Some people are under the impression that property management duties consist of maintenance and little else. The truth is that property managers are responsible for so many things! This is why trainings and experience are important for you when you’re looking to get into property management or grow your property management business. Check out these five property management duties you’ll need to know for your job.
How to Survey Comps in the Area
It’s likely that the property owner will want you to set the rent rate as part of your property management duties. This will involve surveying comparable properties in the area to see what they’re going for, and how rates have gone either up or down in the area. Some property managers make the rent go up by a small percentage every year the lease is active, but you’ll need to have evidence about why this is. When surveying comps in the area as part of your property management duties, look for properties currently listed for rent within a mile radius of yours, look for properties that have recently rented, and pick ones that are comparable to yours. Knowing how to determine the rent will increase your skills as a property manager.
How to Screen Tenants
Once you’ve got the advertising game down, tenants will likely start throwing applications or phone calls your way. You’ll need to know how to properly screen these tenants as part of your property management duties before they’re considered for your property. When screening your tenants, you’ll need to verify their income, check the references they provide you, maybe even a background check, and definitely a credit check. Knowing how to properly screen tenants can save you a lot of hassle in the future—when you accept tenants who don’t quite fit your property because they can barely afford the rent or their references don’t check out, you’re likely creating future problems for yourself.
How to Do Maintenance
You’re going to be responsible for any maintenance the property needs for your property management duties. While this doesn’t mean you need to be an expert plumber, it does mean that you’ll need to have a good relationship with one in case an emergency happens or they so happen to need plumbing maintenance. In other words, you’ll need to have dependable resources for your duties. Emergencies are also part of maintenance, so having good relationships with local businesses can help you out when something goes wrong. You’ll also be responsible for turnovers: when your tenants move out, you’ll need to repair, clean, and begin to think about advertising the property.
How to Construct the Perfect Lease
Your property owner may give you a lease they already have, you may have a template, or the owner may expect you to make one from scratch. Regardless of your situation, part of your duties is knowing how to construct the perfect lease. This means a detailed list of things you’ll do and won’t do when it comes to maintenance, the length of the lease, what the rent rate is and how and when it’s going to increase or decrease, and information about the security deposit. The lease is going to be the thing that has your back in case a dispute arises or things get sticky with your tenants, so know how to make it accurate and detailed.
How to Be Responsible
Responsibility is the name of the game when it comes to property management. Your property management duties include all of the above and may even include filing income taxes for the property on behalf of your employer, managing any employees on your team or security personnel, and most importantly, staying within budget and keeping records. You’ll need to accurately plan your budget, because not staying within budget could cost you your job. Your property owner will expect you to know how to handle the budget and stay within it accordingly. While some situations like emergencies can’t be helped, your ability to do the math can, so stay within budget and keep accurate records of everything. Property management software may be able to help you do this more efficiently!
Your property management duties go above and beyond simple maintenance of the property. By knowing your duties and how to do them efficiently, you make yourself invaluable both to employers and your tenants. Consider these five property management duties that you need to know!