One thing that you will need to get used to if you are considering becoming a property manager is multitasking. As a property manager you will be responsible for the many tasks involved in letting out a property to multiple tenants. Not only will you be the first person that is contacted whenever a tenant has a problem, you will also be the first person that is contacted whenever the property owner has a problem with a tenant. Although, many unexpected tasks tend to creep into the day to day running of a large rental property, here are a few tasks that are pretty much standard.
Finding Suitable Tenants
You will be responsible for deciding who does and who does not rent an apartment in the building. This responsibility includes handling all applications received and performing all necessary background and credit checks to make sure that only suitable tenants are chosen.
It is also worth mentioning that tenants don't hand in applications for apartments that they don't know about so you will also be responsible for advertising vacancies. It is your responsibility to make sure that empty apartments and rooms don't stay that way for long.
Another important aspect of finding tenants involves arranging appointments for viewings.
This not only requires that you liaise with potential tenants but you will also need to make sure that each apartment involved is clean and ready to be viewed.
Collecting the Rent
Among many other financial matters, you will be responsible for collecting the rent each month. You will also have to deal with any tenants that are late with the rent including carrying out evictions wherever necessary.
The receipt and subsequent handling of complaints is another important aspect of the daily routine of a property manager. Depending upon the size of the property that you will be managing, you may receive complaints pretty regularly and they will have to be handled both fairly and in accordance with the terms and conditions of each tenants rental agreement.
Although most property managers do not perform maintenance themselves, all property managers are responsible for making sure that it does get done. When something malfunctions in the property, you are likely to be the first person that is called. You will also be responsible for making sure that the property is generally well kept.
Documentation and Accounting
If you are not a fan of paper work, the role of property manager is probably not one that you will enjoy. Not only will you be in charge of making sure that all tenants sign a rental agreement but many property owners also require the property manager working for them to do large amounts of accounting pertaining to the incoming rent and outgoing expenses of their property.
In conclusion, working as a property manager is great for those that are looking for a diverse and challenging position, in which they will be kept constantly busy. It is probably not however the best position for somebody that is easily frazzled when expected to do more than one thing at a time.
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