What Do Property Managers Do?

The roles and responsibilities of a property manager can be wide and far-reaching, so what exactly does a property manager do?

1. Organise

Property managers have to organise day to day tasks to ensure the smooth running of the entire property. The amount of tasks is not something to underestimate, from managing facilities, rental collections, reports, accounting, managing complaints, and more. So all of these has to be organised and managed by property managers.

2. Maintainance

Specifically ensuring that the facilities, buildings, and units are all well maintained. Ensuring that regular maintenance is scheduled and properly executed to ensure every thing is well kept.

3. Payment Collections

Of course one of the central roles of a property manager is to ensure timely collections and reminders of payments from tenants to maintain a healthy revenue stream for the property’s cashflow.

4. Budgeting and Costs Management

As much as it’s important for property managers to collect funds, an important function property managers do is to manage the other side of the cashflow equation – managing expenses to keep a positive cashflow.

5. Financial Accounts Management

With regular volumes of transactions happening, a property manager also ensures that it’s recorded and all accounts are in order.

6. Reports

Reports on the finances and important indicators of a property is essential to keep track of how well the property is performing and being maintained so that any potential challenges can be spotted and tended to. That’s another area that property managers are responsible for.

7. Leveraging Off Technology

With all of these responsibilities and more a good property manager will know how to leverage off integrated property management systems like Advelsoft to ensure everything is in order.

There are certainly plenty of tasks that a property manager has to deal with and it’s not an easy feat.

What do you think of our list? Did we miss anything out?

22 Dec 2020