Landlords get to experience a lot of benefits when hiring a property manager, but do you really know what a property manager does? If you’ve been considering hiring a property manager but can’t put your finger on what it is they do, then you’ve come to the right place.
Whether you own a single-family home or a multi-unit apartment complex, property managers are essential in keeping things running smoothly. They take care of everything from finding the perfect tenant to handling emergency repairs and maintenance. They take the stress out of owning a rental property.
Let’s take a deeper look at the duties of a property manager and how you can choose the perfect property management company for your business.
Key Takeaways
- Property managers handle tenant acquisition, screening, and lease management to ensure quality tenants and smooth lease terms.
- Property management companies manage rent collection, financial reporting, and operating expenses to maintain the property’s cash flow and profitability.
- Property managers coordinate all maintenance, repairs, and inspections to keep tenants safe and the property in good condition.
- They minimize legal risk by staying compliant with local, state, and federal laws.
- Good property managers foster strong tenant relations, reducing turnover and enhancing tenant satisfaction.
Table of Contents
What is a Property Manager?
A property manager is a role in the real estate industry. A property manager is responsible for managing residential, commercial, or industrial properties on behalf of the owner. This includes everything from tenant management, rent collection, maintenance and repairs, financial management, compliance, and more. Property managers and property management companies typically charge a percentage of the monthly rent as their fee to ensure everything runs smoothly and your tenants are happy.
At Good Life Property Management, we know that a property manager is more than just someone who takes care of your property—they help you reduce the stress and workload that comes with being a rental property owner.
Key Responsibilities of a Property Manager
It’s pretty clear that the answer to “What do property managers do?” is anything but short. There is a laundry list of tasks and responsibilities that fall to professional property managers or property management companies.
In our experience, the best property managers will take care of all the responsibilities that fall under the following eight categories. While this doesn’t mean every property manager or management company will take on all these services, we believe that the best ones will.
1. Marketing and Advertising
To get tenants into your property, you need to market and advertise your vacancies. And to attract the right tenants, you need to market to the right potential tenants.
Property managers will create compelling marketing materials to make your property stand out in the market like videography, professional photography, and 3D tours. They’ll also know the best places to advertise your property, whether it’s online rental listing sires, social media, or even newspaper ads.
A property management company can present your property in the best light, highlighting its unique features, location, and amenities. They can also offer virtual tours or in-person showings to prospective tenants without interrupting your schedule.
Effective marketing strategies will reduce vacancy periods, reduce your overall costs, and help to ensure that you only have qualified tenants applying to your property.
2. Tenant Acquisition and Screening
Finding, screening, and keeping good tenants is one of the main headaches that we hear about from our clients who’ve tried to go the DIY landlord route. And it’s no wonder when you think about the amount of work that goes into finding the right tenant for your rental property.
You need to find reliable tenants who you can trust to take care of your property and pay their rent on time. A big piece of that comes from effectively marketing your property, but the other piece that completes the puzzle is effectively screening potential tenants.
A good screening process includes credit checks, criminal background checks (for the past seven years only in California), employment verification, eviction history check, and reference checks from previous landlords. The purpose of screening is to ensure that the tenant you sign a lease with has a history of responsible behavior and can afford to pay the rent.
Having a thorough, legal tenant screening process can help you minimize vacancies, and avoid issues with non-payment, damaged property and evictions.
To learn more about the tenant screening process, read our comprehensive guide to tenant screening in Orange County.
3. Lease Management
Property managers are responsible for drafting clear, legally sound rental agreements that include all the necessary provisions to protect both the property owner and tenants. This includes:
- The length of the lease
- Rent payment schedule
- Security deposit requirements
- Pet policies
- Maintenance responsibilities
- Any other special conditions
It’s also the property manager’s responsibility to clearly communicate the lease terms to all parties involved and ensure it’s signed by all parties.
Throughout the lease term, property managers continue to ensure that all parties adhere to the lease conditions. They also process lease renewals and address any amendments or disputes that arise. The importance of lease management can’t be overstated—we’ve seen time and time again that professionally and efficiently handling lease agreements minimizes the potential for legal disputes and keeps rental income consistent.
4. Rent Collection and Financial Management
The only thing more important than having your rental property leased is having it leased by tenants that pay their rent on time. It’s the responsibility of your property manager to ensure that rent payments are made on time. This is an essential part of maintaining the financial health of your property—late rent payments can impact your cash flow and cause issues down the line.
While it may seem simple to collect rent, there is a lot more that goes into it. Property management companies need to set up and maintain systems for rent payments, follow up with tenants on late payments, and enforce late fees/penalties if necessary.
In addition to collection rent, property managers monitor the property’s operating expenses, including utilities, taxes, maintenance and repair costs, and insurance. They provide property owners with regular financial reporting to property owners to keep everyone informed. At Good Life Property Management, we provide our clients with monthly and annual financial statements that are easily accessible online.
5. Maintenance and Repairs
There’s a level of stress that comes with getting a middle-of-the-night phone call about a leaking pipe or overflowing toilet. Thankfully when you outsource your property management to professionals, you’ll no longer have to worry about these calls. Your property manager will be responsible for all regular maintenance and both scheduled and emergency repairs.
