Updated in March 2024
A property manager is a handy solution for rental owners that don’t have the time needed to take care of their investment property. One of the main questions that come to an owner’s mind when looking for a property manager is exactly what these companies do, as many independent landlords aren’t sure what responsibilities a property manager will have when they start taking care of their property. Let’s take a detailed look at the main responsibilities a property management company assumes and what you should expect when you decide to work with one.
What a Property Manager Does for Landlords
1 – Sets and Collects Rent
One of the most well-known property manager responsibilities is to set a fair rental price of the properties they oversee based on its features and the state of the market. They also take care that rent is paid on time and collect the payments for the owner.
2 – Handles Lease Agreements
Having poor lease agreements, or worse, verbal agreements, is one of the most common mistakes small landlords make, often due to lack of knowledge and time to craft a proper tenancy agreement. Property managers take care of creating lease agreements that protect and address the interests and rights of both parties.
3 – Markets Your Property
If you struggle to get interested tenants, property managers are well-versed in promoting properties for rent. They have the experience and resources to take attractive pictures to promote your property, host viewings, and post your property on the dedicated websites in your area.
4 – Pre-screens and Selects Tenants
Having good, long-term tenants is key to get the expected return of your investment, that’s why a thorough tenant selection process is so important. However, not many landlords have the time to dedicate to select the right tenants. Property managers have the expertise needed to take care of selecting the perfect tenant for your property, including running credit checks and calling references.
5 – Follow Laws and Regulations
Making sure that rental properties are up-to-date with the local laws and regulations for rental properties can be a pain for many landlords, especially if they own several units. Property managers are experts in the laws and regulations for landlords and tenants, and take care of all the bureaucratic aspects to keep the property running under the law.
6 – Runs Property Inspections
One of the most important items to consider when owning a rental property and following the regulations is to perform regular inspections. In Alberta, a written property inspection is required each time a tenant enters or leaves a property. Property management companies have qualified staff to carry out these inspections.
7 – Takes Care of Maintenance Repairs and Renovations
Keeping a property in good shape is an ongoing task. Property managers take care of maintenance repairs in-between tenants and while the property is rented. Property managers also take care of performing major renovations to keep the property appealing to potential renters, taking care of selecting the best vendors and even getting a volume discount on labour costs most small landlords don’t have access to.
8 – Attends Tenant Requests
Making sure that your tenants feel heard and well taken care of is key to ensuring your property doesn’t sit vacant. Property managers support tenants 24/7 in case of unexpected maintenance issues, such as plumbing problems, heating malfunctions, or broken appliances.
9 – Resolves Conflict With Tenants
Conflicts are a rather common aspect of running a rental property and are often a challenge for landlords. Property managers have the skills and knowledge necessary to ease conflict with tenants in a proactive way, protecting the landlord’s interests and rights while keeping the tenant’s demands into consideration.
10 – Handles Eviction Proceedings
Evictions are uncomfortable situations that many independent landlords have to face when they can’t solve a conflict with their tenants amicably. Property Managers can take care of an eviction process from start to finish on landlords’ behalf, protecting their investment and interests while abiding by the law and saving them from the stress of dealing with problematic tenants during the eviction procedures.
11 – Acts as a Local Presence for Landlords Overseas
Owning a rental property while living abroad isn’t uncommon. A property manager can act as an on-site presence on behalf of the owner and can take care of all the day-to-day duties that can’t be done remotely.
Get Peace of Mind That Your Property Is in Good Hands
Having a rental property is a good way to build long-term wealth, but the day-to-day tasks to keep it running aren’t for everyone. A property management company can be an ally for busy landlords to take care of all the responsibilities involved in being a property owner. If your property is located in the Calgary area and you want a local, experienced property manager to take care of your investment, contact us to get a quote.
