A Guide: What Does A Property Manager Do?

Author Edna Simon

Posted Apr 22, 2023

Reads 3.6K

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As of February 13, 2023, real estate has become one of the most lucrative businesses to invest in. With the growing demand for housing and commercial spaces, it's no wonder why more and more people are venturing into this industry. However, managing properties can be challenging without proper knowledge and expertise. This is where a property manager comes in.

Property managers are professionals who oversee the daily operations of real estate properties on behalf of their owners. Their duties span from collecting rent to handling maintenance requests and everything in between. In this guide, let's explore what a property manager does and how they can help you manage your property efficiently. Whether you're a landlord or an investor, understanding the responsibilities handled by property managers can make a significant difference in your success in the real estate industry.

What Is A Property Manager?

A property manager is an entity hired by a property owner to oversee the daily workings of their real estate investment. Real estate investment property manager responsibilities include setting and collecting rent, handling maintenance requests, filling vacant units, and potentially setting budgets for the property. Property managers can be individuals who personally manage a few properties or an entire management company depending on the size of the portfolio they are managing.

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Property managers play a crucial role in the success of real estate investors as they help maximize profits through effective management of properties. By hiring a property manager, owners can rest assured that their investments are being taken care of while also freeing up time to focus on other ventures. Whether it's managing one or multiple properties, a good property manager can make all the difference in ensuring long-term success for any real estate investor.

See What You Qualify For

As a property manager, it's important to know what you qualify for when it comes to home loans. By filling out a form with your home description and credit profile, first-time homebuyers can see what options are available to them. Don't worry about privacy - contact information is kept safe under our privacy policy, and we work diligently to resolve claims related to the Telephone Consumer Protection Act. Congratulations based on your eligibility will automatically pop up on the sign-in page after clicking the tab - simplifying the home loan process online through Rocket Mortgage.

What Are the Fees for Property Management Services?

When it comes to property management services, there are a variety of fees that can come into play. Property managers charge a monthly management fee, which can vary widely depending on the housing market and the number of units being managed. In addition to the monthly management fee, property managers may also charge administrative fees, unit fees, and a lease renewal fee.

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For those looking to hire a property manager, it's important to understand these various fees and how they add up. The monthly management fee is typically a percentage of the months rent and can range from 4-10%. Unit fees may be charged for each unit managed, while administrative fees cover various expenses related to managing the property. Finally, lease renewal fees are often equal to one months rent and are charged when tenants renew their leases. Overall, understanding these costs is essential for anyone looking to hire a property manager and ensure they receive quality service without breaking the bank.

The Duties and Role of a Property Manager

Property managers provide an essential service to rental owners who generally do not have the time or expertise to manage their properties on their own. Rent property managers can set rents by analyzing comparable rentals in the area, move properties onto multiple listing services, and advertise vacancies through social media advertising. An experienced property manager can vet tenants, reduce turnover, and find great tenants through state-of-the-art screening techniques such as credit checks, verifying criminal history, and contacting previous landlords.

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Stephanie Witko, Director of Business Development at Nest DC - a boutique property management firm in Washington DC - states that during her tenure she has witnessed lawsuits against property managers stay low because they are up-to-date with the latest landlord-tenant laws and rules. Property managers also handle emergency repairs by retaining a small amount into a maintenance reserve fund which generally ranges from $200-$500 per unit. They also create monthly income and expenditure reports which provide important tax filing documents for rental owners to give Uncle Sam.

Finally, it's important for good property managers to perform house visits such as biannual property inspections where they check for big things such as furnace filters, smoke detectors, carbon monoxide detectors, etc., so that tenants aren't damaging the property which could cause more significant issues down the line. Overall, property managers play an integral role in ensuring that rental clients receive excellent service while ensuring that properties are well-maintained and managed responsibly.

How Much Does It Cost To Work With A Property Manager?

Working with a property manager can be beneficial for property owners who want to save time and effort while ensuring their investments are well-maintained. The cost of hiring a property manager or management company varies depending on several factors such as the location of the property, monthly rental income, and management fee structure. Some companies like Mynd Property Management have percentage-based management fees where they take a percentage of the monthly rent as their fee. Others charge a flat fee, which is usually higher than the percentage-based fee.

