Property Management

What is Property Manager?

Setting rent is a basic responsibility of any landlord. Therefore, it is one of the most common jobs a landlord will pass on to a property manager. The property manager sets competitive rent prices to attract tenants to the property. Generally, this is done by conducting a survey of comparable properties in the area—this should also be done at least annually to remain attractive for tenants.

How Does Property Managment Work?

Property managers are people that specialize in ensuring a rental is being operated according to the guidance given by the owner—whether the goals be financial or based on providing attractive living conditions, or both. Guidance can take different forms—corporate property owners may issue mission and vision statements for their properties, while individual owners may give verbal guidance on their goals for the property. The manager makes sure that responsible tenants occupy the property, payments are received on time, budgets are followed, and the rental is maintained properly. Owners of multiple rental properties will more than likely need professional help managing property. This is where property managers come in.

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Setting Rent

Collecting Rent

The property manager also sets up a system for collecting rent from tenants. To ensure optimal cash flow, they set a collection date to make sure that property monthly expenses are able to be paid, and strictly enforce late fee policies.

Screening Tenants

Screening and managing tenants is another core responsibility of a property manager. The property manager may be involved in finding and screening prospective tenants, managing daily complaints and maintenance issues, and handing tenant move-outs and evictions.

Key Takeaways

Property managers handle daily operations of rental properties.
Their responsibilities are to:
Set and Handle Rent
Market For and Screen Tenants
Handle Tenant Issues
Schedule and Track Maintenance
Manage Finances and Records