Are you wondering about the specific tasks a property manager is responsible for completing? Take a detailed look at all of the tasks that fall under a property manager's job responsibilities.

1. The Responsibilities of a P
rofessional Property Mana
ger

2. For real estate investors, good property mana
gement could be the key to success. This is be
cause the property manager has a diverse role
with many duties – all designed to maximize t
he investor’s ROI (return on investment). How
ever, to get the highest ROI and reap the great
est benefits, your property manager must perf
orm all of their duties efficiently. These duties
include: managing the tenants, performing ad
ministration and risk management tasks, hand
ling marketing and financial matters and mana
ging physical property (i.e. condominiums or a
partment buildings).

3. Managing the Tenants
Managing tenants is one of the most important duties o
f a property manager. However, tenant management als
o involves understanding the needs of the residents. Th
is includes, offering 24-hour customer service, prompt
and emergency maintenance, timely, fair rent collection
practices, property maintenance and lease managemen
t. Apartment and condominium management; however,
also includes property maintenance and supervision of
shared amenities.

4. Your property manager and company should
also set regulations and policies for your pro
perties, as well as consequences for violation
s (i.e. evictions and deposit forfeiture). Additi
onally, by performing background checks, the
y should ensure you’re only renting to high-q
uality tenants with excellent rental histories.

5. Performing Administration and
Risk Management Tasks
To be the most effective, property management must
include a system for keeping records and files. This inc
ludes bookkeeping and maintaining accounting, empl
oyee, maintenance and tax records. Most importantly
, this system should ensure you’re following tax regula
tions, especially those that apply to rent collection an
d reporting. Your system should also include records o
f any tenant-to-management interaction, including le
ase agreements, rental and maintenance receipts, pol
icy violations, damage reports, eviction notices and g
eneral reports.

6. Good records maintenance will help you avoi
d or win liability lawsuits, which is something
that every good property management team
offers.

7. Handling Marketing and Finances
Operating expenses and budgeting are a part of busine
ss ownership, even if that business is property owners
hip. In fact, they’re essential to successful real estate in
vestment and ownership. Your property manager must
have a handle on your finances, as it will help them set
appropriate rental rates and budget for expenses. Rent
al rates must be balanced by the current market, or the
y’ll be too high or too low, especially if the manager ha
s neglected to consider the surrounding area and comp
arable properties.

8. The manager should also offer regular financial
reporting to the owner, so make sure your man
agement team is providing monthly financial st
atements that include profit/loss margins and t
ax information. Pricing and location are sure to
help you remain competitive, but marketing ca
n help also. Effective marketing can help keep y
ou stay ahead of the competition, but it’s the pr
operty manager’s job to ensure this happens.
Marketing strategies, like rate drops for student
s and other special promotions can increase occ
upancy while raising brand awareness.

9. Managing Physical Property
It’s the property manager’s job to take care of the ph
ysical property and outdoor space of the properties t
hey’re managing. This includes hiring and supervising
a maintenance crew. The maintenance crew repairs d
amaged property, appliances and building structures
(e.g. walls, the roof, etc.). They also perform plumbin
g and electrical maintenance to ensure safety. A main
tenance crew can include in-house contractors or co
ntracts with outside professionals and repair services
.

10. These relationships are especially important f
or commercial properties, which can remain
uninhabited for many months or several year
s. Commercial property services like Group T
hree Property Management, Inc. can provide
this maintenance service alongside excellent
property management.