A Property Manager is contracted to handle the day-to-day operations of a property. This can include responsibilities like collecting rent from tenants, setting rent prices to fit the market, screening new tenants, marketing the properties, enforcing leases, and addressing maintenance requests.
What does a Property Manager do?
Owners typically hire a property manager to help them achieve their goal of building a steady investment income while reducing the burden of daily property operations. Property managers specialize in all operational aspects of ownership – things like handling security deposits and maintaining building safety standards. The property manager deals with tasks that keep the property running smoothly: managing rent, tenants, documentation, taxes, budgets, maintenance, and providing records to the city and state.
Property managers interact directly with tenants, especially when it comes to leasing and maintenance, so they’re often seen as the “face” of the property. Every property will come with unique needs, and the property manager’s responsibilities are outlined in their contract with the owner.
Owners with multiple properties might seek out a property management firm to coordinate all operations and oversight. Because property management involves adherence to housing laws, some states require a license to manage a property, either as a real estate broker or as a licensed property manager.
Property managers enforce federal, state, and local requirements, dealing with screening tenants, evictions, lease terminations, and handling deposits.
Example: Michael lives in San Francisco, but inherited his childhood home in Waynesboro several years ago. He keeps the house in Virginia as a source of rental income but doesn't know how to manage it across the country. He finds a local property management company, like Property Management of VA. He likes this firm because they know the Waynesboro market, keep his tenants happy and safe, and notify him of any issues with the home. Their partnership allows him to enjoy rental income without having to spend a lot of time interacting with tenants.
