Posted over 4 years ago

The Responsibilities of a Multifamily Property Manager

As the owner of a multifamily asset, you ought to know what responsibilities your property manager should have.

Property managers not only assist you with running your building but also can handle tasks that keep your property running, stable, and profitable. They do so by helping with these specific tasks:

Managing Tenants

Property managers handle tenants and screen people who will be living in it.

This would involve finding potential tenants, establishing a screening process, and hearing out tenant concerns. As for the tenants currently residing within your building, the property manager takes care of the leases, complaints, and requests of maintenance that they may have.

Moreover, your manager should also handle tenants who wish to move out of the property or evict troublesome tenants.

Managing Rents

Any landlord of any property has to go around and collect rent from their tenants.

Luckily, your manager can handle settling rents from your tenants, whether it’s to remind them or collect late payments. Not only that, but managers can also assist you with adjusting rents for each tenant depending on their living conditions. This ensures the competitiveness of your multifamily property and secures its profitability.

Maintenance

Keeping your building safe and habitable is to keep it profitable. A good property manager will know how to keep your multifamily property in this state the best way they can. This would involve checking for leaks, damaged walls, broken furniture, cracked pipes, and other important issues you should know about.

No multifamily property is going to make it far if it’s falling apart from the seams. You and your manager have to keep your property up for as long as possible in order to rake in the big bucks!

You’ll find that with a property manager by your side, you are able to offload some of the workloads for managing your multifamily property.

So if you have certain tasks for your multifamily property, have a property manager handle those for you.