In today’s competitive rental market, it can be hard to find a property manager or management firm that will meet the needs of both the owner and tenant. It is essential for property owners and renters alike to have a clear understanding of their responsibilities when entering into a rental agreement with one another.
If you are looking for help managing your real estate portfolio or need advice on how to select a tenant, you might be wondering, “What does a property manager do?” Read on to find out why property managers are important and whether you need one.
What Is a Property Manager?
Before asking, “What does a property manager do?” perhaps the first question should be, “What is a property manager?”
A property manager is a highly-trained professional who manages an individual’s or organization’s real estate. They are responsible for the property’s day-to-day operations, including supervising maintenance, upkeep, security, and safety. They also manage any rental income that comes in from tenants.
Good property managers take care of everything on behalf of their clients, so they do not have to worry about it themselves!
So, What Does a Property Manager Do? Property Management Roles and Responsibilities, Explained
Property managers charge a management fee for taking care of many duties and responsibilities to attract the most desirable tenants and maintain good tenant relations.
1. Property Managers Market Your Property and Fill Vacancies
The property manager is responsible for marketing the property to attract potential tenants, preferably high-quality ones. This includes putting out physical “For Rent” signs in areas where people can see them, sending out flyers in the relevant areas, setting rental rates, and advertising in related business publications on behalf of the owner.
Property managers also advertise vacancies online on social media platforms like Twitter and Facebook and real estate sites like Craigslist and Padmapper. They can also be proactive about finding a new tenant by networking with other local agencies such as real estate agents.
The goal of having a property manager is to ensure that your occupancy rates are always high, so you meet your rent collection targets and realize a high-profit margin.
2. Screening Potential Tenants and Collecting Security Deposits
A property management company is crucial for screening prospective tenants for the landlord or property owner. They verify that the prospective tenant meets any qualifying standards such as credit, income, or criminal background checks before moving forward with a rental agreement.
It is also important to note that the property management company discusses the expectations of leasing with the prospective tenant at this stage to avoid future disputes with the owner about what is acceptable behavior from the tenant once they enter the property. Their services also include overseeing the process of signing leasing agreements before move-in day.
3. All-Round Property Management Including Maintenance and Upkeep
Property managers make sure that your property is clean, comfortable, and ready for showings on behalf of the owner. They handle any maintenance issues, keep properties up to code, and minimize damage from wear and tear over time within agreeable cost margins.
This includes things like painting, repairs, landscaping, and other upkeep projects. Daily operations and repairs include fixing broken appliances or fixtures, changing burnt-out light bulbs, and making sure all necessary safety features are in places like fire extinguishers, sprinklers, and smoke detectors.
They also communicate with vendors who work on behalf of landlords, including pest control, security, landscaping, common area cleaning companies, and other related contractors.
An essential responsibility of the property manager is to maintain the physical and financial aspects of rental properties. The goal is to keep maintenance costs as low as possible so that owners and investors can enjoy a higher profit margin.
4. Enforcing Lease Agreements and Collecting Rent
A reputable property management firm will ensure that all tenants follow the lease agreement and pay their rent on time.
If a tenant is late or misses payments, property managers are responsible for enforcing the lease agreements on the rental property and working out a payment schedule that suits both parties. If the tenant still does not meet their rent obligations, the management firm has the mandate to initiate legal proceedings against the tenant to collect overdue balances.
This part of the job is essential because, without adequate rent collections, the landlord will not have the money to keep and maintain their property and stay in business. It is one of the most problematic aspects of the job but crucial to ensure that the property owner realizes a return on their investment.
5. Ensuring Tenant Retention
Property managers are responsible for tenant retention and maintaining a healthy relationship with tenants. The more tenants that stay, the more money that comes in. This includes resolving disputes such as complaints about maintenance or repairs, providing information on how to be good renters, and going the extra mile when needed.
The property manager is also in charge of retaining their current tenants by following up with them on any issues they may have or any help they may need on behalf of the owner.
6. Knowing the Law and Avoiding Legal Notices
Property managers keep up with landlord-tenant laws so that property owners will not have to. The result is that landlords do not have to worry about getting sued or breaking any laws. They also play a crucial role in reducing the hassle, fees, and stress associated with the business of renting out your property.
The goal of hiring a property manager should not be limited to just making more money or managing properties but also ensuring tenant satisfaction for everyone involved in the process to avoid unnecessary legal complications and fees in the future.
Looking for a Reputable Property Management Company in NYC? NYC Apartment Management Can Help
If you’ve been wondering “What does a property manager do?”, we hope you’ve gained a better understanding of their job and why it’s important to hire a property manager.
Hiring a professional property management company is an essential part of securing your investment, taking all the stress out of it. They collect rent, market your property, manage your investment property, and enforce lease agreements, among other things, keeping your role purely passive and stress-free.
The right property management companies can also play an instrumental role in keeping up with current landlord-tenant laws to help the landlord avoid legal complications. It is essential to hire a reputable local property manager that understands all aspects of rental management in your area.
At NYC Apartment Management, we believe that it is our job not only to find you high-quality tenants but also to provide excellent services once they have moved in. If you need a local property management company in NYC to help with any or all of these things at your rental property at a reasonable fee, give us a call at (212) 787-1214 or contact us online.