Many homeowners know that property managers exist, but they do not know what they offer or what their responsibilities are. If you are thinking of renting out your DC rentals, then you need to know this information. By understanding what a property manager does and what their responsibilities are you can determine if you should hire one.
The Role of the Property Manager for your Rental
A property manager is a third party in the property transaction along with the tenant and landlord. Managers of a property will be hired by the landlord to deal with the daily operations of renting, managing and controlling their property. It is possible for a property manager to manage a range of property types from single family homes to apartments. The responsibilities of your property manager will vary depending on the services they offer and the contract that you agree to.
Responsibilities for Rent
The primary responsibility of a rental manager is to manage the rent on a monthly basis. They will work with a real estate agent to help set the rent amounts, but they will need to clear this amount with the landlord as well. Many property managers will be able to complete a valuation of the property themselves because they have the necessary knowledge and experience.
The manager will also be responsible for the collection of rental amounts each month. They will set a date with the tenant for the rent to be paid and they will act as an enforcer should the rent amount not be paid on time. They are also in charge of setting and enforcing late fees on rental amounts.
The property manager is also responsible for adjusting the rental amounts based on the fluctuations of the property market. This will be done once a year or when the current tenancy agreement ends.
Responsibilities for Tenants
Other than the rent, property managers will also be responsible for the tenants. They will need to advertise your property to find potential tenants. Once potential tenants have been found they will show them the property before putting them through a screening process. The screening process should be discussed with the landlord before the property manager is hired.
Most screening processes will include a credit history check as well as a background check. This screening is done to ensure that the tenant can pay the rent on time and will not damage the property. Once the tenant has passed the screening process, the manager will be responsible for handling the lease agreements.
Responsibilities for Maintenance and Repairs
The physical management of a property is also the responsibility of the property manager. They will be the contact for the tenant if there is any maintenance work which needs to be completed or any repairs which need to be done. They are also responsible for the finding of contractors to complete the maintenance and repair work. Most good property managers will already have a network of reliable contractors that they use on a regular basis.