What Does a Property Manager Do?
Updated: Dec 1, 2022
While the phrase “property manager” sounds very self-explanatory, could you answer the question of what does a property manager do? Tverdov Housing is a Central Jersey property management company with reputable property managers in Somerset, Union, and Middlesex counties. Property managers are a great asset to your investment property, and here’s why.
Hiring a Property Manager for Outsourcing
When you own investment properties, you need someone to take care of them. Do you have the time to show your property or vet tenants? How long do you think it takes to build a team of reliable vendors? Knowledgable on landlord-tenant laws in New Jersey? All of these tasks, which take time and skill, are part of the property manager job description.
Should I hire a property manager? You will soon find out that your time is valuable and that you cannot handle all of the responsibilities of a property manager all by yourself. If you prefer to spend an afternoon with family, friends, or planning future investments rather than dealing with getting rid of a bad tenant or writing an eviction notice, you need a property manager.
The Responsibilities of a Property Manager
Now that you understand the benefits of a property manager, it’s good to know what property managers are responsible for.
A property manager is responsible for market research in order to set appropriate rental rates that will attract tenants to your property. Collecting rent is another vital part of owning rental properties, as is chasing down late rent payments. Therefore, your property manager will set up a system of collecting rent as well as necessary late fees.
Property Maintenance and Repairs
Property managers are also responsible for the overall maintenance of your rental investment property. This means that your property manager will ensure that your property is in the best condition possible, which includes making repairs quickly and efficiently.
Communication with Tenants
Part of the property manager’s job description and responsibilities is to handle all of the communication between you and your tenants. Whether it’s negotiating rent, collecting rent, or dealing with any tenant problems, you know who you can count on. Additionally, it’s one less email, text message, or phone call for you to handle.
One of the most tedious and time-consuming tasks you need to take care of when you own rental properties is the administrative work. By hiring a property manager, you can pass on the responsibility of administrative work. Administrative work consists of numerous duties, including but not limited to:
Completing paperwork with new tenants
Ensuring compliance with relevant laws and regulations
Maintaining all statutory records
Collecting security deposits
Skills of a Property Manager
Your property manager should possess many, if not all of the following skills:
Attention to detail
If you’re looking for property management in New Jersey, you can count on Tverdov Housing. We’re a Central Jersey real estate management company specializing in property management, brokerage, construction project management, and realtor services for residential properties in Union, Somerset, and Middlesex County. Contact our team or call us at (732) 344-0701 for more information on how we can take care of all the property management and maintenance for you at your investment property.