If you want to hire a property manager for your investment property, it is crucial to understand a property manager's various roles and responsibilities.

This industry's professionals carry out tasks on behalf of the property owner. Aside from finding tenants, signing leases, and collecting rent for an owner, a property manager can do various other things.

A property manager is responsible for managing finances, day-to-day operations, and overseeing tenants, while at the same time, adhering to federal, state, and local landlord-tenant laws. The majority of the responsibilities of Branson, MO property managers include rent management, property maintenance and repairs, business operations, property records and accounting, and taxes. Property managers also assist owners in determining the reasonable rent price, which ensures that the property is occupied by quality tenants and allows the owner to collect adequate rental income.

Setting the appropriate rent price

Property managers must have good knowledge about market rent prices in their area. They understand how to evaluate a property's features to determine the best rent price that will allow an owner to capitalize on their investment while ensuring that it is always occupied.

Collecting rent

Personal checks, online payments, cashier’s checks and money orders dropped off at a secure location are all options for property managers when collecting rent from tenants. Rent collection boils down to which method yields the highest percentage of on-time payments with the least effort from both management and tenants. A property manager will also handle late payments, unpaid rent, and the eviction of a tenant for nonpayment of rent.

Raising rent

Property managers will communicate rent increases to tenants legally and appropriately. They will advise owners on the benefits and drawbacks of raising rental rates to match market rates, pay for property maintenance or improvements, accommodate tax increases, or bear additional expenses.

A property management company should have specific rent collection procedures that details collection policies of:

●        Late fees

●        How nonpayment of rent will be handled

●        How outstanding tenant debts will be handled

●        How rental funds will be paid out to owners.

Finding tenants

A property manager provides the necessary assistance in marketing vacant properties to find the best tenant for the property. An empty property is always bad news for an owner, and a property manager works hard to get the property rented to a qualified tenant as soon as possible. They will make an effort to post For Rent signs, update online rental advertisements, show the property, and even sometimes communicate with current tenants to receive qualified referrals.

Screening tenants

By performing legal tenant screening, a property manager can enforce the owner's requirements for finding a qualified tenant who will pay rent on time, follow lease terms, and take care of the property. Legal tenant screening entails assessing objective qualification criteria such as consistent income, employment verification, credit check, criminal background, and positive rental history.

Enforcing lease terms

Before residency, a property manager will go over essential lease terms with tenants during the lease signing process. If any violations occur, a manager will communicate with the tenants and enforce the consequences during the lease term. The lease agreement should include a policy outlining how the manager will handle rule-breaking behavior and the matters for violations and repeat offenders. A violation may result in a fine, the termination of the contract, or eviction.

Managing complaints

Dealing with tenant complaints is regarded as one of the most time-consuming and energy-consuming aspects of property management. A dissatisfied tenant may be expressing concerns about property maintenance or other community issues involving tenants or neighbors. A property manager may require tenants to send written notifications via email or an online tenant portal.

Having a Tenant Evicted

Even the best tenant screening process can still result in a few bad apples slipping through the cracks, leaving a property manager to deal with the legal aspects of asking a tenant to leave. Evictions are a time-consuming process, and the right property manager will know what steps to take to ensure everything is handled correctly. If the proper legal steps leading up to eviction are not taken, the lawsuit may be dismissed in court, wasting time and money.

Maintaining the property

Property managers will perform routine and preventive maintenance for the owner to ensure the property remains in good condition. Managers will perform maintenance tasks personally via onsite management or hire a vendor to complete the job.

If the property requires home repairs, the property manager will schedule them or contact the owner if further authorization is necessary. Plumbing and HVAC system repairs, broken railings, and plumbing issues are all common property repairs.

Knowing all of the essential tasks of a property management company as listed above, you will better understand the various roles and responsibilities of Branson, MO property managers.

If you are looking for a property manager to manage a Branson apartment or Branson home that you own, contact Thousand Hills Realty at (417) 337-8081. We would love the opportunity to discuss with you how our services can benefit you.