Hiring a property manager is inevitable if you are a property investor or owner.
Generally, property managers take care of operations and administration on behalf of the owner. However, do you know the property manager’s responsibilities well enough to determine if they are doing an adequate job or not?
For many property owners, managers are just another name on the payroll. You can find some of the most professional managers at Leading Property Management and we know that professionalism must be paired with a strong work ethic.
Let’s have a look at the responsibilities that fall under the purview of a property manager in San Francisco.
What Is a Property Manager?
A property manager specializes in administering the operations of a rental property as directed by the owner or investor. The job is to meet the needs of the owner (you), whether those needs involve the improvement and livability of a property or the enhancement of financial goals.
Many individual property owners try to manage a portfolio of properties on their own, but that quickly becomes an overwhelming and time-consuming undertaking. Hiring a property manager enables owners like to delegate multiple tasks, so you can focus on the things that are important to you.
A manager ensures that upstanding tenants move into your property, rent is paid punctually, expenses adhere to budgets, and the property is kept in pristine condition.
How Property Management Works
A property manager’s duties fall under the administration of a rental property.
A significant amount of experience and expertise is required in this job. Managers ought to be familiar with the real estate market and housing standards surrounding your rental property.
Besides meeting your goal for each property, managers should be familiar with national and state laws regarding the landlord-tenant relationship, legal methods for vetting tenants, termination of leases, evictions, security deposits, and laws about safety standards of rental properties.
Setting the Rent Price
The pricing of your rental should ensure profitability for the owner and affordability for the tenants.
Pricing falls under the purview of your property manager. An effective property manager should be able to easily and confidently handle pricing due to experience and knowledge of current rental rates.
Property management companies arrive at your property’s rent by considering factors such as location, the property’s most prominent features, and local market information.
Readying Vacant Units
Any unoccupied unit is money you’re leaving on the table.
As such, these units need to be cleaned, repaired, and maintained so that they are ready for occupation at a moment’s notice. Your property manager should be resourceful in finding new ways to spruce up your property to attract tenants.
If your property manager does nothing else, they should be able to market your property.
Your property is an investment that should start generating income as soon as possible. A reputable property manager ought to know precisely how and where to advertise. That will make it easier to fill your property with paying tenants without delay.
Vetting and Approving Tenants
Property management isn’t merely about getting tenants to occupy a property. Those tenants must be able to meet the following conditions:
- Pay rent in a timely manner
- Commit to renting for a significant period
- Meet certain criteria that indicate responsibility
- Take care of the property
This necessitates a vetting process which should be carried out by your property manager.
Your manager should also be well versed in rental laws in order to rule out unsuitable tenants without breaking the law or being discriminative.
Preparing and Implementing Lease Agreements
Lease agreements safeguard your interests and your property.
As such, everything that matters must be included therein. Your property manager needs to be capable of drafting a lease agreement, complete with terms regarding rent payment, security deposit, and the repercussions that come with failure to abide.
Handling Tenant Complaints
It’s the property manager’s job to resolve any issues from or between tenants and address complaints concerning the property. They should ensure that the tenants are always comfortable.
Collecting and Modifying the Rent
The duty of rent collection falls upon your property manager as well.
Rent collection includes enforcing the terms of your lease agreement and collecting late-payment charges as needed.
Since the real estate market is prone to fluctuations and influence from external factors, your manager should also be responsible for raising or lowering the rent when necessary.
Conducting Repairs and Maintenance
The livability of your property alongside its cleanliness and overall functioning also befalls your property manager.
He or she, or the property management company, must bring in maintenance staff and repair any damages on the property. They are also responsible for tasks like cleaning and repainting.
Project managers are free to use their own personnel for these tasks or hire from the local community.
Property managers are responsible for supervising any staff on your property.
Whether they are security personnel or cleaners, it is the manager’s duty to ensure that workers perform tasks seamlessly and as per directions.
Taking Care of the Property
The project management company in charge of your property should ensure its security and maintenance.
From hiring staff and performing routine maintenance to protecting the property from vandalism and squatters, your manager should also supervise any ongoing projects on the property to ensure punctual completion.
Handling Move-outs and Evictions
Although it’s never pleasant to talk about evictions,, your manager should handle all aspects of that unfortunate process with the required professionalism, and full knowledge of shifting tenant-landlord eviction laws in California.
To handle this properly, property managers must know the law governing evictions in your state.
Your manager should inspect the unit before any tenant moves out. Overlooking this step can result in mounting expenses that can quickly eat into your cash flow.
Once they have established that everything is in perfect condition and accounted for, the property manager can then proceed to process the tenant’s departure. And, of course, tenants whose units have been damaged will only receive a fraction of their security deposit. Handling this properly is also part of the job description.
Ensuring Compliance with the Law
California rental laws are changing quickly and owners must ensure they comply with and are safe-guarded in accordance with the law.
Laws do not favor landlords, and tend to be largely on the side of the tenants. The project management company you hire ought to handle or refer you to proper counsel for all legal compliance needs regarding your property.
Ensure that you employ the services of a reputable company that will accomplish this task professionally. You may find yourself paying large sums in fines if your property does not comply with your local, state, safety, housing, and health laws.
If you are too busy taking care of other matters, you can entrust your project manager with the task of filing taxes on your behalf.
You can also ask the project management company to guide you through the process, if you would rather file your own taxes.
Records are a vital way of keeping track of finances and the growth of a property.
The manager is mandated with the duty of keeping precise, up-to-the-minute, and detailed records of your real estate property. These records should feature your property’s gross income alongside expenses, repairs, taxes, and other vital information.
Now you know exactly what your property manager should be doing for you.
However, we must say that finding the right property manager—one who can comfortably and confidently carry out all the above responsibilities—is no easy feat.
You most definitely do not want to find yourself saddled with a manager who cannot perform half the duties in the job description.
Leading Property Management is a top-notch property management company in San Francisco. You can take care of other important matters because you are assured that your property is in capable hands.
Let Us Manage Your Property
Managing your property has never been easier. Get your property management questions answered. Call us now! (415) 346-8600.