What Does a Property Manager Do?
February 24, 2022
You’ve most likely heard of the terms property manager and property management company before, but what do property management companies do?
In this article, not only will we answer this question and more, but we’ll also talk about how this benefits you in the long run, whether you’re a renter, investor, owner, or just curious and looking to learn.
What Is a Property Manager?
So, what is a property management company and property manager? In simple terms, property management is when a third party takes responsibility for maintaining a property, whether residential or commercial and its occupants.
The idea is to ease the burden off of the property owner, allowing experts to handle daily tasks like rent, repairs, etc. And, if the property is vacant, the property manager should work to fill it with tenants.
What Do Property Managers Do?
What does a property management company do? They take care of the everyday operations of the property: responding to tenant concerns, marketing, overseeing maintenance and rent collection, and much more. Every management agreement is different, with some of these responsibilities included and others not.
Comply with Landlord-Tenant Regulations
If you’re an investor and/or property owner, you probably know how difficult it is to keep up with all of the landlord-tenant laws and regulations. With their experience and training, property managers have an in-depth understanding of these rules, keeping you safe from legal issues and fines.
For example, a property manager should know exactly how much can be charged for a security deposit in certain states, legal issues regarding maintenance, and more. Property managers’ knowledge of local and state laws will keep you and your assets well protected.
Act as Your Representative
Another important job of property managers is saving you time by acting as your local representative, whether you live in Houston or live out-of-town. For example, if you own property in Houston but have lived in Maryland most of your life, you probably won’t know the relevant intricacies and information necessary. This is where a property manager comes in. They will know how to handle operational issues and you won’t have to deal with it remotely.
Market Your Property
An empty property means no revenue, which isn’t great for your bottom line. Property managers are skilled in marketing the property and searching for tenants to fill the vacancy in order to decrease potential losses.
Good property management companies will take an active approach to the market, getting professional photos taken, taking care of repairs and remodeling to make it look amazing, creating walk-through videos, listing the property on reputable rental listing sites like Zillow, and Redfin, and handling showings for prospective tenants.
It’s essential to have good tenants in your property to reduce the risk of financial loss from damages or inconsistent rent payments. That’s why it’s best to hire a property management company to screen tenants for you.
A comprehensive tenant screening will include rental history, credit, background checks, employment history, criminal background, and pet information. A property manager can do all of that, not to mention, they will make sure everything is done in compliance with discrimination and fair housing laws.
Collect and Deposit Rent
Another common duty of property managers is collecting and depositing rent from tenants. Some use payment apps, some require physical checks, while others have online sites through which tenants can pay easily.
Along with that, they also are responsible for evictions and delinquent payments. Keeping track of all of these details, especially in multi-family properties like apartment complexes, can be confusing and time-consuming. Having a property management company oversee it all will take a huge burden off your shoulders.
Respond to Tenants Requests
Nothing is more crucial but frustrating than dealing with tenant requests. When appliances stop working, systems die, and little things go wrong, you’re bound to get a huge load of complaints and requests coming in from the tenants. And, when the requests aren’t answered quickly, it only gets worse.
Property managers are able to properly handle these requests in a timely manner, responding to emergencies after hours, preventing code violations, etc. A property manager takes this hassle off your hands!
Manage Maintenance and Repairs
The property manager will also take care of maintenance requests that require respected and reliable vendors. A slow response will frustrate tenants, so it’s essential to stay on top of any complaints and have an accessible manager.
These requests can include all kinds of issues, from unwanted pests to broken appliances to a problem with the HVAC system. Quick, in-person, and high-quality responses will keep tenants happy and more likely to renew their leases.
Manage Your Budget
What does a property manager do? On top of everything we’ve listed, property managers can use their skill and expertise to create an annual operating budget for the property, working with you to maximize income from rent and get you an excellent return on investment.
The budget will take rent, fees, maintenance, repairs, marketing, and administration costs into account when planning the budget. They will also create monthly and annual financial reports so you know where you and the property stand financially.
Save Your Time and Money
Property managers are a great way to save both time and money, as they take care of your valuable investment. They ensure that your property is profitable by keeping income flow steady and finding the most ideal ratio of revenue and expenses.
And most obviously, they save your precious time. Running a property, especially one with many tenants, is incredibly time intensive. With maintenance requests, finding and screening respectable tenants, handling accounting, and everything else, everything takes time— but the manager's time, not yours.
Now that we’ve answered “what is property management,” it’s time for you to find the right one for your property! From tenants to marketing, maintenance, accounting, or anything else, it’s important to find a company you trust.
If you’re looking for respected, high-quality property management services in Houston, Keyrenter Houston might be the right choice for you! Schedule a call to hear more about us.