What are the responsibilities of a property manager?

Are you looking for a property manager in Tampa?

Property managers have a wide array of responsibilities related to managing your rental property. There are many which you may not even be aware of. 

Many people go back and forth trying to decide whether they want to hire a property manager. They believe they can handle the tasks on their own but later realize that hiring a property manager saves them a lot of time and removes a lot of unnecessary stress.

Throughout this article, we are going to cover the exact responsibilities of a property manager and why hiring one can actually save you money in the long run. 

With income properties, it is important to think of the bigger picture. You might have to pay money upfront but you could save a lot of money in the long-run. 

Always, look at the end result and the bigger picture. Don’t think short-term when making big decisions, think long-term and how each decision will affect you in the end.

Let’s take a look at a few of the main responsibilities of a property manager is responsible for:

Rental Responsibilities 

With owning a rental property, comes a lot of responsibility. You need to be on top of your game at all times and understand the necessary requirements that come with owning and renting out a property. For example, if there are any issues regarding  rent, your property manager is responsible for that.

Whether your tenants are late with their payments or they are behind a couple of months, it is up to your property manager to get the rent and deliver it to you as soon as possible. They will be responsible for payment if they do not get the rent.  A property manager is also in control of decreasing the rent to a certain degree and increasing the rent to stay consistent with competitive market prices.

Finding Quality Tenants

One of the main reasons people hire property managers is because they struggle with finding the right tenants for their rental property.  

Many property owners might have enough cash flow to purchase the property, however, they might not know anything about finding quality renters and renting their place out. They know that a property manager is capable of finding people as they have experience and this is part of their profession.

Screening Quality Tenants

A property manager should have the necessary skills and experience to create a quality screening process in order to find the right renters for your property. They should know the right questions to ask and be able to get a background check if needed.

Screening tenants is beneficial in order to start off on the right foot and be able to trust your tenants. You want to make sure they can afford to rent out your property and that they have a job to pay that will pay their rent on time. A screening process will also allow you to contact previous rental owners to ensure you are receiving the right information in order to make an informative decision.

Understanding  Landlord and Tenant Laws

Many income property owners know how to purchase a property but they don’t care to learn about the different laws associated with renting their property out. It might not be that they don’t care but more so that they do not want to be responsible for breaking the law in any way, therefore, they feel more secure with delegating this task to a property manager.

There are many laws that a landlord needs to follow, just like there are for tenants. If you fail to follow certain laws, you could get in trouble and run the risk of losing your privilege of renting out your property. You could also be subject to paying a large fine. It’s very important to understand your rights as a landlord and tenant even if you do hire a property manager.

Maintaining and Repairing the Rental Property

Your property manager will overlook the property and make sure it is well maintained. When it comes to needing repairs, your property manager will notify you of any big issues that would require a handyman. 

Depending on the situation and what the repairs are there should be a happy medium between the property manager and the owner when it comes to maintaining the property and the expenses that follow. 

Always go over this section with your property manager so that you are aware of this when the time comes. You do not want to be blindsided when it comes to having to repair minor damages. It’s always good to clear everything up from the start so there are no unexpected surprises!

There you have it! 

We covered the top 5 areas where a property manager will help you.

The main reason you may consider hiring a property manager will tend to be related to getting more ($) out of your property while having to be less involved. 

This way you’ll save time and make more money!