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

• Reviewing applications

• Screening tenants

• Selecting tenants

• Signing the lease

• 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

Tellus TIP:

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.