The global market for property managers is worth over $15.10 billion. They charge landlords fees of 8-12% the property's monthly rent.
What do they spend that money on? What do they spend their 47 average hours per work week doing?
Read on for five major responsibilities of property managers in Albuquerque.
1. Finding, Screening, and Managing Tenants
The most essential duties of property managers relate to tenants. They're the lifeblood of any property.
Managers handle marketing to attract them. They then narrow down applicants through tenant screening. It involves:
- Identity verification
- Income and employment verification
- Credit checks
- Eviction checks
- Criminal background check
The work isn't done once the tenant is screened and moves in. The manager must create a lease agreement and make sure they don't violate it. If worse comes to worst, they may even have to conduct an eviction.
2. Property Maintenance
Property manager duties that keep the property in top condition fall under the umbrella of maintenance coordination.
Regular, proactive inspections and repairs are a way to prevent serious, expensive damage. Tenants also appreciate prompt responses to their maintenance requests.
Property managers must communicate with an in-house crew of vendors. They'll be available to perform repairs when necessary.
3. Financial Management
Property accounting and financial management also encompass many of the responsibilities of property managers.
Creating a budget makes sure there's enough money. Adding an emergency fund creates a cushion for unexpected costs.
Property managers need to communicate with the owners about the financial health of their investments. That means providing detailed reports and financial transactions. It helps identify where to cut expenses and increase profits. It also makes tax reporting easier.
Managers also need to make sure money is deposited into the correct accounts. That includes security deposits and rent.
4. Setting and Collecting Rent
Rent isn't like a loan from a friend. You can't just walk up to your tenant's door and ask for any amount from them.
Rent collection is one of the most important roles of property managers. It starts by setting the right rate based on the local market.
Property managers collect and store the rent and security deposits. They set a due date in the lease so tenants know when to expect it.
5. Legal Compliance
Many property management tasks never end. That includes legal compliance because laws are constantly in flux.
The federal Fair Housing Act says you can't refuse tenants or change terms based on categories such as:
- Race
- Religion
- National origin
- Gender
- Disability
The Fair Credit Reporting Act also comes up during screening. You need permission from your tenants before running any background checks. You must also send them an adverse action notice if you deny their application explaining why.
Property managers keep you compliant and out of court. It's especially helpful for out-of-state investors who may not know the laws in the state they recently invested in.
Finding Property Managers
Property managers take on all the responsibilities that a landlord would have. That includes finding and managing tenants, maintaining the property, managing finances, setting and collecting rent, and staying legally compliant.
PMI4U is a trusted source for comprehensive residential property management services. We have an experienced team dedicated to providing excellent service. Contact us to see how we can maximize your investment today.
