A property manager is a professional who attends to a rental unit’s daily running, acting as a third party between a landlord and their tenant. Property management responsibilities include reducing vacancies, conducting tenant screening, rent collection, attending to complaints, and supervising other administrative tasks.
In this article, with a simulation of a day in the life of a property manager, we’ll give you some insight into what the job entails.
A typical day for a property manager might start with crunching numbers. Many of these professionals have some background in finance, so they’re adept at keeping your books in check and can even help you file your taxes. In the long run, you’ll find that their proficiency in financial management can help you save money. These accounting services would include tracking and issuing receipts for rent payments, tracking expenditures for maintenance, repairs, and utilities, and proper documentation for records and taxation purposes.
Reducing vacancies is one of the prime reasons landlords hire property managers, so the next thing on the agenda would be filling up vacancies if any. This task can be tedious, but property managers often have experience in marketing which comes in handy during the search for prospective tenants. By selecting traditional, digital, or a combination of both platforms, they may place strategic ads in newspapers, popular rental sites, and social media.
Of course, targeted marketing is only part of the equation in filling up a vacancy. The property manager will also follow up on leads that respond to their ads. They’ll carefully read through the application of each candidate, request references, and run the necessary background and credit checks. All of these ensure that the selected tenants are responsible and capable of meeting up with their monthly payments.
As a landlord that lives a considerable distance from your rental property or has multiple properties conducting inspections yourself could be a challenge, but a property manager can help with that. So by noon, they might head out for an on-sight survey. It could be a move-in or move-out inspection to record the unit’s state before a new tenant moves in or an old one leaves. This inspection would avoid any disputes over safety deposit deductions. It might also be a routine examination to ensure the property is in optimal condition.
During an inspection, if the property manager notices that a bulb has gone out, a pipe is leaking, or something else is amiss, they’ll make a mental note to get it fixed or replaced. Later in the day, this responsibility might involve fixing the problem themselves or contracting the right maintenance company to do so. They might also oversee external workers by letting them in and supervising the completion of the job to ensure the quality of the work and safety of the property.
After overseeing the maintenance and repair of the unit, the property manager can attend to another important responsibility. Via mail, text, or other means of communication, they will send out rent reminders to tenants with outstanding payments, process payments and issue receipts for those who have paid, and finally disperse funds to the landlord.
Despite conducting a thorough tenant screening, it seems that one of your renters has defaulted on yet another payment. Being familiar with landlord-tenant laws, the property manager knows it’s illegal to lock the defaulter out of the apartment, so they initiate the proper eviction proceedings. Over the last few weeks, they’ve prepared and filed the appropriate eviction notice, complaints, and other necessary documents. Since the judge has granted the landlord’s request to evict, the property manager can make the necessary arrangements with the constable for a legal removal.
After concluding the eviction process, the property manager receives a call from one of the current tenants. The heater in their unit started malfunctioning yesterday, and they’ve been waiting for a reasonable hour to call. The property manager reminds them that the company’s emergency hotline is available 24/7 and promises to send someone to check out the problem as soon as possible.
New and old rental owners alike can benefit from hiring a third-party property manager. They significantly save you time and energy by attending to the everyday responsibilities of owning a rental investment and can maximize your profits using their acquired expertise.