If a landlord needs or wants help taking care of some daily responsibilities at rental properties then he or she can hire a property management company to oversee things. Property managers can be hired for one task or be responsible for more.
Roles Property Management Can Take On
Managing Rent: Collecting rent is a basic responsibility of the landlord and it’s one of the roles that is commonly passed on to the property management team. Property managers could set the rent to attract tenants to the property as well as collect and adjust rent as necessary.
Managing Tenants: Managing tenants is another important responsibility of a property manager. The manager may be responsible for finding tenants, as well as dealing with any maintenance issues and daily complaints. When tenants move out, property management is responsible for inspecting the unit, checking for damages, and returning a portion of the security deposit.
Repairs and Maintenance: Property managers need to keep the property in a habitable and safe condition and are responsible for any regular maintenance and emergency repairs.
Knowledge of Landlord-Tenant Law: The best property managers have in-depth knowledge of national and state laws related to screening tenants, dealing with security deposits, terminating any leases, evicting tenants, and following property safety standards.
Supervising Responsibilities: If there are other employees on the property, the property manager is responsible for ensuring they are doing their job correctly and set their salaries. Property managers may also need to look at vacant properties to perform routine maintenance and make sure there isn’t any vandalism.
Managing Budgets: Property managers may be responsible for managing the budget and maintaining important records.
Responsible for Taxes: The property manager can help the property owner with preparing tax information for the property. The property manager can also be the one responsible for filing taxes for the property.
