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What is the most important job of a property manager?

A property manager is an individual that manages a landlord’s rental properties and handles tasks like rent collection, tenant screening, and lease agreements. Typically, the property management company will also handle the filing of property taxes. Landlords often seek a property manager when their portfolio of rental properties grows beyond the landlord’s ability to oversee on their own. When looking for a property manager, it’s important to consider the individual’s credentials and experience within the local real estate market. A qualified and experienced property manager will help a landlord reduce vacancy rates, protect their investments, and save money on maintenance costs.

Finding tenants

The first and most obvious task is to find tenants for a landlord’s vacant properties. This includes posting “For Rent” signs, updating online rentals, conducting open houses, and communicating with current tenants for referrals. Once a prospective tenant is found, the property manager will perform legal tenant screening to ensure the new tenant is reliable and will care for the owner’s property. The screening process may include an interview, a credit report, employment verification, and references.

Rent collection

A successful landlord depends on timely rent payments from tenants. A property manager works to keep a strong relationship with tenants and negotiates payment schedules as needed. They can create and enforce leasing contracts and provide written notices for late rent or violations of the terms of the agreement.

Property maintenance

A landlord’s property needs to be in good condition to attract and retain tenants. A property manager will coordinate and oversee routine and preventive maintenance as well as major repairs on the landlord’s behalf. They may do these things themselves, via onsite management, or they may hire outside vendors to complete the work.

Tenant turnover

The end of a lease term requires the property manager https://pm.blpropertyco.com.au/ to restore a unit to rent-ready status, collect keys and a security deposit from the tenant, refund the previous tenant’s security deposit, and prepare the property for the next tenant. This may involve cleaning, repairing, and upgrading the property, depending on the landlord’s wishes.

Other administrative duties

A property manager must keep up with local, state and federal laws regarding rental properties. These laws often change, and a skilled property manager knows how to navigate the changes. They can help their clients stay compliant and avoid fines and liens by keeping them up-to-date on the latest laws that affect their properties. They can also advise their clients on legal issues that may arise in managing their investment property.

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