What exactly does a property manager do? Obviously they would be responsible for managing a property, but what does that actually entail? In this post we’ll go over the general duties over which a property manager Lakewood team would be responsible.
A property manager is responsible for setting the price for rent and collecting it from tenants. Setting the right price for a rental unit is a skill that requires a property manager Lakewood to understand the neighborhood, the area’s demographics and the economic trends of the district. Collecting the rent itself requires a decent working relationship with the tenants and may require enforcement of late fees or other penalties upon non-payment.
A property manager is responsible for finding tenants, screening them for suitability, monitoring tenant moves, dealing with leases and any concerns or complaints. Property managers will have to know the best places to find tenants who are suitable for their properties while vetting the applications to identify acceptable residents. Property managers should be experienced with leases and damage security deposit law according to the region. Property managers must also be able to handle complaints and resolve disputes including evictions.
A property manager must be quick to react to emergency repairs while making sure the general maintenance of the property is upheld. A property manager is typically the first to be notified by tenants when immediate repairs are needed. The manager needs to be consistently available and able to respond quickly when needed. At the same time, the property manager must ensure general maintenance schedules are followed so as not to allow the property to fall into disrepair.
A property manager must have general legal knowledge regarding processes such as evictions, security deposit allocations, lease flexibility, tenant selection and safety standards. Following the proper protocol when dealing with evictions will prevent legal problems later on. Different regions have different laws regarding the handling of security deposits and it is the property manager’s duty to take care of those funds properly. Understanding the area’s lease laws and the legal implications of running background or credit checks on tenants is also necessary. A property manager must also ensure that their properties comply with local safety standards.