Being a property manager is a unique position to have. While it is easy to say that someone “manages” a property, it can be much more difficult to understand what exactly that means. What are property management job duties and how do they translate into day-to-day tasks?
We know a lot about it. As the premiere place for property managers in Northern Virginia, the nuts and bolts of daily property management duties is engrained in what we do every day. We live and breathe it. But for those who don’t carry out the job on a regular basis, there can be a lot of questions and misconceptions. Here we will tackle some of those.
Table of Contents
- Property Management Job Duties
- Duties and Responsibility Checklist
- Consider PPM for Your Property Management Needs
Property Management Job Duties
A property manager is a person who is responsible for ensuring that a property meets the needs of their tenants. It’s a role that is a bit of a “jack-of-all-trades” when it comes to owning property. It involves determining rates, marketing vacancies, maintaining vacant rooms until they are filled, and all kinds of other tasks.
A property manager can be an individual person hired directly by the property owner, or they could be part of a property management company. They handle the day-to-day workload involved in running a property. They should have expertise in key areas like leasing, budgets, repairs, and relevant regulations.
Duties and Responsibility Checklist
What might help many people is to outline a list of common property management job duties. While the position can vary some, overall there are many tasks that most people in this role can expect. While there are some that fall outside of these property manager job duties, here are many of the common responsibilities you can expect.
1 – Determine rental prices and prepare vacant rentals
It falls within the scope of property managers to handle market research. This helps them set competitive rental rates based on factors like size, location, and amenities. By looking at comps and monitoring indicators – for example, vacancy rates – property managers set optimal pricing that is attractive for tenants while at the same time profitable for the owner. Also, when a unit becomes vacant, property managers coordinate cleaning and any needed repairs to the unit before showing. They will work with contractors and maintenance professionals or cleaners to address any issues and get the unit ready for the next tenants.
2 – Advertise rental vacancies
Property managers know how to properly advertise their units. That involves making the units stand out amid the competition. They are active in advertising vacancies across various channels and mediums, from online listings to social media to paper flyers. Since they have experience, they know how to create compelling listings with photos and highlight details to attract qualified applicants. This makes a difference in minimizing vacancy rates and getting the most out of the property.
3 – Screen tenants
Screening tenants isn’t always easy and straightforward. Property managers thoroughly screen and evaluate prospective tenants to make sure that they meet the owner’s criteria. This involves a number of things that they have experience doing, such as conducting background and credit checks, employment verification, and contacting references.
4 – Manage lease agreements
Property managers also typically oversee the lease agreement process, which outlines the terms and conditions of the tenancy. They verify that the agreements cover key components such as lease duration, rent amount, security deposit details, pet policies, and various other provisions that are usually found in lease agreements.
5 – Address tenant complaints and issues
As the owner’s stand-in, property managers work to resolve any tenant complaint or issues that may come up. Whether it’s a broken appliance or parking policy gripe, they aim to address inquiries promptly, keeping relations positive and problems minimal. Maintaining satisfaction helps support tenant retention over time.
6 -Collect and manage rent payments
The property manager job also includes collecting rent payments based on the agreed-upon terms which were specified in the lease. They oversee payment methods, track and keep record of them, and follow up on any missed or late payments.
7 – Handle property maintenance and repairs
Being in charge of maintenance also falls into the scope of the property manager role. This includes a number of things such as coordinating regular preventative maintenance chores, scheduling inspections, and addressing necessary repairs that may come up from time to time. They coordinate with crews to perform inspections and repairs to address issues ideally before they bother tenants. Managers also oversee shared spaces and landscaping needs.
8 – Manage evictions and move-out processes
Property managers handle the process of evictions according to local laws and regulations. They work with attorneys and communicate with tenants to facilitate a smooth eviction process. Outside the occasional eviction, they are also responsible for managing move-outs, which includes things like confirming that tenants properly vacate the premises, conducting move-out inspections, and handling security deposits when they are refunded (or there are deductions).
Consider PPM for Your Property Management Needs
Property management is an art. All of these various property management duties require skill and experience to effectively oversee property on a daily basis. Landlords who manage many properties find that each part of these duties can add up to a lot of responsibility to take on.
Part of being a good landlord is being able to step back and admit to yourself when you need help. And that’s what we are here to do. Our entire job is to handle the things that would take you hours, like tenant screening, maintenance coordination, and countless other burdens. You do not have to go at this alone – call us today to help with your property management in Northern Virginia, Baltimore, Boston, Washington D.C., and elsewhere.