A Day In The Life Of A Property Manager
Landlords hire property managers so that they can reap the benefits of a profitable investment property without having to take care of the multitude of responsibilities that comes with this type of investment strategy. If you were to take a peek into a Murrieta property management company (or any other property management company across the state of California,) this is typically what you’d see in a day in the life of a property manager:
Property Managers Communicate With Landlords
Many property managers start their workday by sitting down in front of their computers and checking their email. They quickly glance over their inbox for anything urgent, and then work their way through their emails, corresponding with landlords. This could be anything from sending monthly statements, sharing information about current tenants, or keeping them up to date on issues regarding rent, maintenance or accounting. A professional and reliable landlord will value their relationship with their owners and work diligently to keep them in the loop and aware of any changes with their home.
Property Managers Communicate With Tenants
While they spend their morning conversing with landlords, property managers will also receive email notifications from tenants. This could be anything from maintenance requests, 30-day move out notices, or questions about the rent. A property manager must decide how and when to reply to these types of issues and do so with the landlord’s best interest in mind. Property manager-tenant communication is key in a mutually beneficial professional relationship.
Property Managers Communicate With Contractors
A property management company is in constant communication with a variety of different service providers and contractors. They are responsible for receiving quotes from HVAC companies, plumbers, electricians, roofing experts, and landscapers to ensure each home is taken care of. They must make sure these appointments times are convenient for the tenant and cost-effective for the landlord. Property managers are also responsible for being at the home when these contractors come out if the tenant cannot be there, and handling cancellations and rescheduling.
Handling work orders can take up a significant part of a property manager’s day, especially if they have a lot of properties. Making sure that maintenance requests are followed through with quickly and effectively will keep small issues from turning to big problems, and will keep tenants happy, safe, and comfortable in the rental.
One of the most important jobs of a property manager is rent collection. They are responsible for making sure each tenant pays on time, documenting the payment, allocating the fees to the correct landlord, and providing the tenant with proof of payment. When rent is not collected, property managers have the sometimes unpleasant task of tracking down the late payment applying late fees, sending out notices and in the worst case scenarios, starting the eviction process.
Budgeting and Accounting
Keeping track of all of the numbers and finances that come with an investment property can be a full-time job, which is why landlords hire property managers to take care of this very detailed and specific aspect of the investment process. A property manager will spend a good part of the day maintaining records, balancing the budget, writing checks, and payroll.
A property manager’s job is rarely done when they leave the office. They are continually handling after-hour issues, thinking of ways to solve tenant issues, brainstorming ideas to fill vacancies and handling emergencies. When Southern California landlords enlist the help of Temecula Property Managers, they are able to enjoy the passive income that comes with owning an investment property without having to spend the entire day working on it.
Benefit National Property Management is a full service Murrieta & Temecula CA area property management company charging a flat rate of $119 per month in management fees.