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What Does a Property Manager Really Do?

The job of a rent estate advisor goes above and beyond just collecting rent from its residents every month. It is up to DFW property management companies to play a hands-on role, which may include light maintenance work, cleaning, resolving complaints from the renters or neighbors of the buildings, and advertising the vacancies available to interested parties. When times get tough, like when the COVID-19 pandemic broke out, they have to be there to set their landlords' minds at ease and help them navigate the changes.

To get a better understanding of property managers and what they are expected to do, continue reading.

Apartment keys and rental agreement

Setting and Collecting Rent

You may have already guessed that DFW property management companies have the task of collecting rent from their client's residents. However, what you may not have realized is that they also help them to set a fair rental price. To do so, they need to research average market prices in the area and determine a competitive asking price that will allow property owners to capitalize on their investment while also being an attractive leasing option to renters. 

Once the task of setting a rental price per unit is decided, property investors will need to create a strict policy for collecting rent. This may mean having the renters provide bank account information or setting up online payments. There will almost always be residents who are late on paying their rent, so there should be a rule that requires renters to either pay a late fee or be evicted based on the frequency of their late rent payments. 

Advertising Vacancies

It is important to get the word out that units are available in your building in order to get the best return on your investment possible. Many DFW property management companies use the tried and true "For Rent" signs, but social media can also be a powerful tool. Reaching out to your fanbase is a great way to ensure your target demographic hears about the vacancy. Even if the fans themselves aren't searching for a property rental at the moment, they may know someone who is. 

Professional property managers will also help you get your listing on top sites to maximize your reach and increase your pool of potential tenants.

Screen Renters

Making sure your new residents can pay rent on time and will take care of the property is a critical step in choosing the right tenants. DFW property management companies complete a detailed background check to discover what their previous landlords or records have to say about their cleanliness, ability to follow policies, and the frequency of on-time rent payments. A legal renter screening will check their credit, place of employment, income, rental history, and criminal background without violating their personal privacy.

Show the Unit or Property

Before renters will be willing to sign the lease, they will want to check out the property to have an idea of what they will be paying for. Having a professionally cleaned unit that is in excellent condition will make it appealing to the potential renter. If there are areas of the property that needs to be renovated or updated, your DFW property management company will make sure to do so before showing it to renters. 

Enforce the Leasing Agreement

Property managers also have the task of enforcing the leasing agreement. Leasing agreements should include a list of rules that the resident is expected to follow, including appropriate behavior and maintaining the beauty of the property. This agreement should also contain consequences to residents who break any of these rules, such as a fine or possible eviction. Your property manager will take action if needed to show how seriously these rules should be taken—so you don't have to!

Yellow helmet and small house on table

Managing Maintenance and Repairs

Another task that property managers are expected to handle is proper maintenance and repairs of the unit when necessary. Routine maintenance will keep the property in good standing and prevent any major, costly repairs from being needed. If a repair is required, the property manager will need to either fix the problem themselves or hire a vendor to solve the issue. Common repairs include broken railings, light bulb replacements, and plumbing and HVAC system repairs. 

Lead Inspections

Before a resident moves in or out, rent estate advisors need to inspect the property for any repairs or maintenance that will need to be taken care of. Fortunately, the security deposit that is collected at the time the renter moved in should be able to cover these costs if the resident was the cause of the destruction.

Resolve Resident Complaints

DFW property management companies frequently have the job of mediating between neighbors when complaints are communicated. These professionals need to have excellent communication skills that can help diffuse stressful situations and put the renters at ease, knowing they are being listened to. If the renters' complaints involve the state of the property or unit, the property manager needs to resolve the issue to give the resident peace of mind. 

Hiring a property manager can take much of the stress—and guesswork—out of caring for your rentals and maximizing your profits. Give us a call today to learn more about how we can help you with your portfolio!

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