Most people are aware that property managers exist, but not what they do all day. In actuality, property managers handle a lot of matters that many people don’t even realize are a concern. Although the exact responsibilities vary according to contractual specifications, this is a short list of the duties that property managers are responsible for:

Rents: The property manager has an in-depth knowledge of the market, and will advise the landlord of the appropriate rent in order to attract tenants. They are also responsible for collecting rent and issuing any fees associated with late payment. Finally, they will handle the annual rental increases as well, if appropriate.
Tenants: Property managers take on this responsibility from day one, marketing for, screening, and otherwise handling tenant matters. They are also responsible for the ongoing needs of tenants, including complaints and emergencies. It is also their role to handle evictions and move-outs.
Maintenance: With a property manager, you won’t have to worry about the condition of your property. Property managers will manage preventative and ongoing maintenance, in addition to emergency repairs.
Legal Matters: Your property manager will be your first stop for matters pertaining to Landlord-Tenant Law. While not a replacement for a lawyer, they have to be very familiar with these regulations to avoid running afoul of them. This also includes privacy matters and safety standards.
Bookkeeping: Property management companies have systems set up for keeping track of budgets and maintaining good records. They often have online portals for property owners to access the records for their property. This often carries over to tax matters — oftentimes the management company can file your property taxes, but it will certainly provide you with all the details necessary to do it yourself.
Supervision: Who makes sure the painters did a good job? Who watches the plumber while he works if the tenants aren’t at home? Who makes sure that vacant properties are maintained and remain secure? The property manager, that’s who. The property manager is responsible for the oversight of any work that he or she did not personally take care of. That’s something that you would have to do if you were to manage your properties yourself, which can wreak havoc on a crowded schedule.

If you’re interested in the services of a property manager, we would be happy to help. Please contact our offices and we will discuss your situation either on the phone or in person.

What is Your Property Manager Responsible For?