If you want to rent out your investment properties but don’t want to spend time on everyday landlord tasks, then you should be looking to hire a residential property manager.
These professionals handle everyday responsibilities associated with keeping your rental unit up and running. These tasks include screening interested tenants, collecting rent, managing repairs, and maintenance. In other words, a residential property manager takes complete ownership of the responsibilities that come with leasing a property.
Below is a quick rundown of the main responsibilities of a residential property manager.
Landlords need to use the rent for covering property maintenance, taxes, repairs, and even mortgage payments. It is crucial to collect the rent on time because a delay can disrupt or interrupt a property owner’s financial responsibilities.
Most property managers define systems in place that include tight deadlines and payment penalties. They also employ a method to verify that the rent has been properly paid.
Property managers may also use their market knowledge to adjust the most appropriate rental rate. The idea is to set an amount that generates rental income for landlords but also attracts tenants. This is an experimental process and the property manager may adjust the rent depending on the trends.
Property managers often need to market a rental property to fill vacant rental units. They will advertise the rental unit on popular listing sites, host open houses, and screen interested applicants. They will screen the applicant against criteria such as income, employment, criminal background, and rental history.
Residential property managers will also draw up lease agreements to set rental rates, due dates, and various policies (such as smoking, pets, interior decor, etc.). They will also communicate with tenants to provide updates, issue warnings, and conduct repairs. And if push comes to shove, a residential property manager can also begin proceedings for eviction and legally remove tenants who have breached the terms of their lease agreement.
Handling and resolving complaints are common responsibilities for most residential property managers. For example, if the tenant complains about loud neighbors, they will likely defer to the property manager for dealing with it. In other words, their main goal is to make sure that tenants are happy and that their stay at the rental unit is satisfactory.
Managing the Property
Residential property managers have the all-too-important task of looking after the property and making sure it isn’t in disrepair. This means conducting regular property inspections, tending to emergency repairs, and scheduling preventive maintenance. Managers will either perform these maintenance tasks on their own or hire an expert to do the job.
Residential property managers have access to a network of contractors and reliable vendors who are available at a moment’s notice and provide affordable services.
Working with Property Owners
Residential property managers have to constantly provide updates to landlords about the performance of their rental unit, available funds, maintenance issues, and legal problems. They may choose various forms of correspondence, such as email, phone, or in-person communication, to discuss key issues with property owners.
Staying on the Right Side of the Law
Property managers are also expected to know the ins and outs of landlord-tenant laws as they apply to their state, city, and local area. These professionals ensure that no laws are being broken. They have a working knowledge of the Fair Housing Act, which outlaws discrimination based on race, color, religion, sex, disability, familial status, and national origin.
They also know how to conduct tenant screening in a responsible and legal manner that aligns with the Fair Credit Reporting Act.
Residential property managers keep track of all correspondence, especially as they apply to maintenance, complaints, rent collection, and other finances. Their duty is to keep these records up to date, accurate, and available for immediate review at a later date.
The owner will use these records to study the rental unit’s expenses and the generated income.
How to Find a Property Manager Near You
Now that you know how important residential property managers are, you might be interested in hiring one to manage your rental units. Learn how to hire the best residential property managers by getting in touch with us.