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A day in the life of a property manager

So you think you want to become a property manager, here you will find the day to day of what your new business could look like. Are you just getting up early to watch the monthly income flow through your bank account or is this something more? But what exactly is a property manager responsible for? You know they collect the monthly rent and show your property. Yet that is only a small part of the job. The day to day life of a property manager is fun and busy. So, what does it entail?

1. Maintenance requests:

The first thing that you will do is check maintenance requests.

If something happened overnight, it’s time to follow up with the emergency maintenance technician. Then, as the property manager, you must look at the repair costs. Often, the contract with the owner will have a clause that states to fix anything under a certain dollar amount. If the repairs exceed that amount the owner must approve improvements. The maintenance technician lets the property manager know the price of the repairs and you get in touch with the homeowner. Otherwise, the work will be done by your contractor.  

2. Processing rent payments:

You are not going to be doing this on the daily. But at the beginning of the month, it takes up a good part of the day.

It is a must to document all the checks received and assign them to each respective homeowners account. Then the next step is to deposit all the checks into the bank for the owner.  What happens if a check is not received or underpaid for a household?

A non-payment of rent notice is issued to that tenant and the owner is updated of this status.

3. Marketing:

Marketing is a big part of the job.

You will look at your reports to see if anyone has put in a notice to vacate and will also look at your current vacancy report.

Once you know the current and future availability, now is the time to plan for marketing. The goal is to get those vacancies filled as soon as possible – yet also earn the highest dollar per month rental rate as possible – this is a fine line that property managers must walk. There are a few ways that you may choose to market the homes.

  • Bandit and outdoor signs– These are signs put up on the property itself. They market the availability to those driving or walking by. This method is inexpensive and effective. However, you must be in a location which gets a good amount of traffic otherwise these efforts might be wasted.
  • Online advertisements – There are several free and fee-based ways to advertise your vacancies online. The key is to understand the target market and where they are looking for homes. Once you have a good understanding of the lead sources, you can market the vacancies effectively.
  • Community involvement: It benefits everyone if a property manager is networking with those in the community. This develops a great reputation for the owner and property manager. It comes in handy if someone refers your business to a friend. You can also attend community events as a vendor. Thus, you get the know potential tenants better and they get to know your name as the local property mamager.

4. Prospect screening:

Part of filling the vacancies is prospecting leads and processing all applications in a legal and fair manner. All property managers are trained in state and federal fair housing laws. You must use this training extensively when marketing and qualifying residents for vaccant properties.

  • The application must be date/time stamped when received.
  • You absolutuley must make sure all forms are signed and filled out fully.
  • Begin the process of qualifying applicants. This includes credit and criminal screenings, landlord references, and income and employment verification.
  • Once the prospect qualifies prepare their lease and home for move-in.

5. Issuing notices for lease violations:

Hopefully, you, the property manager isn’t processing many evictions in your day to day activities. However, dealing with lease violations is a part of the job you will more than likely deal with more than you expect. This is how you protect the owner’s investment – ultimately creating a happy client that will stick with you in the long run.

Often, these eviction notices are issued for non-payment of rent. Yet, there are other violations that are common. Two examples of non-monetary lease infractions are noise and housekeeping violations. If the tenant has loud parties and the police are called that is usually against the lease agreement. Not keeping the home reasonably clean attracts pest which can be another violation.

The day to day job of a property manager is never boring and always throws new experiences and challenges in your direction. There are many moving parts when it comes to managing single-family homes. It’s a large task but you dont have to get started without guidance.

Check out what licensing a nationally recognized brand has to offer your new business, and how a small investment can make a big impact on your first year in business.

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Disclaimer: Property Management Pros is not intended to be marketed as a Property Management Franchise, but rather a License. Every state has different laws regarding real estate and brokerage laws dealing with Franchises and Licenses.