If you read nothing past this sentence, property managers can be summed up into four words: Make problems go away.
Everything on the other end of a phone call is a problem. In fact, we have never had an owner call us just to congratulate rent coming in on time and maintenance being handled effectively. It’s not a thing. They don’t even call us on our birthdays! Imagine that…
However, if you’re a property owner who has investment properties you may have pondered the age-old question: “What exactly do property managers do?” After all, your property is likely one of your most significant investments. Understanding the role of a property manager can be the difference between a stress-free experience and a rental nightmare.
1. Let’s Address The Elephant In The Room
“Can I just do this myself? I mean, how hard can it be?”
Short answer: Yes, you can! Property management is not rocket science. It is a system of procedures and disciplined knowledge of fair housing laws and market conditions.
However, being a landlord is not for everyone. And that’s why property managers exist. When speaking with potential owners, we like to weigh several factors with them to see if they are the right fit. Such as:
Do you know all local, state, and national housing laws? Are you staying abreast of them? How much is piece of mind worth to you? Housing laws change rapidly, especially in Washington State. In the South Sound region, to include Pierce and Thurston county, we have some of the toughest tenant-friendly laws in the nation. And they will likely get tougher. This is the biggest reason why we believe having a property manager is crucial to success. Property managers stay abreast of local changes in housing laws and know how to optimize your return on investment while staying withing the bounds of the law. Many of our owners are former DIY landlords who were overcome by their own poor tenant screening, procedures they had to follow, timelines they had to meet or any one of the legal messes they had to dig themselves out of.
How much is your time worth? Professional property managers give you your time back. If you don’t want to be bothered by maintenance issues, small ankle-biter questions, delivering notices of non-payment, marketing your property, and any of the plethora of things property managers handle on your behalf, then maybe a property manager is for you.
Are you staying local? If you will live near your investment property, being a landlord is a bit easier. One of the most important things property managers do is provide you on the ground details of your investment. If you’re managing remotely, even if you have a trusted team of handymen on the ground, their efficiency only goes so far as their trust and competency does.
If you’re staying local, have no issues spending mornings, evenings, or weekends handling a tenant issue, or are confident you can navigate the web of tenant laws in your city, county, and Washington State, then maybe being a DIY landlord is for you. In fact, we wrote an entire blog to help you on that! If that doesn’t pique your interest (we don’t blame you), keep on reading!
2. Finding and Screening Tenants
One of the most critical tasks for any property manager is finding tenants. It’s not just about filling a vacancy; it’s about finding the right fit. We advertise the property on dozens of websites, follow-up with leads, conduct in-person showings, and process applications for you.
A good property manager conducts thorough background checks, verifying employment and other information. Almost all professional property management companies will have a proven set of screening criteria that works. Once they find a qualified tenant, they get leases and deposits in order and prep for move-in.
3. Lease Agreements and Legal Compliance
Once we have a qualified tenant, it’s time to draft the lease agreement. This isn’t just a formality; it’s a legally binding document that outlines the rights and responsibilities of both parties. Property managers are well-versed in local laws and regulations to ensure that the lease complies with state and federal requirements, as well as having the strongest verbiage to protect the owner. We can help avoid those awkward moments where you realize your lease doesn’t cover that “no pet” policy after Fido has already moved in.
Additionally, property managers keep you informed about changes in landlord-tenant laws. Though we are not lawyers, we are well versed in local and state fair-housing laws. We make sure you’re in the clear legally, allowing you to sleep soundly, knowing your investment is protected.
4. Rent Collection and Financial Management
Ah, rent day—the day every property manager dreams about (or dreads, depending on the month). A crucial part of our role is ensuring timely rent collection. We set up efficient systems to remind tenants when payments are due and deliver requisite notices when they’re not. It’s a bit like being a motivational speaker—“You can do it! Just press send on that bank transfer!”
In addition to collecting rent, property managers handle financial reporting, ensuring you receive monthly statements detailing income and expenses. In the 21st century, if a property management company cannot provide you with at least a balance sheet, income statement and cash flow statement for your property, it is a red flag. We also help with budgeting for maintenance and unexpected repairs. Just think of us as your financial guru, guiding you through the complex world of rental income—minus the pretentious glasses and the three-piece suit.
5. Maintenance and Property Upkeep
One of the most visible roles of a property manager is overseeing maintenance and repairs. When a tenant calls with a leaky sink at 2 AM, we’re the ones who spring into action. We coordinate repairs, conduct regular inspections, and ensure the property remains in tip-top shape. You’d be surprised how many tenants think “It’s just a little drip” really means “Please call someone the kitchen is under water.”
We have a network of trusted contractors and service providers, which means you won’t have to scramble to find a handyman when disaster strikes. We can handle everything from emergency repairs to routine maintenance—because, let’s face it, nobody wants to find themselves in a DIY project gone wrong.
6. Communication with Tenants
Effective communication is key in property management. We act as the point of contact for tenants, addressing their concerns, handling complaints, and ensuring they feel valued. It’s all about creating a positive tenant experience, which can lead to longer lease terms and lower turnover rates. We rely on our trusted, proven screening criteria to objectively provide who will be a quality tenant.
We keep you informed about tenant interactions and any issues that arise, so you’re never left in the dark. Open lines of communication mean happier tenants—and who doesn’t want a tenant who thinks mowing the lawn is a fun weekend activity?
7. Handling Evictions
In 2024/2025, an eviction in Pierce County takes 4-6 months. That means tens of thousands of lost dollars. And that’s if you follow the convoluted process correctly the first time. What if you provide a notice incorrectly and don’t find out until month 3?
If a tenant needs to be evicted, it’s our job to handle the process legally and professionally. We navigate the complex eviction laws in Washington State, ensuring that everything is done by the book the first time. It’s not the most pleasant part of our job, but it’s essential. Think of us as your legal shield, protecting your interests while keeping the situation as stress-free as possible.
Conclusion:
So, what do property managers do? We do a little bit of everything—tenant screening, lease agreements, rent collection, maintenance management, and more. Our goal is to make your life as a property owner easier while maximizing your investment’s potential.
In the South Sound region, where the housing market is as vibrant as the local coffee culture, having a property manager can be a game-changer. We’re here to help you navigate the complexities of residential property management so that you can focus on what truly matters—enjoying your investment and perhaps planning that long-awaited vacation.
Remember, while we may not wear capes, we certainly have our share of superpowers. Whether it’s solving maintenance emergencies or finding the perfect tenants, property managers are the unsung heroes of residential real estate. So why not let us take the reins? You might just find that property management is one job that’s better left to the professionals.