Property managers will schedule all regular maintenance including HVAC servicing, landscaping, pest control, and more. They’ll also respond quickly to repair requests from tenants—from our time in the industry, you should expect to have 24/7 maintenance emergency response from your team.
The property manager will also hire and oversee contractors and vendors, ensuring the work is completed to their highest standards and within your budget.
Timely maintenance is key to keeping the property safe and comfortable for tenants and it also helps preserve your rental property’s long-term value.
6. Tenant Relations
There wouldn’t be a successful rental property without tenants. Building and maintaining positive tenant relationships is essential for minimizing turnover and ensuring smooth operations. Your property manager will act as the main point of contact for tenants. It’s their responsibility to address concerns and resolve issues in a timely manner, helping to build trust between both parties.
Property managers walk the fine line between the interests of the property manager and the needs of the tenants. When issues arise, they work to find solutions that satisfy the needs of tenants while also keeping the property owner’s best interest in mind.
Good tenant relations encourage lease renewals, reduce vacancies, and foster a sense of community among tenants which can further improve tenant retention.
7. Legal Compliance and Risk Management
There are a lot of local, state, and federal laws that govern rental properties. It’s a lot for a property owner to take into consideration, but it’s an essential part of managing a property. And not understanding your legal obligations can ultimately have negative consequences if you’re found to have broken a law or regulation.
In California, rental property owners must comply with fair housing laws, building codes, health and safety standards, rent control regulations (where applicable), and other landlord-tenant laws. Working with a property management company ensures you’ll have an expert on your team who will always be up-to-date on all the laws and regulations governing your property.
Property managers are also responsible for helping to mitigate risks wherever possible. This means ensuring that the property is safe, secure, insured, and up to code.
In the event of a legal dispute like an eviction, your property manager must manage the process in compliance with state laws, making sure that due process is followed at all stages.
8. Property Inspections
Conducting regular property inspections help to maintain the property’s condition and can prevent expensive repairs down the road. Property managers are responsible for conducting move-in/move-out inspections, as well as routine checks throughout the year. These inspections are used to identify maintenance issues that need to be addressed, and assess whether tenants are adhering to the lease terms.
Inspections also give property managers a chance to engage with tenants, build trust, and learn about any concerns they may have.
Every inspection should be properly documented—this can serve as evidence if a dispute ever arises over security deposits or property damage.
How to Choose the Right Property Manager
The role of a property manager in Orange County involves a lot more than simply looking after the day-to-day operations of a property. They’re responsible for everything from running background checks to managing evictions, monitoring financials, and maintaining the physical condition of the property.
But how do you find the right property management company for you? Choosing the right property manager is a decision that can impact the success and profitability of your property, so it isn’t a decision you should go into lightly.
Here are five things to consider when evaluating your options.
Experience and Reputation
Probably the most important thing to consider when looking for a property management company to work with is their reputation and experience. We always recommend spending some time reading reviews on places like Yelp, Google, and TrustPilot to get honest insight into the quality of the services offered. Additionally, consider how long they’ve been in business and if they’re familiar with your location and the type of rental property you own. We always recommend working with businesses that have been in business for at least five years as that demonstrates their ability to navigate the challenges of the industry.
Licensing
This might seem like a no-brainer, but it’s important to ensure the company you’re working with is licensed to work in California. The state of California requires property managers to have a real estate license if they’re managing properties for others. This ensures the individual meets the legal and ethical standards that are required for the job.
Transparent and Fair Pricing
One of the first things we recommend you do is look for a property management company’s pricing on their website. If a company’s pricing is available online or they have a reputation for hidden fees, it’s time to look somewhere else.
Open Communication
You need a property manager who picks up the phone or responds to emails in a timely manner. To test the responsiveness of a company, give them a call or send off a quick email—see how long it takes for them to get back to you. This should be a clear indication of how open and communicative they are with their clients as well as their tenants.
Remember, a property manager should not only handle the day-to-day operations but should also act as a partner in maximizing your property’s profitability and long-term success.
Get the Most from Your Investment Property
At Good Life Property Management, we believe life should be enjoyed, not spent sweating the small stuff. That’s why we set out to make property management easy. We care about you, your property, and your tenant. And we do it all so you can Live the Good Life.
Schedule a call to speak with one of our Good Life experts.
What Do Property Managers Do FAQs
What is the biggest responsibility of property management?
Property management companies are responsible for all aspects of managing rental properties. They are required to manage everything from finding and screening tenants, collecting rent, maintaining the property, and more.
Do you need a license to be a property manager in California?
To manage a property in the state of California, you must have a valid real estate license. There are some exemptions, like short-term rental agents, and employees of real estate brokers for specific, limited functions.
What is the hardest part about being a property manager?
There are many challenges associated with being a property manager but many say that finding new tenants is the biggest challenge. To find the right tenant, you must market the property, find and screen tenants, and draft and sign a lease.
What is the most essential attribute of a property manager?
There are many attributes that go into making an excellent property manager. We look for individuals with excellent leadership and communication skills, attention to detail, and responsiveness.
Steve Welty
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