Are you considering hiring a property manager and would like to know the essential roles they play? According to the Property Management Global Market Report 2025, the industry's market size is expected to grow at a compound annual growth rate of 9.3% to $33.11 billion in 2029.
So, what is a property manager? These are professionals who maintain and manage residential rental properties. They have a wide range of responsibilities, including preparing lease agreements, advertising properties, and liaising with tenants and landlords.
Let's learn about property managers and the key roles they play.
What Is a Property Manager?
Property managers handle all responsibilities pertaining to a rental building. They work for owners of real estate properties such as:
- Private home communities
- Rental apartments
- Condominium complexes
Below are some of the roles of these professionals.
Ensuring Property is Legally Compliant
According to Entry Education, one of the property manager's responsibilities is ensuring a residence complies with state and federal rental legislation. This should be the first step before renting a residential property. Residential units must adhere to strict minimum standards, including the following:
- Adequate ventilation
- Running water
- Clean surroundings
Setting Rent Prices
Property Management Port Moody plays a crucial role in analyzing current rent prices and setting appropriate rates to attract potential tenants. The property managers compare rental prices of comparable residential buildings to determine the most ideal rates. In some cases, property management companies may adjust the rent to remain competitive.
Additionally, the role of a property manager involves setting up systems of collecting rent and strict deadlines to avoid late payments.
Finding New Tenants
The primary responsibility of Property Management Pitt Meadows is finding and attracting new tenants. These residential managers are expected to fill all vacant units in the apartment. It means that marketing a rental property is part of property management services.
Property managers are expected to use their expertise in advertising and marketing to attract renters. This action involves promoting unique features of the property, such as:
- Proximity to schools and shopping centres
- Modern office facilities
- Available car parking spots
Strong marketing skills help Property Management Coquitlam target prospective renters and motivate them to view the property.
Tenant Screening and Approval
It's up to Property Management Burnaby to ensure tenants who rent their property are trustworthy. Professional property managers follow a particular process that goes through the backgrounds and credit histories of prospective renters. The more tenants they screen over time, the quicker they find high-quality individuals and avoid frequent renter turnover.
Carrying out a thorough screening process ensures you get responsible tenants who pay their rent diligently.
Handling Complaints
A property manager acts as a mediator between the owner and the tenants. These professionals manage and try to resolve renters' concerns and complaints. Some of the common complaints that tenants may raise include faulty plumbing or a sudden increase in rent or water bills.
Moreover, on occasions when a tenant throws frequent parties, making the neighbors uncomfortable, it's up to the property manager to deal with it.
Property Management Langley approaches the landlord or involves a tradesperson to resolve the issues raised. Among the benefits of hiring property managers is that they come up with a solution that favors both the rental provider and the tenant.
Carrying Out Routine Inspections
Through frequent property inspections, Property Management Surrey can assess the condition of the building and ensure adequate maintenance. For example, residential property management involves ensuring the buildings are safe and follow the terms of the lease agreement.
Residential property managers give renters space to prepare their apartments before conducting an inspection. This may be by sending an email or a physical letter. If a property manager finds any issues with the building, they may involve the landlord to discuss their concerns.
Organizing Repairs
After assessing the condition of the building, Property Management Port Coquitlam is responsible for organizing the necessary repairs. Residential property managers oversee some major and minor repairs to address concerns raised by tenants. These professionals may liaise with contractors, including:
- Builders
- Plumbers
- Electricians to ensure timely and reliable repairs
Securing the Property
Property management services go beyond regular maintenance. The role of property managers also includes securing the property by maintaining security devices, hiring security guards, or both.
Property Management Maple Ridge is responsible for developing procedures and policies that ensure emergency preparedness. These managers are aware that the safer a rental property is, the higher the chances of tenants feeling a sense of security. This, in turn, improves tenant turnover.
Supervision of Rental Property
Property managers do more than just carry out day-to-day errands and services. They can also take complete charge of the property, especially if the rental provider is too busy to manage the building. These real estate managers are expected to have a vast knowledge of the property and expert management skills.
The property manager's duties include supervising the work of other employees in the rental building, such as security guards, janitors, and cleaners. This role involves deciding on their salaries and checking their performance.
Financial Management
This duty involves calculating property taxes, costs, and depreciation rates, as well as establishing realistic profit goals and coming up with a budget to achieve them. A property manager is also tasked with accomplishing financial objectives for residential real estate. Some of the financial obligations of Property Management Surrey include the following:
- Monitoring vacancies
- Paying invoices
- Collecting rents
- Taking necessary action to get the budget back on track
Consider Hiring a Property Manager for Your Rental Property
What is a property manager? Generally, property managers are responsible for the daily operations of real estate, including screening and approving tenants, collecting rents, and conducting regular maintenance, among other things. Property manager responsibilities may vary depending on the state, so it's up to property owners to ensure they hire managers who are appropriately licensed by their state.
At Axford Real Estate & Property Management Group, we have in-depth knowledge of the real estate market. We provide Property Management Port Coquitlam to owners looking to increase their rental portfolio.
Contact us for expert help in your rental management.