What Does a Property Manager Do?

A property manager oversees a property, its tenants and its staff. They are responsible for ensuring that the property is well-maintained and functioning properly at all times. Some of the specific tasks that a property manager may be responsible for include:

Rent collection and management: A property manager is responsible for collecting rent from tenants and depositing it into the property’s account. They also manage any late payments or bounced checks.

Tenant relations: A property manager is responsible for maintaining good relationships with tenants. This includes addressing any concerns or complaints that they may have, as well as responding to their inquiries in a timely manner.

Financial management: A property manager is in charge of all financial matters related to the property. This includes budgeting, tracking expenses and making payments on time.

Maintenance and repairs: A property manager is responsible for ensuring that all repairs and maintenance are carried out in a timely and efficient manner. This includes coordinating with contractors and other service providers as needed. For example, if the property has a leaky roof, the property manager would work with a roofing contractor to get it fixed.

Marketing and advertising: A property manager is responsible for marketing and advertising the property to potential tenants. This may include creating and posting ads, arranging property tours, etc.

Lease management: A property manager is in charge of drafting, reviewing and renewing leases with tenants. They also handle any lease disputes that may arise. For example, if a tenant is not paying rent or is causing property damage.

Personnel management: A property manager is responsible for hiring and overseeing the staff at the property. This includes setting work schedules, conducting performance reviews, etc.

Compliance management: A property manager is responsible for ensuring that the property is in compliance with all applicable laws and regulations. They also manage any permits or licenses that may be required. For example, a property manager may need to obtain a license from the city to operate as a rental property.

Insurance management: A property manager is responsible for maintaining the property’s insurance policies and ensuring that all required premiums are paid on time. For example, property insurance, liability insurance, etc.

Other duties as assigned: A property manager may be responsible for other tasks depending on the specific property that they are managing. For example, they may be responsible for coordinating with the property owner on renovations or repairs, overseeing security or landscaping, etc.

Overall, property managers play a vital role in ensuring that a property is well-maintained and functioning properly. They must be able to handle a variety of tasks and responsibilities, as well as work with other professionals. If you are interested in becoming a property manager, it is important to be patient and detail-oriented. A property manager must have excellent problem-solving skills and be able to effectively manage their time.