What Are the Responsibilities of a Property Manager?
Your contract with your property manager should specify different types of responsibilities your manager will deliver. Therefore, think carefully before hiring.
Tasks that managers are often responsible for include:
Collecting rent each month
Depositing rent in your bank account each month
Semi-annual or annual checkup of your rental (drive-by to view exterior or interior meeting prescheduled with your tenant)
Coordinating repairs (e.g. toilet clog, leaky faucet, etc.)
Maintaining the rental (e.g. replace lights, cleaning, etc.)
Showing the rental property
Writing and publishing the rental listing
Collecting and managing the security deposit
Conducting the move-in inspection and handover of keys
Conducting the move-out inspection and collection of keys
Providing monthly income and expense records
Collecting late fees
Serving late rent notices
If you are a part-time landlord who wants to self-manage your rentals, you may be better off buying Class A rental properties. The rental yield may be lower, but you will likely find yourself spending less time having to find vendors and facilitate time-consuming repairs and renovations.
- What Laws Should You Comply With as a Landlord?
- How Do You Find and Select a Real Estate Lawyer?
- Can You Be a Part-Time Landlord?
- Should You Hire a Property Manager?
- Should You Get to Know the Neighbors Before Renting Your Property?
- Should You Furnish Your Rental?
- Should You Note the Furniture Condition Before Renting?