Did you know that almost 37% of homes in the US are rentals?
With rental units come property managers. Are you considering investing in rental properties and wondering what goes into managing the property? Are you currently a property manager and want to know if there are any areas that you can improve in?
Read on to learn what the primary property management responsibilities are.
1. Find New Tenants
A property isn’t profiting without a tenant, so this is one of the most critical responsibilities.
Part of finding new tenants includes listing the property on rental sites so that people know it’s available. Once people show interest, you also need to schedule showings so that people have the opportunity to see the property in person and make a decision.
2. Tenant Screening
So you have an interested person, what now? Now, it’s time to screen the tenant and ensure that they’re a good fit for the property.
Each screening process is different, but you always need to look into their credit history and backgrounds. You might also ask about pets and ask for references from previous landlords.
3. Dealing with Complaints
At one point or another, every property manager will need to deal with complaints from the tenant.
It will be your responsibility to try your hardest to keep them happy so that when the time comes for a lease renewal, your chances of keeping them are higher. Searching for new tenants costs time and money, so keeping your current ones is ideal.
In addition, some complaints will be severe and stem from issues with the property. You will be responsible for keeping the grounds and the apartment/house in working order.
A real estate investor needs to recoup their money somehow, so paying careful attention to financials is vital. You will need to manage rent collection and track income vs. expenses to ensure that the endeavor remains profitable.
Putting financial processes in place from the start is key to being a successful property manager.
5. Overall Supervision of Property
There are countless responsibilities when it comes to managing a property. Some other things to keep in mind are:
- Keeping the property safe and secure
- Staying up to date on laws that impact your business
- Pest control
- Coordinating trash pickup
- Dealing with utility companies
- Snow removal
Managing all of these things can be overwhelming. Companies like Nomadic Real Estate help you manage the property so that you aren’t responsible for all of the duties associated with the property.
In some cases, you can even take your hands off entirely and free up your time to do other things while still having peace of mind knowing that your property and tenants are taken care of.
Key Property Management Responsibilities
This article walked you through the five key property management responsibilities. You need to find and screen new tenants, deal with complaints, handle the financials, and maintain overall supervision of the entire property.
Even when considering these essential components, it can feel like too much to handle. Consider hiring a property management company to help lighten your load.
If you enjoyed this article, take a look at some of the other content on our website that walks you through more information about owning property.