Lecture Notes: Understanding the Role of a Property Manager

Introduction

• Presenter: Ernesto
• Experience: Managed over 2,500 rental properties
• Types of properties managed: Single-family homes, small multifamily, large single-family home portfolios
• Purpose: To explore the role of a property manager and help decide whether to self-manage or hire a manager

What Does a Property Manager Do?

Key Responsibilities

1. Tenant Management

• Finding Tenants: Property managers help find and replace tenants as needed.
• Rent Collection: Collect rent from tenants, ensuring timely payments.

2. Lease Enforcement

• Lease Enforcement: Handle the enforcement of lease terms, which can be challenging.
• Eviction Process: Manage notices and filings for eviction as necessary.

3. Property Maintenance

• Day-to-Day Repairs: Oversee regular maintenance and repairs.
  • Build relationships with third-party vendors and local handymen.
• Major Repairs: Coordinate major repairs with landlord approval.

Choosing a Property Manager

• Diversity in Services: Not all property management companies offer the same services.
• Due Diligence: Research and review company reviews and their responses.
• Legal Considerations: Awareness of fair housing laws and state laws.
• Handling Finances: Manage security deposits and financial agreements.

Conclusion

• Major Functions Recap:
  • Finding a tenant
  • Enforcing the lease
  • Handling repairs
• Final Advice: Connect with local property managers to understand their services and terms.

Closing Remarks

• Encouragement to follow and stay tuned for more content.