25 Things a Property Manager Can Do For You

The vast majority of the investors I work with choose to partner with a property management company. Why? Because it saves them countless hours, tons of undue stress, and a whole bunch of money, too. Here are 25 things a property manager can do for you and your rental property so you don’t have to worry about it.

1. Market your property to prospective tenants.
2. Meet with prospective tenants for showings of the property.
3. Screen potential tenants and select the most qualified ones.
4. Determine a fair rent fee based on market rates.
5. Collect rent and other fees.
6. Deal with tenants when rent is late or not paid in full.
7. Adjust rent to reflect market changes.
8. Set and maintain lease agreements.
9. Send out notices to tenants regarding rent or policy changes.
10. Handle invoices and all other bookkeeping associated with the property.
11. Maintain records of all communications from tenants.
12. Prepare financial reports.
13. Evict tenants when necessary.
14. Provide support and advice during evictions and other contentious times.
15. Handle tenant complaints and respond accordingly.
16. Inspect the property periodically while the unit is occupied.
17. Send reports to the owner about the property’s condition.
18. Inspect the property after a tenant moves out.
19. Determine if/how much of a security deposit will be returned after a tenant moves out.
20. Maintain the property (lawn and landscaping, trash removal, snow removal, preventative maintenance, etc.).
21. Negotiate with contractors to perform repairs.
22. Be available as necessary when repairs are performed.
23. Understand tenant-landlord laws in your area.
24. Re-key locks between tenants.
25. Have the unit professionally cleaned after a tenant moves out.

This covers most of what a property manager can do for you, but it’s certainly not all of it. Having a great property manager on your side can benefit you in a number of ways, and one of the most important is that it allows you to focus on what you’re really good at - investing. Getting wrapped up in the day-to-day maintenance and running of a property you already own is a arduous task that doesn’t leave adequate time for you to pursue other investment opportunities. And it’s these other opportunities that will truly allow you to expand your portfolio and maximize your profits.