A key player on our team is a Property Manager (PM), who supports us from due diligence all the way until final disposition of the asset. We take time to interview, speak to referrals and build a working relationship with our selected PM. We prefer to work with CPMs, certified by the IREM.org.
A property manager is a third party who is hired to handle the daily operations of a real estate investment. We ensure they specialize in multifamily, are familiar with the neighborhood of our asset, and can execute on our decided business plan.
The responsibilities of a property manager will vary based on their salary and the specific terms of their management contract, but can include the following:
Responsible for Rent
Property managers are responsible for setting the initial rent level, collecting rent from tenants and adjusting the rent.
Responsible for Tenants
One of the main responsibilities of the property manager is to manage tenants. They are involved in all capacities, from finding the tenants and dealing with complaints to initiating evictions.
Move Outs/Rent Ready
Responsible for Maintenance and Repairs
Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs within our agreed budget. They may have in-house staff or hire 3rd-party contractors to execute the order.
Responsible for Knowledge of Landlord-Tenant Law
Although we have legal council at-the-ready to support us for landlord-tenant issues, we want to avoid these scenarios. A good property manager has a thorough knowledge of statewide and national laws regarding the proper ways to:
Screen a tenant
Handle security deposits
Terminate a lease
Evict a tenant
Comply with property safety standards
Responsible for Managing the Budget/Maintaining Records
Property managers are responsible for managing the budget for the building and maintaining all pertinent records. We look for sophisticated PM staff that utilize industry leading PM/leasing software. Having accurate and thorough records are so critical for operators and the success of the investment.