What Does a Property Manager Do?
Having a property manager on your side is a great way to keep your asset in good condition. These professionals can handle tenant concerns during business hours, reducing your stress and filling vacancies quickly. Not only can property managers help you keep vacancies under control, but they can also help you increase your profits.
Typical day for a property manager
A typical day for a property manager starts early, with the usual morning email check. There’s always something to respond to, whether it’s a tenant’s maintenance request or a 30-day move-out notice. The property manager has to decide when to respond, keeping in mind that a positive relationship with the tenant is crucial for success.
Property management requires a keen eye for detail and a flair for numbers. It also requires a great deal of self-discipline, which is necessary for a career in this competitive niche. Fortunately, there are several habits that can improve your productivity and efficiency as a property manager.
Typically, property managers work in an on-site office, Monday to Friday, and sometimes have extended hours for emergency situations. Their days can vary widely, depending on the number of tenants and the needs of the property. They may have to show prospective tenants around the property, or hold meetings with boards or committees. Even weekends and evenings may be spent in meetings.
Typical fee for a property manager
A typical fee for a property manager is based on the amount of rent that is collected from tenants. It is better to pay the fee directly from the rent, rather than supplementing it with money from your pocket. This will help keep your income at a constant level. If you don’t have many units, you may want to hire a company that charges a flat fee.
The cost of hiring a property manager will depend on the level of responsibility and the fee structure. The average fee ranges from six to ten percent of the total monthly rent, but the fee structure can vary widely. A good property management company should provide a price list that outlines their charges.
Another part of a property manager’s fee structure is a lease renewal fee. This fee is charged when a tenant renews their lease. This fee is usually less than the leasing fee, and it covers the time that the property manager spends assessing the tenants’ payment histories and inspections.
Typical responsibilities of a property manager
A property manager is an expert in attracting and screening potential tenants, screening applicants for credit and employment history, and handling rent issues. They also oversee the maintenance of properties, including repairs and maintenance requests, and ensure compliance with building codes and city ordinances. The job requires a lot of patience and expertise.
As a property manager, you will be responsible for keeping a record of all expenditures and income and should also be able to file tax returns for rental properties. A property manager will also keep meticulous records for rent collection, maintenance requests, insurance, and repairs. This will help you understand your income and expenses, and help you make critical decisions.
In addition to collecting rent, the property manager also has the responsibility of determining the rental rates. This means assessing the local rental market and adjusting the rates accordingly. This will ensure that your property is always occupied, allowing you to capitalize on your investment.