The responsibilities of a property manager are vast and varied. From setting and collecting rent to managing maintenance requests, filling vacant units, and possibly setting the property's budget, property managers are responsible for a wide range of tasks.
Tenant managementis often the primary responsibility of homeowners, and many are happy to outsource this to property managers. This includes finding and attracting tenants, marketing rental properties, and overseeing the daily operations of rental properties.
Property managers typically deal with all types of properties, including residential, multi-family, and commercial buildings. In addition to tenant management, property managers must also be knowledgeable about local landlord-tenant laws in terms of tenant control, managing security deposits, terminating leases and evictions, and complying with property safety regulations. They may also be called upon to represent their clients in court if there are disputes with tenants that cannot be resolved through non-legal mediation. A good property manager will make sure to keep their clients informed about everything that's going on with their property. They should also have a thorough understanding of industry tips and trends that they can share with their clients. Furthermore, they should have the resources to find high-quality tenants who respect the property and pay rent on time. When it comes to legal compliance, the management company must ensure that all processes related to the property comply with local, state, federal, health, safety and housing laws.
They must also ensure that vacant properties are well protected and cared for. Overall, the greatest responsibility of a property manager is to ensure that their clients' investments are well managed and maintained. By understanding the duties and responsibilities of a property manager, clients can decide whether they want to manage their properties themselves or entrust it to a reputable property manager.