Main Responsibilities of a Property Manager

When investing in real estate property, such as an apartment, you can choose between managing the property on your own, or trusting an apartment management company to do the necessary work of maintaining the property and overseeing the operations for you. When you hire an apartment management company, you still need to be aware of the tasks you are delegating—from managing the tenants and collecting rents to the varied maintenance schedules of land, building, and equipment.

Responsibilities on Tenants

Property managers are responsible for finding and screening tenants who will lease a space on your property. They can advertise your property to get new tenants, and screen and select them. They will also keep tab of the length of the tenant’s lease, while also tasked to handle complaints, and to deal with tenants who breach the terms of their lease.

Responsibilities on Rent

You don’t need to worry about setting and collecting rent; property managers are knowledgeable in setting the right rent level, while also ensuring that there’s optimal cash flow by setting a collection date for rent each month. They also implement the penalties for late rent, and can adjust the rates, accordingly.

Responsibilities on the Property

Property managers are responsible in managing the physical aspects of the property. You won’t have to worry about dealing with leaks, peeling paint, and other common property problems. Property managers are expected to handle the maintenance, as well as repairs that your property would need from time to time.