A property manger, whether an individual or company, is a third-party hired to handle the daily operations of a real estate investment. Responsibilities and roles of a property manager or property management company may vary depending on your arrangement. Refer to company’s specific property management services for details. The size of the rental property, ranging from a one bedroom apartment to full story complexes will also play a major role in services offered.
The role of the property manger may include:
Rent Collections and Payments
A main role of property management companies is to manage the collection of rent from current tenants. Property managers are in charge of setting dates and enforcing rents due each month to keep an owners cash flow optimal. This can include the collection:
- Application fees
- Pet fees
- Monthly rent
- Other monthly expenses
Property managers may also handle payments on behalf of the property owners including:
Property managers are also knowledgeable in lease costs in different areas. Property owners can take advantage of a managers knowledge on setting the best rents to attract tenants to the property.
Property Marketing and Advertising
Professional property management teams will ofter leasing staff services to handle the marketing and advertising of a vacant property. Advertising and marketing can include digital formats such as their own website, social media, pay-per-click advertising campaigns, etc as well as hand held traditional marketing pieces to get the word out about new vacant listings and their features.
Often included with this aspect of property management is the handling of all property listing inquiries via phone or email in order to schedule individual showings.
Property managers want to see the space filled as soon as possible, just like the owners do.
Since property managers will be receiving all inquiries and scheduling of showings of the property, they might as well handle the screening of tenants as well. Screening processes can include background and credit checks. Property managers are also experienced in handling tenants and have typically gained a good feel for what makes a good or bad tenant for specific properties.
Responding to Maintenance Requests
Another high priority role of property mangers is to handle renters’ maintenance requests. Most property management companies will include both regular maintenance work to keep the property in good condition as well as emergency requests from renters. This requires a 24-7 maintenance staff that will handle all calls, scheduling of the work, coordination of subcontractors, purchasing of materials needed to complete the work, and reporting of completed work to the property. Most property managers already have a good working network of reliable plumbers, electricians, and carpenters to complete repairs in a timely and cost efficient manner.
Handling Move Outs and Evictions
When a renter’s lease has expired on a property and it is time to move out, the property manager is responsible for coordinating and inspecting the now vacant property. It is their job to settle any unpaid rents, distribute back deposits, and inspect for any damages. They are also responsible for cleaning up the unit and preparing it for the next tenant or listing for advertising.
If a breach of a property’s lease has occurred, it is the responsibility of the property manager to deal with evicting the current renter. He or she will handle the eviction of the tenant in preset procedures that correspond with the law.
Maintaining of Property Records
Property managers should maintain accurate and complete records of all properties managed. These records should include:
- Property income and expenses
- Completed inspections
- Signed leases
- Maintenance requests
- Completed repairs
- Property insurance
Managing of Property Budget
Each property should have a budget assigned to it to which the property manager and owner have agreed to operate under. It is the responsibility of the property manager to manage the property within this budget on behalf of the owner. This may include any maintenance requests or emergency situations.
Property managers or management companies play a big role in the day to day operations of owning a real estate investment property. It is wise for owners to sit down and review options and packages such companies offer when requiring management to fit your properties needs the best.
If you are in the Cincinnati area and looking for a property management team, contact Cincy Rents. Our extensive property management service packages and knowledgable team will assist you in managing your Cincinnati based home or apartment.