For a complete rental property manager job description, look no further. Learn what are the typical property management duties right here.
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Making sure that the rental property and its outdoor areas are well-maintained is also a big part of the property management job description. A well-maintained rental property tends to enjoy higher rental returns and lower vacancy rates.
Common problem areas that property managers should pay attention to: electrical wiring, plumbing, walls, paint, flooring, roofing and the surrounding lawn. If the owner provided furniture and appliances, then it's also up to the property manager to upkeep them. This means repairing and replacing any faulty or worn-out furnishings.
For larger rental properties such as a multiplex, it is also the property manager's duty to make sure that the common areas such as the corridors, stairways, lifts and void decks are in proper working condition.
The physical upkeep of a rental property can be separated into 2 types: routine maintenance and property repairs.
Routine maintenance has to be carried out on a regular basis to ensure the rental property stays in good shape. Such duties include: conducting regular property inspections, mowing the lawn, replacing worn-out furnishing, servicing the heating, cooling and electrical systems and cleaning common areas.
While a property manager can perform routine inspections and simple fixes by himself, he will have to enlist the help of professionals for bigger repairs. For this purpose, a property manager needs to have a list of reliable contractors on standby.
Managing a rental property is almost like running a business. Being able to maximize rental income while lowering expenses can mean the difference between a profitable cash cow and a money-sucking liability.
Property managers needs to have basic accounting skills so that they're able to prepare income and expense statements for the owners. These statements serve as report cards for rental properties - They give the owners a clear idea of how well their property investments are doing financially.
To ensure accurate and updated accounting, a property manager has to be meticulous when it comes to book keeping. All property bills and expenses have to be filed properly and receipts must be issued to tenants whenever rent is collected.
Filing property taxes also falls under the rental property management job description.
Filing tax returns is much more than filling a bunch of forms - A property manager who is worth his salt needs to have a firm grasp of the local tax laws so that he can give the owners advice on how to lower their property taxes.
Since a property manager should put the interests of the owner first, it is also his responsibility to maximize the amount of rental property tax deductions that the owner can claim.