A property manager is hired to handle a rental property's maintenance, administration, and operations on behalf of its owner. They can be useful for rental property owners who don't have the time to look after a certain property or are living far from it. It's also possible that the owner is just starting in the rental property market and doesn't have the experience needed.
That's where a property manager can help. They're popular for handling a plethora of responsibilities needed for a rental property. If you're wondering whether you need the help of one, you'll first have to analyze your needs. Some of the responsibilities of a property manager can be:
- The property's advertising
- Rent collection
- Screening tenants
- Maintenance and repairs
Let's go over some of them in detail.
Primary Responsibilities of a Property Manager
1. Collecting the Rent
Collecting the rent from the tenants is one of the core responsibilities of a property manager. It's so important that it is often the first task rental property owners delegate to their property managers. Apart from collecting rent, a property manager's services may also be needed in three essential aspects.
- A property manager can help you set the right rent for your property. With the right rent, you'll attract appropriate tenants. Property managers use various tactics. One of them is considering where the property is located and then analyzing the rent according to the location.
- A property manager can collect rent on your behalf. A proactive property manager will set up an easy and convenient rent collection system for their tenants and rental property owners. Moreover, they can also educate tenants about potential issues regarding the rent. For instance, letting them know when they're expected to pay, the length of the grace period, and the amount they'll pay if they're late.
- A property manager can also help ensure that you're increasing your property's rent with the standard increments.
2. Finding Tenants for the Property
Another core responsibility of a property manager is managing tenants. Since it's a huge task, property owners can happily outsource this task to a manager. An essential part of tenant management is finding and attracting new tenants for the property.
This is also why marketing the house is the responsibility of a property manager. To do this, they have to advertise the rentals and post convincing ads relevant to every website. They may look for other popular channels, too.
3. Being Aware of Tenant and Landlord Law
The property management industry operates on a set of laws that include:
- Federal
- State
- Local
Understanding these laws is essential if you want your rental business to succeed. If you hire an experienced property manager, you can expect them to know these laws. Several property management companies also conduct in-house training sessions to ensure that their employees are updated with all the current laws. One of these laws is Fair Housing Act.
Based on this law, a property management company can know how they're supposed to screen a tenant properly. This helps the rental property owner stay out of trouble. If you're asking questions without the help of a property manager, you may run into problems by asking some discriminative questions like:
- Are you Hispanic or white? The Fair Housing Act protects this question. If you ask a tenant this question, it may be discriminatory.
- Do you plan to visit the church? Religion is protected, too. This may be discriminatory as well.
- Where were you born? Deciding whether you want to rent out the property based on the tenant's country of origin is discrimination.
- Do you have any disabilities I should know about? By asking this question, you may give a tenant the idea that you're trying to avoid renting out the place to disabled people.
Understanding these laws can also help you decipher how you're supposed to handle them. These requirements include the following.
- Security deposits
- Lease termination
- Tenant eviction
- Compliance and safety laws
Apart from these core responsibilities, there are several other duties of a property manager that are supposed to make the life of a rental property owner easy. Don't want to deal with the hassle of a rental property? Hire a Phoenix property manager and let them manage your property! Not only will they handle the nitty gritty that go into the tireless process, but they’ll also ensure your asset churns a profit!
