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Key Responsibilities of a Property Manager

Property Management IdahoIf you are considering hiring a property management company to manage your investment properties, you may not understand what services a property manager provides and what they are generally responsible for. You know that they will fill vacancies, collect rent, and handle any maintenance requests, but what else do they do?

A good property manager will handle all aspects of property management and will run things as a business, keeping accurate records, managing a budget, ensuring all housing laws are followed, and that rental income is coming in. A few key responsibilities of a property manager outlined below.

Marketing and Financial

If you hire a property management company, they are responsible for the marketing of your property, the collection of rents and deposits, and payments to other contractors for things like lawn maintenance, snow removal, repairs, and trash pickup. They should be expected to manage a reasonable budget, maintaining all records of payments received and paid. Regular financial reports should be provided to the property owner.

A good property management company, like Rooftop Real Estate, will also help to set an appropriate rent amount based on comparative properties in the area. The combination of effective marketing and a competitive rental rate help reduce vacancies and lost rental income.

Tenant Management

A property manager can be invaluable when it comes to tenant management. Included in their list of responsibilities is tenant screening, lease processing and enforcement, rent and deposit collection, and evictions. A property management company can run criminal background checks and credit checks on prospective tenants, which can help locate tenants who are more likely to pay rent on time and are likely to be long-term tenants.

There are numerous legal elements involved, from lease contract terms, fair housing, and evictions and collections. A good property manager will have a clear understanding of landlord-tenant laws as they pertain to tenant screening, management of security deposits, and lease termination and eviction proceedings.

The property manager is also responsible for handling complaints, maintenance requests, emergencies, and move-outs. Happy tenants are more likely to pay rent and remain living at the property, and it is important to address any problems quickly and efficiently.

Repairs and Maintenance

Maintenance requests, emergency repairs and general maintenance of the property all fall under the responsibility of the property manager. The property owner authorizes any and all costs related to repairs, improvements and maintenance, except in emergency situations requiring immediate attention when the owner is unavailable.

Repairs and maintenance can run the gamut from a clogged sink to several inches of water damage from an overflowing toilet or broken pipe. This also includes any exterior maintenance including lawn care, trash removal, snow removal, parking lot and sidewalk maintenance, and exterior appearance. Regular inspections can help prevent major problems with furnaces, air conditioning units and water heaters, and ensures that tenants are not causing damage beyond normal wear and tear.

Recordkeeping and Administration Tasks

A property management company should have a system in place for maintaining tenant records, financial records, and the handling of rent and deposit monies. These functions are essential to limit liability risk with tenants, to ensure proper reporting and accounting for taxes, and proper handling of funds.

This is an essential function for any business, but is an extremely important aspect of property management. A good property manager will know the legal requirements and processes in place to protect both the tenant and property owner.

Benefits of a Good Property Manager

An experienced property manager plays a very important role in the day-to-day operations of your investment property. Not only do they reduce vacancies, collect rent and perform regular maintenance, but also reduce the owners’ liability and risk through tenant management and effective record keeping. A good property manager should make the property owners life easier, ensuring their property is being well cared for while steady rental income is coming in. Rooftop Real Estate looks forward to speaking with you about your property management needs in Southeast Idaho.