles. The functions are not necessarily the same for every rental management team. The tasks they perform will depend a great deal on the type of property you own; for example, you could hire a property manager exclusively for particular rental real estate services, such as tenant screening or marketing alone. Alternatively, you could hire property managers to perform a complete package of services.
This article will show you a basic property manager job description; broad scope of their responsibilities, so you can examine them and narrow down the services you want. Here are the things property managers accomplish:
Property Manager Responsibilities
1. Advertising and Marketing Your Property
On your own, marketing can take up a lot of resources, such as time and money. Working with a company like East Bay Property Management and Consulting means utilizing a vast network of contacts for your rental real estate. As part of property manager responsibilities, they market widely using word-of-mouth, online and traditional methods to reach potential tenants.
Another advantage of hiring property managers is their marketing skills and experience. It’s easy for a manager to recognize the best demographics to target given the location of your rental property to find the best tenants. A manager can also determine a rent rate for your property given the market.
2. Extensively Screening Tenants
If you screen interested tenants by yourself, you risk sacrificing efficiency or forgetting to check a significant factor. Hiring East Bay property managers means that you’d cut down your time spent on this process that plays a big part in finding who to rent to. Screenings of prospective tenants are a part of any standard property manager job description.
A property manager does the necessary research on the tenants without skipping vital information necessary before allowing someone to rent your unit. Criminal background, rent history, and financial checking for all potential tenants is properly conducted. Property managers can also easily access records, given their experience in tenant evaluation.
Another advantage is that property managers always adhere to laws like the Fair Housing Act. This means when interviewing prospective tenants, the right questions will be asked without stepping over privacy rights.
3. Shedding Light on Legal Matters
Going into the real estate business, a landlord must also be well versed in legal matters. You have to arm yourself with the latest statutes of the State where your rental property is located. You must abide by the governing landlord-tenant laws and follow the proper eviction procedures. Moreover, there are also guidelines on how to handle rent security deposits given by tenants. The laws are dynamic and can be amended anytime.
If you work with us, you can rely on our property managers’ legal knowledge and ensure you will be protected as a property owner. You will be spared from the time-consuming effort of always being updated with the minute legal details of rent. This guarantees your legal adherence when it comes to performing the duties expected from a landlord. Additionally, you will always act within your legal rights and avoid incurring penalties for overstepping your boundaries as a landlord.
4. Budgeting and Record-Keeping
If you’re a first-time landlord, managing your finances can be challenging. To succeed in the rental property business, being excellent at handling your budget is key. When you hire some help, a property manager job consists of being able to operate within the given budget. Unnecessary expenses will be avoided, and the budget will be strictly used where it’s needed.
Recordkeeping is also essential in a rental real estate business. Property managers can keep track of financial files as well as property records. This could cover income, insurance payments, repair expenses, leasing agreements, maintenance requests and several more.
5. Dealing with Complaints and Tending to Emergencies
Managing tenants is a large part of being a landlord. As they are the lifeblood of your rental business, it’s a crucial responsibility to promptly respond to their maintenance needs and requests. Whether this entails emergencies, be it maintenance or repairs, or dealing with complaints and conflicts with other tenants, it’s your duty to manage them. Maintenance should be conducted as soon as a request is made, so as not to have to deal with a greater issue later on.
Working with East Bay means having more time on your hands and fewer stresses regarding repairs and maintenance. Professional property managers will attend to all tenant issues and urgent situations any given day.
6. Conducting Move-In Preparations
Another time-consuming task for landlords is getting your vacant rental unit ready for the next individual looking to rent. Hiring us as your property manager means you’re spared from the worries of preparing your property for rent. We will take over the repainting, ensure cleanliness and verify the working condition of appliances in your property.
A property manager will carefully inspect and perform maintenance in every nook and cranny. They’ll work within the budget given, and can choose specific refurbishment projects. This is done to add more value to your property and market it more easily.
7. Handling Move-Ins, Move-outs and Evictions
Tenant move-ins and move-outs can take up a large bulk of your time. Hiring a property manager means the tenants will be looked after from the beginning to the end of their tenancy. In case of evictions, they will also handle the ordeal while adhering to the due process of law.
During move-in, property managers can perform tenant orientation, reiterate property policies and share important information. They’ll hand the keys, passwords and a welcome package, if applicable.
During move-out, the property manager can conduct a property walkthrough and assess damages. They can then note things that need repair and send the tenant a calculation of the charges. The property manager will also receive the keys, refund the security deposit and make sure that no tenant’s belongings are left in the premises.
In the case of an eviction, the property manager can send the required notices and file for a lawsuit at the court. The manager can represent you and provide the required evidence to support the tenant’s eviction. They’ll make sure that the proper procedure is observed, shielding you, the property owner, from legal stress.
If you wish to secure peace of mind when it comes to managing your California property, hiring a property manager is the way to go.
Contact us for solutions to your unique property needs!