Being a property manager is a challenge that many property owners and investors take on themselves. However, managing even one, if not multiple properties, is more complex than it seems. Determining and collecting rent, handling maintenance requests, and filling vacancies are just part of the time-consuming tasks that property management involves.
Interested in a career in property management? Keep reading for some insight into the life of a property manager, including the less obvious responsibilities that accompany the job.
The General Responsibilities of Property Management
At its core, property management is the business of running and overseeing a rental property. While the responsibilities seem like straightforward tasks, they often require more time and effort than many property managers expect.
Generally, property managers are responsible for:
- Collecting and setting rent: This can include receiving money from tenants, selecting a rent due date, tracking rent payments and fees owed, depositing the funds into an account, or sending a check to a mortgage lender.
- Screening potential tenants: This requires reviewing applications, checking references and background checks, interviewing potential renters, and making informed decisions based on that information.
- Maintenance requests: Property managers are often responsible for receiving requests from tenants and then scheduling and managing maintenance work, including arranging for vendors or contractors to come out.
- Marketing the property: This involves using real estate agent methods to market homes for sale, including advertising vacant properties online and on social media, posting signs in front of the property, calling brokers or listing agencies, or meeting with prospective renters in person.
- Lease management: A property manager should be able to create, review, and enforce a lease agreement and help tenants through the inevitable disputes that arise.
While being a property manager is a rewarding and in-demand career, these responsibilities are just the beginning of the daily tasks property managers handle.
Additional Responsibilities of Property Management
In addition to the general responsibilities of property management, the job involves several other tasks, including:
- Co-managing the rental property with another property manager, a landlord, or a tenant: This involves working with a team to oversee the rental property’s daily operations, maintenance, and financial aspects.
- Managing evictions: This includes serving tenants legal notices, filing paperwork, attending court hearings, and being available after the proceedings to remove furniture and personal belongings from the property.
- Solving any issues between tenants and landlords: This can involve anything from mediating a dispute to handling an emergency repair or maintenance issue.
- Creating rules and regulations for the building or neighborhood to promote safety and security: This includes developing a policy for guests, issuing parking permits, and working with law enforcement to address any concerns.
- Handling legal compliance issues: This includes ensuring the property is up to code, meeting health and safety standards, and following all local, state, and federal laws.
In addition to these responsibilities, some property managers may also provide services for security deposits and taxes, deal with homeowners’ association issues on behalf of tenants, or even offer recommendations on best practices for buying and selling a home.
The Pros & Cons of Being a Property Manager
While the job of a property manager may seem daunting, it can be very rewarding. A career in property management offers opportunities for growth and advancement while successfully managing a rental property and providing a valuable service to tenants, helping them find a place to live that meets their needs and budget. Additionally, property management is a career that involves many aspects of the real estate industry, from buying and selling properties to maintaining rental units.
However, those interested in the career should consider the challenges of property management. These can include the stress of the job, as property managers often work long hours, including weekends and holidays. They must successfully prepare their tenants and properties before taking a vacation. Difficult tenants, complex maintenance requests, and legal compliance issues often arise. Property managers may need to lift heavy items or work in unfamiliar environments. Finally, property managers may often travel to manage multiple properties at once.
While the rewards of property management make it a positive career choice for some, others may find these challenges too much to handle daily.
Ready to Become a Property Manager?
Being a property manager is a demanding job that requires a wide range of skills and knowledge. Property managers wear many hats, from understanding the legal aspects of leasing to successfully handling maintenance requests and everything in between. With a lot on their plates, a property manager’s job can be exciting. Property management can be a great career choice for those who are organized, detail-oriented, and have excellent people skills.
Overall, it is clear that being a property manager is not just about managing the day-to-day tasks of collecting rent, screening tenants, and scheduling maintenance work. Many additional responsibilities accompany this role, including leasing agreements, marketing properties to potential tenants, dealing with evictions, and more. Property management could be the perfect career choice for those up for the challenge of juggling a wide range of responsibilities while helping tenants find an ideal place to live.