What Are the Responsibilities of a Property Manager?
A property manager does exactly what the title describes, he manages the property. This is usually a rental or lease property that the owner would like to make a profit on without selling it. From office space to private homes and apartments, a property manager has a wide range of skills and responsibilities.
The property manager essentially steps in and helps the owner make decisions that will ensure that the property is profitable and that the tenants are satisfied and under control.
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Assessing Income Potential
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A property manager must be able to figure a fair market value for the property as a rental, while taking into consideration any HOA fees, maintenance costs, mortgages and other expenses the property will incur.
Leasing and Renting
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Writing rental contracts, running tenant applications, advertising and networking for the property, showing the property, and arranging all the basic preparation and cleaning for a new tenant is the responsibility of the property manager.
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Maintenance and Repairs
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When something breaks or needs maintenance on the property, the person who gets that call is the property manager. She then must make the decisions and carry out what needs to be done.
Legalities
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A property manager is responsible for knowing the law concerning the properties he manages. Leases and rental contracts must follow state and federal guidelines. Evictions are legal processes, and even the terms of maintenance and rules for the homes are dictated by legal precedents.
Transferring Money
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A property manager collects all the monies from the property and has to disburse them to HOA fees, mortgage payments, maintenance people, and the owner in a timely and well documented manner.
Bookkeeping
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Property managers have to keep track of the many expenses and income for the properties they manage. Many owners request an accounting report at least every 6 months to see where the money is going and how much of a profit they are clearing on the property.
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