Starting in property management can feel overwhelming. There’s a lot to keep track of. Understanding the key duties of a property manager is essential for smooth operations.
Managing a property goes beyond collecting rent and fixing things. It’s also about keeping tenants happy and maintaining the property’s value. Let’s break down the key property manager duties.
Tenant Management
Tenant management is a big part of property manager duties. This includes:
Finding Tenants
One of your main tasks is to find reliable tenants. You’ll advertise available units, show the property, and screen applicants by checking their background, credit, and employment.
Lease Agreements
You’ll prepare and explain lease agreements. This ensures that both tenants and owners are clear on the terms.
Collecting Rent
Getting the rent paid on time is crucial. If tenants are late, it’s your job to follow up and handle the situation.
Tenant Communication
Be the point of contact for tenants. Whether it’s answering questions, solving problems, or handling complaints, communication is key.
Maintenance and Repairs
Keeping the property in good shape is a big part of your job. Property maintenance tasks includes:
Regular Inspections
Check the property often to spot small problems before they become bigger issues.
Coordinating Repairs
If something breaks, like the plumbing or heating, you’ll find someone to fix it quickly.
Property Appearance
You’ll make sure the property always looks nice, from landscaping to cleaning common areas.
Financial Management
Managing money is a key part of property management. Specifically, you’re in charge of:
- Create maintenance and repair budgets.
- Pay bills related to the property.
- Send financial reports to property owner.
Legal Responsibilities
You need to follow the law to avoid problems. This includes knowing tenant rights, handling evictions correctly, and making sure the property is safe.
- Follow fair housing laws.
- Handle evictions when necessary.
- Meet all safety standards.
Marketing and Advertising
You need to get the word out about the property when it has a vacancy. This means promoting the property and setting a rent price that matches the market.
Advertising Units
When a unit is vacant, you’ll advertise it online or through other methods to attract tenants.
Setting Rent
You’ll set the rent price by looking at the market and the property’s features. If you’re doing property management in Port Moody, you’ll also need to consider local rent rates.
Handling Emergencies
Emergencies happen, and you need to be ready. Whether it’s a burst pipe or a security issue, you’ll be there to take care of it fast.
Managing Vendors
You’ll work with different vendors and contractors to keep the property running smoothly. This means making sure services are good and that you get a fair price.
Record Keeping
It’s important to keep accurate records. This includes everything from financial transactions to tenant agreements, helping you stay organized and legal.
Lease Renewals and Move-Outs
Managing lease renewals and move-outs is important to keep tenants and property owners happy. You’ll make sure leases are renewed and that units are ready for new tenants.
Learn the Essentials of Property Manager Duties
Property manager duties involve many tasks, from managing tenants to keeping track of finances. The key to being a successful property manager is staying organized, communicating well, and handling everything that comes your way. Whether you’re new to the field or improving your skills, learning these basics will help you succeed.
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