Property managers must wear a lot of hats to keep their businesses up and running. If you’re considering a career in property management, here are five vital responsibilities of property managers you’ll need to be familiar with.
Attracting New Tenants
Your property won’t last without a full house of tenants. As a property manager, it is imperative to familiarize yourself with marketing and advertising strategies to pull in interested parties. Strong communication skills are also a factor in closing the deal with potential new tenants.
Once you’ve secured tenants for your properties, you’ll need to keep them happy. Quick and fair problem-solving can ease the tension between tenants dealing with noisy neighbors or tenants who are unhappy with management.
Setting and Collecting Rent
Collecting rent is one of the most fundamental responsibilities of a property manager. They need to know the market well to set a competitive monthly rate, learn how to adjust it to attract new tenants, and create a detailed rent collection policy.
Property maintenance ensures that your property remains in good and safe condition. While some maintenance may take an outside contractor, property managers should be able to identify a variety of common problems and should consistently invest in preventative care.
A well-kept property can also keep tenants happy and entice potential renters. Invest in quality landscaping, and consider repainting your properties to increase their curb appeal.
Consider taking the extra step to add a security guard, property security devices, or both. Security services will make your tenants feel more comfortable and will protect your business assets.
Being a property manager requires a lot of responsibilities, multitasking, and expertise across industries. These five vital responsibilities of property managers are some of the most important duties that a new property manager should be ready to handle.