As a rental properties manager, there are specific responsibilities that only you can do. You need to fulfill your fiduciary duties to your tenants and comply with federal and local laws. To do these tasks, you need to have excellent interpersonal skills, professionalism, and the right tools, like rental property management software.
The United States remains a renters’ country as of early 2020. That is why many investors and financial-savvy homeowners find rental properties as a profitable investment strategy.
As a residential property manager, there are many management responsibilities you need to accomplish to maintain the profitability of your business.
Essential duties of rental property managers
If you’re a property manager, the needs of your tenants and the requirements of the law are among your top responsibilities.
Here is a rundown of the tasks that you need to accomplish:
- Avoiding discriminatory practices – To prevent potential lawsuits and regulatory fines, you must avoid discriminating tenants in terms of rentals, leases, or negotiations. Also, ensure compliance with the Fair Housing Law being implemented by the U.S. Department of Housing and Urban Development, as well as other federal, state, and municipal laws on discrimination. Using the appropriate rental property management software can prevent discriminatory practices.
- Maintaining written agreements – As a property manager, you must provide a copy of all final documents on the management and lease of the property to the landlords and tenants. Also, disclose all agreed-upon fees and responsibilities to the responsible parties.
- Protecting the best interests of your landlord – Make sure to avoid deceptive practices, maintaining confidential relationships, and complying with the law.
- Safeguarding managed properties – You must ensure all rental units are safe and habitable. Any safety hazard should be resolved even without the approval of the tenants.
- Practicing only in your area of expertise – As a manager, you must refrain from doing other acts that are not covered by your license. If your landlord asks your legal opinion on an issue, direct them to consult a lawyer, instead.
- Complying with your licensure and continuing education requirements – To avoid injury to your landlord and your person, you must renew your license and undergo continuing professional education. It will also ensure you have sufficient knowledge to practice your profession.
- Recording the moving-in/out property condition with tenant signature – Make sure to assess the state of a unit when a tenant moves in or move out. It will avoid any potential complaints from your renter.
- Keeping an accurate accounting of finances – Maintain correct financial statements of your managed properties and submit them to your landlords. Property management software can help you with this task.
- Maintaining the privacy of your tenants and landlord by securing confidential information – Keep confidential records and personal data of your tenants and landlords securely. These records include credit history, background information, and employment.
- Responding to requests for maintenance and repairs by tenants accordingly – Make sure your maintenance team will respond to any request for repair or maintenance by your tenants. It will allow you to establish a good relationship with your renters and avoid potential lawsuits.
As a property manager, you have responsibilities to your client, tenants, staff, suppliers, and the law. These duties can take lots of time and energy. By adopting the right rental property management software, you can manage your tasks easily and reduce your stress.