If you are looking to hire a property manager, you’ll want to know what they can do for you. That’s why we provide you with this guide so you understand the roles and responsibilities they can undertake once hired. You’ll have more time on your hands to handle other pressing matters.
Meanwhile, a property manager can do all the heavy lifting. If you want to know more about hiring a property manager, you can visit the Teifke Real Estate website for more info. Now, let’s dive right in and talk more about what property managers can do for you.
They can screen tenant applications
If you have vacancies, a property manager will fill them for you. They will screen each of the tenant applications and perform background checks. They can deny an application for certain purposes such as felonies, poor rent history, or something else.
It is important that they make sure they follow any anti-discriminatory laws while doing this. They reserve the right to reject applications under certain conditions outlined by you. Meanwhile, they’ll make a decision on who can move into the property.
Arrange maintenance services
If something breaks, a property manager will receive a maintenance request. They will arrange for maintenance services to arrive as soon as possible. The goal here is to make sure that the response is timely.
The repairs will need to be done in a timely manner as well. Doing this will make tenants happy. The last thing they want to do is wait all day for someone to show up and fix what may be wrong.
A property manager is aware that things can break at any time. So maintenance will always be on standby when help is called.
Handle rent collection (and delinquent rent issues)
The rent will be due each month and tenants will pay accordingly and on time. Depending on the resources they have, these rent payments can be transferred automatically. Some tenants may not be able to make payments for whatever reason.
This means that the property manager will need to notify the tenant. They can warn them about missed rental payments and provide them with a grace period. They can also reserve the right to evict a tenant when the grace period expires.
Missed rent can be considered a breach of the lease agreement that the tenant agreed to. A property manager doesn’t want to evict someone. But if the need arises, it has to be done.
Connecting with contractors and service providers
Your property manager will be the liaison for many contractors and service providers. They can be able to contact someone that mows lawns in the summer. They’ll know someone who will handle snow removal in the winter.
They can also have someone in their network that handles cable and internet (if it’s part of the tenant amenities). A property manager will have a rolodex of people that will handle specific tasks. Whether it’s keeping the property well kept or if something is needed for one time only, a property manager will contact them whenever needed.
They will communicate with these people on a regular basis so you don’t have to. And they will be able to get quotes on these services to ensure they stay within budget. Speaking of which, let’s discuss that now.
They handle the budget and expenses
A property manager will put together a budget (which will be finalized by you). They will also follow it to a T. Which means they will do their best not to go over budget.
If they need to make adjustments to the budget, they will need to run it through you first. You don’t want to be spending more money and not know about it. They need to communicate with you should any budget changes arise.
It’s also important that they know the regular expenses each month. How much of the property taxes are due? What are the premiums due for the insurance?
They will rely on financial experts in their company to handle all of that. They’ll have a copy of the budget and spend the money when and where appropriate. If they feel like you’re paying too much on a specific expense, they will advise you on it.
And it’s important that you make a change to ensure that you keep things in the green moneywise.
Ensure the safety and security of tenants
As mentioned earlier, we discussed how denying specific tenant applications can be paramount to tenant safety and security. They must also handle any safety hazards that may arise on the property. This can include hazards that can cause fires, damage due to weather, and so much more.
If needed, they will need to contact the proper authorities in order to clear the hazards. If there is an issue with ice and falling snow, they will need to post warning signs so tenants are aware of what could happen. The last thing they want to happen is something that leads to serious injury or death.
Even if you are protected by liability insurance, you may still face legal issues. So it may be best for a property manager to inspect the property on a regular basis for any potential safety hazards. Some of them may occur beyond anyone’s control (i.e – storm damage).
A property manager will make tenant safety a priority no matter the situation.
A property manager can do a lot for you. They might rely on extra hands that can get the job done. But you’ll have peace of mind knowing that everything will be handled for a price.
You still have the proper authority over the properties you own. But you can trust a property manager to handle all the duties and responsibilities when and where needed. You’d be hard-pressed to find someone who will do a good job keeping the properties clean and safe.
It would be tough to manage properties without them.