Successful property management requires five specific responsibilities. The areas that landlords and property managers need to focus on are:
- Documentation or administration
SalesProperty managers need to be able to sell prospective tenants on a vacant property. This includes marketing a vacant home and selling that property’s best features.
AccountingAs property managers, we deal with a lot of money. We have escrow accounts that we hold money in and we need to account for those funds. It’s important that we can document the kind of income and expenses our owners have on a monthly basis.
MaintenanceMaking sure a property is ready to be rented out is another responsibility of property managers. Once a tenant is in there, we have to be able to troubleshoot any repair needs or problems with a tenant. Then, a property manager will decide who to dispatch and how to repair the problem.
Administration and DocumentationA huge part of property management is documentation. Administrative skills are needed to keep track of lease signings, invoices and inspections. There is a lot of information to share and store.
CommunicationThe biggest part of managing a property effectively is communication. It’s important to communicate effectively with tenants, owners and vendors. We need to make sure everyone is on the same page and aware of what needs to be done.
These are the five main responsibilities that are required for a property manager to effectively manage a property. If you’d like to hear more about how we do this, please contact us at Dean & Dewitt Property Management.