In short, a rental property manager’s duty is to manage the day to day operations of a rental property in the best interest of their owner-client.
These properties can be as large as an Avalon portfolio or as small as the home next door to you. These owners can be multi-million dollar corporations with investment capital from other multi-million dollar corporations or they could be the couple who decided to retire to Florida and not sell their family home.
In either instance, when each property becomes a rental property and each owner a landlord, the rental unit now becomes an owner’s asset and begins to require necessary tasks that need to be managed professionally and in accordance with national and local laws, rules, and regulations. These tasks include tax reporting, fair housing compliance, lead based paint testing, security deposit management, and more.
A rental property manager’s job is to make sure that this asset is well managed, ideally producing income, and is in full compliance at all times. Some of the specific job functions that we do to accomplish this mission are:
- processing applications and executing leases according to the owner’s terms and conditions
- evicting/reprimanding poor performing tenants
- delivering great customer service to owners, tenants, and vendors
- maintaining high levels of quality through routine & emergency maintenance work
- managing tenant issues
- paying some property bills
- setting up & working with vendors such as plumbers, landscapers
- accepting rent payments
- depositing rent payments
- financial reporting to the owners
- making sure that all fair housing laws are being followed
- handling any emergency crises that come up
- ensuring that owners get paid in a timely manner
- and anything else legally and ethically required to maintain the property’s value
In conclusion, a rental property manager’s job is to manage the rental property in a way that maintains or increases the property’s material and fiscal value over time. Successfully and consistently doing this will afford the owner the luxury of worry-free rental property ownership and financial peace of mind.
