Property managers have it rough. Not only do they have to rent out a unit, they have to deal with tenants and owners, collect rents, maintain and upgrade units, be prepared for any emergency and keep a smile on their face. Property managers, we salute you.
Below is a great list we found at the California Department of Real Estate listing the many jobs of a property manager. Feel free to add any tasks you think should be on the list and have been missed.
SPECIFIC DUTIES OF THE PROPERTY MANAGER
Here are some of the specific duties a property manager must perform:
1. establish the rental schedule that will bring the highest yield consistent with good economics.
2. merchandise the space and collect the rent.
3. create and supervise maintenance schedules and repairs.
4. if applicable, insure independent contractor license status and insurance coverage.
5. set up payroll system for all employees.
6. develop a tenant/resident relations policy.
7. supervise employees and develop employee policies, including an Injury Prevention Plan.
9. qualify and investigate a prospective tenant’s credit.
10. prepare and execute leases.
11. obtain decorating specifications and secure estimates.
12. hire, instruct, and maintain satisfactory personnel to staff the building(s).
13. audit and pay bills.
14. advertise and publicize vacancies through selected media and broker lists.
15. recommend alterations and modernization as the market dictates.
16. inspect vacant space frequently. PROPERTY MANAGEMENT 531
17. keep abreast of the times and competitive market conditions.
18. obtain and pay insurance premiums and taxes.
19. be knowledgeable about and comply with applicable Federal, State and local laws.
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