The property manager is responsible for the physical management of the property, including regular maintenance and emergency repairs. They must ensure that the property is kept in a safe and habitable condition, and that responsible tenants occupy the property. Property managers may be required to hold a property management license, depending on the state. It is important to find a good property manager who has good customer service skills and the ability to reduce situations.
Erin Eberlin, a real estate and landlord expert, explains that a property manager documents all relevant information about the rental property. The manager's fee may be all-inclusive or may include additional services such as lease renewal, administration, and court preparation. Property managers must be aware of accepted accounting practices to ensure accurate accounting for revenue, tax and investment purposes. They also monitor any ongoing work on the property to ensure its timely completion.
If the owner prefers to file their own taxes, the management company can offer guidance on how to do so. A good property manager will maintain efficient communication with their tenant and contact a network of trusted technicians and dealers to get the most competitive price. They may also adjust the rental price based on current market trends and other factors.