What Is Property Management: Things You Need To Know

If you’re looking for a professional property management company  to look after your rental property, you may be wondering, “What is property management?” This article will give you an idea of the tasks that a property manager performs on a daily basis. These duties range from maintenance tasks to rent collection and background checks of prospective tenants.

Job duties of a property manager

If you’re applying for a job as a property manager, you need to think about the job description. The ideal property manager job description includes an overview of the duties that a person in this role performs on a daily basis. Instead of using full sentences, write a list of bullet points and begin each one with a strong action verb that communicates the primary responsibilities of the position. The ideal list should include six to eight items.

A property manager’s responsibilities include keeping records of financial data, enforcing occupancy rules, and interacting with tenants. They also handle complaints and coordinate repairs and maintenance. They may also need to hire contractors to perform basic maintenance, such as snow removal.

Maintenance tasks

Maintaining a property requires a wide variety of tasks. Some are routine and others are urgent. These can be as simple as changing light bulbs to more complex issues such as replacing a leaking pipe. The property manager needs to be responsive and ensure that tasks are completed on time and with minimal lag time. To ensure timely completion of tasks, property managers should have a clear system for tracking work orders and responding to requests.

There are three main types of maintenance tasks. The first kind is routine, which involves planned activities that aren’t emergencies. Some examples of routine maintenance are mowing lawns, trimming trees, and tending to gardens. Other tasks include cleaning swimming pools, drain and gutter cleaning in common areas, and sidewalk power washing. Routine maintenance also includes preventive tasks such as checking carbon monoxide detectors, inspecting interior safety features, and updating signs.

Rent collection

As a property manager, you may have a system for collecting rent from tenants, derived from your experience. This system helps you keep the process simple. You can also collect rent by asking tenants to pay cash in person. Depending on the property, this may be easy or difficult. You may need to follow FDCPA regulations to make collection efforts successful.

Rent collection is essential for keeping the rental business afloat. It is essential to follow a consistent and reliable rent collection process, and ensure that you communicate regularly with your tenants about rent due dates, late fees, and other important information.

Background checks for prospective tenants

Background checks for prospective tenants are an important part of property management. These checks include a credit report, employment history, and eviction history. Some managers go even further, requesting financial data directly from tenants, such as bank statements and pay stubs. All of this information is then run through public databases.

Rent-to-income ratios and criminal records are also important indicators of a good tenant. While a tenant with a low rent-to-income ratio might be a good tenant, a person with a criminal history may be an unreliable tenant. Disruptive tenants can cause property damage, which could cost a landlord a small fortune. While some tenants choose to skip this step, the results of background checks can help landlords make informed decisions about a potential tenant.

Other responsibilities

In addition to overseeing the day-to-day activities of rental properties, property managers are responsible for maintaining detailed records and budgets. They also coordinate tenant leases and complaints and oversee the building’s systems, such as maintenance and repairs. Some property managers are also responsible for filing taxes on behalf of the owner, which can add additional stress and liability. To ensure financial accountability, property managers are expected to maintain comprehensive records of all property expenses, revenues, and building inspections. They must also be prepared to respond to emergency situations.

Other responsibilities of property management include communicating with the owner about property performance, tenant complaints, and rules of occupancy. Some managers may also be responsible for inspecting vacant units, checking rental rates, and renovating properties. They also coordinate the work of contractors. They may also contract snow removal services and other basic maintenance.

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