The United States property management industry is booming, with an estimated $69 billion in annual revenue and 744,614 employees in the business — so why not get yourself a chunk of this change by becoming a property manager?
With the industry growing at an annual rate of 3.1%, it may be time to learn some property manager duties.
First, a property management company will be sure to train you to their criteria. However, first you need to become a certified property manager through a series of courses and exams that follow. Once certified, you will be responsible for the following duties:
- Setting rental prices– A good property manager will be able to set a reasonable price on a property judging by it’s condition, location, and other factors
- Collecting rent– Property management websites will usually have a rent submission page, but be sure to tell your tenants how you will be collecting rent
- Adjusting rent– If enough repairs are made to the property or significant damage has been done, you may need to properly adjust the rent
- Finding tenants– Putting ads online and in newspapers for the property owner is one of the most important responsibilities
- Screening tenants– This should always be on the list for property manager duties; screening tenants ensures the home owner that good responsible people are living in their house
- Handling move ins/outs– Preparing the house before tenants move in and after they have left keeps both tenants and owners happy
- Handling complaints and/or emergencies– Yes, even at two in the morning when a pipe bursts. Be prepared to hear just about every complaint in the books
- Dealing with evictions– No one likes to carry out this duty, but it’s sometimes necessary. Property managers must work closely with the home owner to make this decision
- Property maintenance– This will often include mowing the lawn, snow clearing, etc; these will normally be routine tasks carried out on a set schedule
- Repair duties– Property managers must be skilled in fixing just about everything in a property, from pipes and windows to door locks and appliances
Most importantly, a property manager allows a landlord to reduce some of the responsibilities involved by outsourcing them to a third party — you will be greatly appreciated and the work, although it may seem extensive, is always rewarding.
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