You are interested in the world of real estate, and you are looking for something hands-on that will utilize your communication and management skills. Maybe you have heard about property management and are wondering, “What does a property manager do?”
Property management is an essential aspect of successful real estate investing, and it is a fulfilling career. Property managers take much of the work of owning real estate investments off the hands of landlords, and they perform services for both the property and the tenants who live there.
If you are interested in starting your own business as a property manager, this article will cover the main duties and responsibilities associated with property management and what you need to do to get started.
What Does a Property Manager Do?
A property manager must wear many hats. That is, of course, unless they hire a team to help them out. Depending on how many clients a property manager chooses to take on and what skills they possess, they may handle all of the responsibility themselves, or they may choose to delegate work to others.
Related: 10 Tips to Succeed as a Residential Property manager
Property Manager Responsibilities
Depending on the agreement made between the property manager and rental property owners, the role of a property manager may vary. Property manager responsibilities range from marketing to carpentry to accounting- and more.
What exactly does a property manager do?
- Set rental rates
- Market properties for rent
- Tenant screening
- Collect rent from tenants
- Complete or oversee repairs
- Complete or oversee regular landscaping
- Manage and maintain the property budget
- Keep diligent records of the budget, repairs, leases, and complaints
- Manage issues with tenants (ie. handle evictions)
Property managers generally have an idea of what kinds of services they will offer clients. They can choose what types of tasks they will manage, but when doing so, they should bear in mind that landlords will be more attracted to rental property managers that take on maximum responsibility.
Let’s take a closer look at some of the main responsibilities of the rental manager.
Marketing Client’s Investment Properties
One of the duties a property manager is typically responsible for is advertising and marketing the property for rent. For this reason, property managers must have a strong grasp of marketing skills and be fairly tech-savvy.
This may spell a learning curve for new property managers. Fortunately, it is easy enough to learn through resources available online. There are many websites where rental properties can be listed for rent, and creating and running ads can be learned quickly. Property managers should learn the art of writing rental descriptions that convert.
Setting Rent
Setting the rental rates is another common responsibility of property managers. This can seem intimidating for new rental property managers, as it requires some data and calculations. Getting the rental rate right is crucial for property managers who want to please their clients. This one figure will determine how much money a real estate investor will make.
Luckily, property managers can refer to this rental rate guide when figuring out how to price properties for rent. Additionally, Mashvisor has a rental rate calculator for property managers to use, so they can get the right rates every time without doing the math.
Related: How to Use Mashvisor’s Rental Property Calculator
Screening Tenants
One of the toughest jobs a property manager might have is screening tenants. It’s their responsibility to get the best possible tenant moved into the vacant apartment, but it’s not always easy to make judgments off of first impressions. Property managers tend to develop a talent for this over time as they gain experience.
The main goal of screening tenants is to keep the occupancy rate as high as possible. This is only achieved through resident retention, which means that tenants remain loyal to the home they move into. A property manager is responsible for renewing leases when they expire in order to keep the occupancy rate high.
Related: A Property Manager’s Guide to Boosting Occupancy Rate
Property Maintenance Service
Other property manager responsibilities include property maintenance services such as replacing any broken appliances, making repairs, and ensuring the investment property retains its value. If a rental property manager doesn’t feel comfortable or doesn’t have the time to perform this work on their own, they may choose to hire a contractor. Another part of property maintenance includes regularly caring for the lawn. A real estate investor might agree to hire lawn services, but as a property manager, you will likely be responsible for overseeing them.
In addition, rental property managers must handle the budget for all these services and keep impeccable records. These records should include all expenses, such as bills and repairs. Other records include signed leases, complaints, rent collection records, and repair records.
Is Being a Property Manager Hard?
Managing rental properties is not a very difficult business to get into. However, that does not mean one should assume there isn’t hard work and skills involved in being a successful rental property manager.
Some of the most difficult parts of being a property manager include dealing with tenant disputes, asking for rent money from tenants who fail to pay on time, and finally- evicting tenants.
If you have been thinking about how to become a property manager, this should not deter you. All in all, becoming a property manager is an exciting and rewarding career for the right person.
How to Become a Property Manager
- The first step in becoming a property manager is deciding whether you want to work for a company or establish your own. If you decide to go into business for yourself, you must become a legal business entity. Whether you decide on a one-person operation or creating a property management company, know your legal obligations and go through the proper steps.
- Educate yourself on the current laws regulating landlords and tenants, and if your state requires it, get a property manager certification.
- Start marketing yourself to real estate investors and land your first client.
Managing rental properties for rental property owners is a great way to break into the real estate industry for someone who is organized and independent but also loves managing people.
The best way to ensure your success as a property manager is to take advantage of Mashvisor’s impressive tools that will surely attract clients to you. You can also check out the Mashboard to learn how Mashvisor can help you find investment properties for your clients and leads.
Thinking of starting your own company? Sign up with Mashvisor today and use our data and tools to start your company off on the right path.