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When you've hired a property manager, you'll typically pay for various fees such as leasing fees, tenant placement fees, and maintenance costs in addition to their management fee. The leasing fee covers the cost of finding potential tenants for your rental property, which includes marketing expenses and showing the property to prospective tenants. On the other hand, tenant placement fees cover the cost of processing new tenant applications and move-in costs.

The lease-renewal fee is another expense that property managers charge should you decide to renew your lease agreement at the end of its term. This flat rate typically covers the cost of preparing lease documents and collecting tenants' signatures. While some property managers skip this fee altogether, others charge it as part of their monthly management fee. Ultimately, whether you choose a percentage-based or flat rate management fee structure depends on what works best for your budget and investment goals. Consider setting up a Rocket Account to help manage all your finances in one place.

Del Val Realty & Property Management

"Hiring a property manager is one of the best decisions you can make as a real estate investor." If you're looking for someone who can help you manage your investment properties, then Del Val Realty & Property Management is an excellent choice. They have years of experience in the industry and offer a wide range of services to meet your needs.

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"Del Val Realty & Property Management can help you with everything from tenant screening to rent collection." They know how to attract high-quality tenants and keep them happy. Plus, they are highly skilled at handling maintenance and repairs, which means that your properties will always be in top condition. With their expertise, you'll be able to maximize your rental income and minimize your expenses.

"By working with Del Val Realty & Property Management, you'll have peace of mind knowing that your properties are in good hands." They are committed to providing excellent customer service and will work tirelessly to ensure that you get the results you want. Whether you own one property or several, they will customize their services to meet your unique needs. So if you're ready to take your real estate investments to the next level, contact Del Val Realty & Property Management today!

Business Description

Del Val Realty Property Management offers complete management services for property owners throughout the Philadelphia metro area. Their team handles everything from rental analysis work to credit checks and the leasing application process. With advantageous prices and a focus on encouraging adjustments, they take care of all prospective tenants' responsibilities including rent collection.

The Bottom Line: Property Managers Are Trusted With Great Responsibility

Property managers play a crucial role in the real estate industry. They act as the middleman between real estate investors and tenants, handling everything from advertising vacant units to collecting rent to maintaining the property. Real estate investors simply don't have the time or expertise to manage every aspect of their investment property, which is why they rely on a property manager.

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Real estate investors need someone they can trust to handle their investment property, and that's where property managers come in. A good property manager should be knowledgeable about local laws and regulations, have excellent communication skills with tenants and owners alike, and be able to handle any issues that arise with ease. If you're ready to invest in real estate but feel uncomfortable relinquishing control, hiring a property manager is an excellent solution.

If you're a real estate investor looking for a property manager, getting started today is easy! There are plenty of reputable companies out there that specialize in property management, so do your research and find one you feel comfortable working with. Hiring a property manager may seem like an added expense, but it's well worth it when you consider the peace of mind it provides. So take the plunge and let a trusted expert handle all aspects of your investment property management!

Frequently Asked Questions

Is property management a tricky industry?

Yes, property management can be a tricky industry due to legal and financial complexities, tenant relations, and maintenance issues. However, with the right knowledge and experience, it can also be a rewarding and profitable business.

Who is keyrenter main line property management?

Keyrenter Main Line Property Management is a professional property management company that helps property owners with tenant placement, rent collection, maintenance, and more.

Who is del Val realty & property management?

Del Val Realty & Property Management is a reputable company that provides property management services to homeowners and investors in the greater Philadelphia area.

What are the responsibilities of a property manager?

A property manager is responsible for overseeing the day-to-day operations of a rental property, including collecting rent, managing tenants, and maintaining the building. They are also tasked with ensuring that the property is in compliance with local laws and regulations.

Why should you hire a professional Philadelphia property management company?

Hiring a professional Philadelphia property management company can save you time, money, and hassle by handling tenant screening, rent collection, maintenance issues, and legal matters. Additionally, they have the experience and expertise to maximize your rental income and ensure your properties are properly maintained.

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Edna Simon

Writer at Haware Intelligentia

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Edna Simon is a seasoned writer and blogger with over a decade of experience in the industry. Her passion for storytelling has led her to work on various platforms, including magazines, newspapers, and blogs. As an avid traveler, Edna has explored different parts of the world and gained unique insights into different cultures.

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