• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Twitter
  • YouTube

Owner Login | Tenant Login | Get a quote: 323-255-9400 ext. 4

Los Angeles Property Management Group logo

Los Angeles Property Management Group

Property management in Los Angeles & the Valley, done right.

  • Residential
    • Services Provided
    • Single Family Residence
    • Luxury Property Management
    • Tenant Selection
    • Maintenance
    • Video Marketing Your Property
    • On-Site Managers
    • Agent Referral Program
  • Commercial
    • Services Provided
    • Maintenance
    • Agent Referral Program
  • Why Choose LAPMG
    • Mission Statement
    • Recent Reviews
    • Awards and Recognition
    • Why May 12th Matters
    • True Property Management Horror Stories
    • Video Resources
  • Articles
    • David Crown in Forbes
    • Q & A with CEO David Crown
    • LAPMG Talks
    • Case Studies
    • FAQ
    • Featured Article of the Month
    • Featured Elsewhere
    • Industry Blog
  • Areas Served
    • Burbank
    • Culver City
    • Glendale
    • Hawthorne
    • Inglewood
    • Los Angeles
    • North Hollywood
    • Pasadena
    • San Fernando Valley
    • Santa Monica
    • Sherman Oaks
    • Studio City
    • West Hollywood
  • Contact
    • Our Team
    • Portal Logins
    • Prospective Tenants
    • Employee of the Month
    • Careers
    • Privacy Policy

Responsibilities of the Responsible Property Manager

January 24, 2019

Responsibilities of the Responsible Property Manager

Responsibilities of the Responsible Property Manager

Property managers are hired by landlords and real estate investors when they are unable to manage their property well. Hiring a property manager is ideal for those who live far from their property. Being a landlord is not an easy job. There are a lot of things to look after. Therefore, having a manager to do all the stuff is the best solution. A Manager needs to maximize profit and minimize loss significantly. They need to work hard on the property and bring it to the top of the market.

Here are some of the major responsibilities of a real-estate property manager.

  1. Marketing of property

A property manger should firstly have a sound knowledge of marketing. A manager should know about operating expenses. In order to set the rental rates, the manger should know about competitive rental properties. Property manager are in charge of managing all the profit and loss, income taxes, and financial statements. He can also adopt certain marketing strategies and also recommend them to the owner to maximize profit and rent rates.

  1. Handling the financial matters

He will need to make an annual operating budget. In the budget, incomes and expenses of the property will be analyzed. It is the responsibility to reduce the expenses by using strategic thinking and planning. Manager will be in control of the rent system and the rental rate of the property will be set by him after doing market research and discussing with the owner.

  1. Dealing with tenants

Just knowing about tenants is not enough. Manager is responsible for collecting rent. He will also deal with their complaints such as any problem of electricity, water or etc. According to the lease requirement, property manager will go over and check if the tenants are following the rule or not. They have to satisfy the tenants.  But the difficult task of giving eviction notices due to non-payment or rule breaking also have to be done by the manager.

  1. Responsibility of rentals

Satisfying the tenants is the second thing. The first thing a property manager needs to do is advertise the property and find tenants. He will need to post ads in newspaper and if possible on TV. The sign of “For rent” is also bought and placed by them. Other effective ways for advertising both commercial and non commercial properties are direct mail, billboards, Internet, and Radio. They can also get recommendation by previous satisfied tenants. This helps attract more people.

  1. Risk Management

A real estate property manager must have the ability to make both the landlords and tenants interest meet. His role is to deal with all the money related work that was initially the responsibility of the landlord. Now the manager has to take care of all sensitive money related issues. The manager also has to deal with the tenants. He will be responsible of making the lease contract with them. Due all of the work mentioned, it is compulsory for the manager to be equipped by all the necessary skills. This way he will keep the landlord and the tenants happy.

  1. Additional work.

There is a lot of additional work other than just managing the tenants and making financial reports. The manager has to deal additional paperwork and budget reports. He is responsible for making a monthly budget. He will tell the tenants about it so that they can do all the monthly maintenance work under budget. The manager needs to keep a record of the following things as well.

  • Signed leases.
  • Monthly or yearly maintenance requests.
  • Costs of repairs.
  • Record of all the repairs done.
  • Rent collection.
  • File taxes.
  • Insurance costs and etc.

These are some of the main responsibility of a property manager. The person needs to have the skills and mindset to do the work in an efficient way.

Filed Under: Commercial Properties, Latest News, Projects, Residential Properties Tagged With: landlord tips, Los Angeles, real estate advice

Primary Sidebar

    PROPERTY OWNERS: CONTACT US FOR A FAST FREE QUOTE

    (This space is not for tenant contact)








    Loading...

    Footer

    Award-winning management means:

    Best property management in Los Angeles - Our Awards

    • Maximum profits.
    • Responsive service.
    • Vacancies filled quickly.
    • Accurate understandable monthly reports.

    Proud Members of:

    AAGLA AOACA AIR Commercial Real Estate Association Member BOMA 2022 Member of Forbes Real Estate Council

    Contact Information

    
    

    YouTube LAPMG   Facebook LAPMG   Twitter LAPMG

    Los Angeles Property Management Group
    10960 Ventura Boulevard Second Floor
    Los Angeles, CA 91604
    Phone: 323-255-9400
    Contact Us

    Los Angeles Property Management Group is registered with the California Bureau of Real Estate License #01931033.
    Kyle Crown License #01936385
    David Crown License #01157354

    © 2023 Los Angeles Property Management Group · Privacy Policy
    10960 Ventura Boulevard Second Floor, Los Angeles, CA 91604 · Phone: (323) 255-9400
    LAPMG is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards. If you have any issues, please contact dcrown@lapmg.com.