Are you looking to hire a property management company to manage your Snohomish County rental property?
Or maybe you’re wondering what property managers do on a day-to-day basis as well as what their key responsibilities are?
If you’re considering either of the two options, then you’ve come to the right place.
In this article, you’ll learn some of the most common responsibilities of a property manager.
1. Rent Responsibilities
Rent is any property manager’s key responsibility. Let’s take a look at some of the tasks this usually entails.
A property manager can help set the right rental price. Remember, the right rent attracts the right renter. Getting the figure correct is key to running a successful rental business.
Property managers are also typically responsible for collecting rent. The right property management company should have simple and convenient options for tenants to pay their rent, helping minimize any potential rent issues.
Further, property managers are responsible for enforcing strict penalties on rent defaulters. Tenants can default on paying rent for many reasons. For example, it could be a temporary cash-flow problem or they just simply forgot to pay.
It’s also common for property managers to adjust the rent. Rent tends to go up every year. A property manager can help determine the amount of rent increase.
2. Finding Tenants
Property managers are often responsible for finding tenants, which is one of the reasons why many Snohomish County property owners turn to property managers like T-Square.
A property manager usually performs several tasks in their efforts to find a suitable tenant for your rental property. First, they run a marketing campaign. Next, they meet with prospective tenants and take them through the property’s features.
Finally, a property manager screens all prospective tenants to ensure that the right candidate gets to occupy the rental property.
3. Tenant Screening
Screening tenants helps property managers avoid renting to unsuitable tenants whose behavior may drive down rental rates and the properties value.
While the process can differ, it typically includes tasks such as running credit checks, verifying a tenant’s level of income, and checking references.
It’s only after a tenant has passed this test that a property manager can allow them to rent the property.
4. Maintenance and Repairs
A property manager is responsible for ensuring a rental space remains in a safe and habitable condition. This may include repairs, maintenance, and replacing worn-out appliances.
Property managers must be able to perform regular maintenance, such as pest control, landscaping, and trash removal. Alternatively, a property manager can hire a professional to carry out these tasks on their behalf.
When renovations or repairs are necessary, property managers may choose to handle them themselves or hire professional help. For this reason, property managers typically have a large network of reliable and competent contractors, electricians, carpenters, and plumbers.
A well-maintained property tends to attract and retain high quality-tenants and can help keep utility bills low as well as save on costly maintenance problems.
5. Legal Compliance
Numerous federal, state and local laws govern the residential rental industry and the landlord-tenant relationship.
- State’s landlord-tenant act. The Washington landlord-tenant act is clear on issues like possible defenses to legal actions or legal remedies for breach of contract.
- State required disclosures. Property managers are required by law to disclose certain information to renters. Examples of such disclosures include the smoking policy, security deposit policies, and procedures as well as environmental hazards.
- Security deposit rules. Every state, including Washington, has rules pertaining to security deposits. For example, under Washington law, a landlord or property manager must return the tenant’s security deposit within 21 days of the tenant moving out.
- Mutual covenant of quiet enjoyment. Every tenant has a right to the quiet enjoyment of their home. A landlord must get the tenants’ permission before entering their home.
- Fair Housing Act. According to this act, it’s illegal for landlords and property managers to discriminate against tenants based on national origin, sex, color or race.
An excellent property manager, such as the professionals working at T-Square in Snohomish County, has a good understanding of such laws.
6. Budget and Financial Records Management
A property manager supervises day-to-day activities. They’re also responsible for budgeting and keeping detailed records of the building.
Property managers often have a budget for the property they’re managing. In most cases, it’s up to them to use their discretion to make needed improvements, order repairs, and maintain an emergency fund.
The property manager may also be responsible for filing taxes during the tax season.
In addition, property managers are responsible for keeping thorough records of how the property is performing. This may include all insurance costs, maintenance requests, leases, repairs, records of complaints, as well as all income and expenses.
The property manager should also keep records of all rent collections and building inspections.
There are many other responsibilities of property managers in Snohomish County.
These can include:
- Handling evictions and processing move-outs
- Supervising on-site employees
- Handling tenant complaints and issues
- Preparing and enforcing a lease agreement
Hiring a Property Manager
Not all property managers are created equal. Some offer to execute more responsibilities than others. As such, if you’re looking for a property manager, it’s important to do your due diligence before hiring one.
At T-Square Properties, we make it our mission to provide exceptional property management services to rental property owners in Snohomish County, Washington.
Get in touch with us today to find out how we can help you!