What Is a Property Manager And What Do They Do?

A property manager plays a crucial role in the lives of many, whether you work with one or are one yourself. Yet, despite their critical role in real estate, many still wonder: What is a property manager and what do they do?

As experts in Boston property management, we have a deep understanding of the field. A property manager ensures that essential needs are met, keeping properties running smoothly and efficiently. Let’s dive in and explore how property managers shape the day-to-day operations of housing.

Table of Contents

• What Is A Property Manager?
• Benefits of Hiring a Property Manager
• Common Challenges Faced by Property Managers
• Why Hiring a Property Management Company is Helpful

What Is A Property Manager?

A property manager is responsible for overseeing the day-to-day operations of a commercial or residential property. They make sure the buildings and grounds are well-maintained and – in the case of rental property – profitable. The role involves a variety of tasks, including managing the tenants, handling maintenance requests, and ensuring the property complies with any laws and regulations (local, state, and federal). They also act as the main point of contact for tenants, addressing any concerns and making sure their needs are met.

In addition to tenant management, property managers are also responsible for the financial aspects of the property. This means collecting rent, budgeting for property expenses, and maintaining the everyday financial records that are involved. Property managers also market the property to attract new tenants, as well as related screening such as conducting background checks and negotiating lease agreements.

When asking yourself what is a property manager, another component you shouldn’t forget is basic maintenance and upkeep. That can often be a hefty responsibility depending on the property involved. They coordinate with contractors and maintenance staff so that repairs and renovations are completed in a timely manner. Regular inspections should be conducted to look out for potential issues before they become major problems. By maintaining the property in good condition, property managers help to preserve its value while at the same time making sure the living environment for renters is safe and well cared for.

Benefits of Hiring a Property Manager

Now that we know what a property manager does, it would be helpful to know why someone would hire one. Actually, there are many reasons! They are the glue that holds a community together, performing essential tasks that keep the place running from one day to the next. Let’s go over a few of the key benefits:

• Timely maintenance and repairs – Property managers often have years of managing repair needs, probably with a network of contractors they rely on for all types of things. That can come in handy.
• Expertise in handling legal and regulatory compliance – Sometimes the technical aspects of management requires knowing about complex local, state, or federal regulations.
• Effective rent collection and financial management – They streamline payment processes, try to reduce delinquencies, and provide accurate financial reporting.
• Professional handling of tenant disputes and issues – They handle tenant issues by providing timely and impartial resolutions and maintaining positive tenant relationships (which isn’t always an easy thing to do!).
• Maintain property value through regular upkeep – Property managers are adept at timely maintenance, addressing repairs promptly, and using the right preventative measures.

Common Challenges Faced by Property Managers

There is a reason people seek out professional property management companies and property managers often. What is property management if not doing the daily tasks that an owner just doesn’t have the time or expertise to handle. Here are just a few of the regular duties that can become challenging even for the most experienced property managers.

Keeping Up With Maintenance Issues

Whether it is managing single- or multi-family homes or entire buildings, the fact is that things will break. To avoid surprises, property managers can hire professionals to review and assess structural, plumbing, and electrical aspects of the properties. During a tenant turnover is a good time to perform these routine inspections so things can be flagged and addressed. But the fact is, the more units that are being managed, the more keeping up with maintenance tasks can become a heavy workload.

Finding Tenants

Advertising and reputation are key to helping owners fill and avoid vacancies in their property. Some of the most effective marketing comes from word of mouth. After all, happy tenants attract new tenants! But oftentimes, that just isn’t enough. Experienced property managers know what gets the job done as far as how and where to advertise to make sure vacancies do not last long. Sometimes a few vacancies for a period of time can create a significant burden to your bottom line.

Effective Communication with Tenants

Maintaining good communication with tenants makes everyone’s life easier. A good property manager is responsive and timely. People want good customer service, and that includes in their housing. But this expectation of good communication means that it can be a challenge as well. And the more tenants you have, the more likely dealing with difficult tenants can become a regular occurrence. Good property managers create an open environment and communication channels while also mitigating issues that arise from disputes and problems that come up.

Controlling Costs

Keeping costs under control is a constant battle. Finding ways to save money without reducing the quality of the community and resident’s property or having a negative impact on the property value is always a balancing act. Knowledgeable property managers know how to navigate this to ensure the best outcome for all involved.

Why Hiring a Property Management Company is Helpful

At this point I imagine you have a new respect for what property managers do, and how important they are. Rental property management is an excellent resource for busy landlords or investors who don’t have time or expertise to manage their rentals – whether they own two or 200 properties.

If you’re looking for reliable property management in Boston MA, look no further than BMG. Bay Property Management Group offers comprehensive management services, including, but not limited to, rental marketing, tenant screening, maintenance, rent collection, and more. So, if this sounds beneficial to you, contact BMG today to learn more!