So you think you want to become a property manager, here you will find the day to day of what your new business could look like. Are you just getting up early to watch the monthly income flow through your bank account or is this something more? But what exactly is a property manager responsible for? You know they collect the monthly rent and show your property. Yet that is only a small part of the job. The day to day life of a property manager is fun and busy. So, what does it entail?
The first thing that you will do is check maintenance requests.
If something happened overnight, it’s time to follow up with the emergency maintenance technician. Then, as the property manager, you must look at the repair costs. Often, the contract with the owner will have a clause that states to fix anything under a certain dollar amount. If the repairs exceed that amount the owner must approve improvements. The maintenance technician lets the property manager know the price of the repairs and you get in touch with the homeowner. Otherwise, the work will be done by your contractor.
You are not going to be doing this on the daily. But at the beginning of the month, it takes up a good part of the day.
It is a must to document all the checks received and assign them to each respective homeowners account. Then the next step is to deposit all the checks into the bank for the owner. What happens if a check is not received or underpaid for a household?
A non-payment of rent notice is issued to that tenant and the owner is updated of this status.
Marketing is a big part of the job.
You will look at your reports to see if anyone has put in a notice to vacate and will also look at your current vacancy report.
Once you know the current and future availability, now is the time to plan for marketing. The goal is to get those vacancies filled as soon as possible – yet also earn the highest dollar per month rental rate as possible – this is a fine line that property managers must walk. There are a few ways that you may choose to market the homes.
Part of filling the vacancies is prospecting leads and processing all applications in a legal and fair manner. All property managers are trained in state and federal fair housing laws. You must use this training extensively when marketing and qualifying residents for vaccant properties.
Hopefully, you, the property manager isn’t processing many evictions in your day to day activities. However, dealing with lease violations is a part of the job you will more than likely deal with more than you expect. This is how you protect the owner’s investment – ultimately creating a happy client that will stick with you in the long run.
Often, these eviction notices are issued for non-payment of rent. Yet, there are other violations that are common. Two examples of non-monetary lease infractions are noise and housekeeping violations. If the tenant has loud parties and the police are called that is usually against the lease agreement. Not keeping the home reasonably clean attracts pest which can be another violation.
The day to day job of a property manager is never boring and always throws new experiences and challenges in your direction. There are many moving parts when it comes to managing single-family homes. It’s a large task but you dont have to get started without guidance.
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