A lot of people wonder what the responsibilities of a Property Manager is.

The Property Manager is the point of contact for the Landlord and the Tenants.

For vacant properties, it begins with leasing. Advertising, showing the space, then qualifying and reviewing potential renters applications. Once approved, the Property Manager prepares the lease and forwards for execution by the tenant. Some leases have additional paperwork attached, depending on the property and/or location.

Typically managers will do a walk through of the property prior to handing over the keys. Photographing or videotaping the property before the tenant takes possession, as well as once they vacate is important. Most good managers will also  document any deficiencies to the property, before & after the tenant is in possession.

Then once the tenant is in the space, the Property Manager becomes the point of contact for the tenant. The property manager handles complaints, maintenance requests, lease extensions, rent increase/reductions, notices to tenants, late fees etc… The manager collects all rents and disburse’s funds to the Landlords. Paying all the properties expenses (mortgage, property tax, insurance, etc…). Furthermore the Property handles the book-keeping for the property. This may include preparing financial statements, or monthly reports. In addition, the Property Manager performs routine walk throughs of the property, or drive-bys. Maintaining that the property insurance is up to date is also important.

A Property Manager alleviates all the day-to-day management responsibilities for landlords & investors of real estate.