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Can a Landlord Change a Lease After It Has Been Signed?
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If you came here seeking an answer to the question, “What does a property manager do?”, you’re not alone. Managing a rental property involves a laundry list of responsibilities, and there is enough work to support a multi-billion-dollar industry designed to alleviate the burden on landlords.
To help you understand exactly what property managers do, we’ll discuss their core responsibilities, tasks they don’t typically handle, how much they charge, popular alternatives, and everything else you should know before hiring one.
Keep reading to see how property managers can support your rental operation, and whether hiring one or choosing a simpler, modern alternative makes more sense for you.
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Typical Duties of a Property Manager
Property managers juggle a slew of responsibilities to keep rentals running smoothly, including:
Rental Marketing and Advertising
If nobody knows your property is available to rent, nobody’s moving in.
Property managers often handle rental marketing to attract qualified tenants to fill vacancies. They create detailed listings with professional photos and clear descriptions, and post them across top rental sites (like Realtor.com or Redfin) to maximize exposure.
Property Showings
Once potential renters express interest in a landlord’s property, they’ll likely want to visit it in person. Property managers often handle the entire showing process, from booking and confirming appointments to rescheduling. They also conduct in-person or self-guided tours to highlight a property’s strengths and help push leads down the rental funnel.
Tenant Screening
Do you want tenants who fail to pay rent? Well, then your property manager (or you, the landlord) had better thoroughly screen your applicants. Comprehensive tenant background checks are the most effective way to identify renters who respect your property and adhere to the rules.
To properly screen a tenant, a property manager will send and receive rental applications, pull credit and background reports, verify income, and check for past evictions. The ultimate goal is to find reliable tenants who pay rent on time and treat your property as if it were their own.
Lease Prep and Management
Rental arrangements all revolve around the ever-important lease agreement. Property managers often handle this responsibility for landlords by drafting agreements, enforcing their terms, making mid-lease changes, and managing contract renewals.
While you can easily generate a state-specific rental contract on your own in a matter of minutes, outsourcing lease management to a property manager will take one more pesky task off your already full plate. Your call.
Maintenance Coordination
If a pipe bursts in one of your rental units, tenants will expect an immediate and effective response. A responsive property manager will coordinate with local contractors to handle urgent issues like these and keep tenants updated throughout the repair process.
They’ll also take care of routine maintenance, such as landscaping, appliance repairs, and seasonal upkeep, to prevent minor issues from spiraling into chaos.
Utility Management and Bill Pay
Utilities, those pesky bills that never quit, play a massive role in the rental process. Whether it’s water, trash, or electricity, there are always numerous utilities to manage. Property managers often handle setup, transfers, and bill payments to ensure nothing slips through the cracks (and that landlords don’t get stuck with the bill).
Tenant Communication
“Communication works for those who work at it.”
When it comes to rental relationships, this old saying rings true. Property managers often serve as the primary point of contact for renters by answering questions, addressing concerns, and relaying important updates to landlords. By keeping everyone informed, property managers can prevent small issues from snowballing into bigger ones.
Legal Compliance
Landlord-tenant laws change constantly, and missing a detail can lead to fines (or worse). Property managers get paid to keep landlords out of hot water by tracking notice rules, fair housing laws, lease terms, and local ordinances. Most stay current through continuing education, legal advice, and reliable property management software.
Move-In and Move-Out Coordination
Moving in and out of properties isn’t just stressful for tenants; landlords feel the heat too. Property managers help take the pressure off by managing keys, scheduling inspections, and completing move-in and move-out reports to document the unit’s condition.
Organization of Important Documents
Leases, applications, condition reports, rent receipts, and repair invoices — the list goes on.
These are just a few of the essential documents associated with each rental. Storing them securely is critical, especially if legal issues arise in the future. Property managers can help keep these records safe and accessible.
Alternatively, if landlords prefer, they can manage document storage themselves by using property management software.
Less Common Duties of a Property Manager
While most of a property manager’s responsibilities involve day-to-day operations, some also offer less common services, such as:
Eviction Support
When tenants drop the ball and landlords must evict them, someone has to manage the process. Occasionally, property managers will step in to serve eviction notices (where permitted), assist with filing court paperwork, and coordinate with legal professionals. Though not a standard service, some specialized property managers offer eviction support for an added fee.
Note: TurboTenant partnered with EZ Evict USA to help landlords take the stress out of evictions.
HOA Management
Some property managers also take on HOA management, which involves enforcing community rules, coordinating maintenance, and managing budgets. They attend board meetings, collect dues, and communicate with homeowners to ensure operations run smoothly.
It’s a hands-on role, but one that some managers will step into for the right client (and the right price).
Coordinate Minor Renovations
Some property managers may oversee small-scale renovation projects such as flooring upgrades, appliance replacements, or interior paint jobs. They coordinate with contractors, manage timelines, and handle invoicing and payments. While owners typically handle projects like these, certain managers step in as needed, particularly if the role is part of their property management contract.
Accounting & Bookkeeping
Some property managers also handle accounting and bookkeeping. These cross-trained professionals can track income, log expenses, and generate monthly reports to help landlords stay financially organized and informed. It’s a niche offering, however, and most real estate investors rely on property management software or CPAs to streamline their finances.
What Property Managers Don’t Do
While property managers wear many hats, their role has limitations. Some responsibilities fall outside their scope, including:
Legal Representation
Unless a property manager also happens to be a licensed attorney (unlikely), they can’t represent you in legal proceedings. While they can help ensure compliance with housing laws, their role stops there. If you find yourself in legal trouble with a tenant or your local government, enlist a qualified attorney (not your property manager).
Coordinate and Oversee Major Renovations
As mentioned earlier, some property managers may help with minor renovations, but major projects (like full remodels, foundation work, or structural changes) typically fall outside their scope and expertise. For jobs this complex, property owners should instead turn to general contractors or experienced project managers.
Tax-Filing for Rental Properties
While some property managers can help keep the books balanced, they aren’t typically trusted to file taxes on a landlord’s behalf. (That’s their CPA’s job.) Property managers may supply an owner with reports and income statements, but the actual filing belongs on a tax professional’s to-do list.
Cost of Hiring a Property Manager
Property managers typically charge between 8% and 12% of a property’s monthly rent, depending on location, property type, and level of service. Some charge flat fees, while others bill for additional services, such as leasing, inspections, or maintenance oversight. Before signing a contract, factor these numbers into your cash flow projections.
Property management software, by contrast, costs a fraction of that. While it doesn’t provide as much in-person support as a property manager, you may not need it. With paid plans starting at $119 a year, TurboTenant can automate almost all of the responsibilities outlined in this article.
Should You Hire a Property Manager?
Since 8 to 12% of monthly rent is no drop in the bucket, these fees leave many landlords wondering if hiring a property manager is worth it. Paying for this hands-on service often makes sense only if:
- You oversee an extensive portfolio: Self-managing multiple doors can become a full-time job, and is unrealistic for those who also have a W-2 job or invest in multiple markets.
- You live out of state: Coordinating emergencies from a distance can be stressful. Some remote landlords prefer to keep a local expert on call.
- You dislike hands-on involvement: If you’d rather not deal with tenants, repairs, or paperwork, outsourcing these responsibilities may be a worthwhile investment.
Popular Alternatives to Property Managers
Property managers may not be the right fit for everyone. Some landlords prefer more flexible, affordable, and scalable options, including:
Property Management Software
The top alternative to hiring a property manager is to use property management software instead. For starters, it costs a fraction of the price of a traditional (human) property manager and can automate much of your day-to-day work.
From advertising rentals to verifying income to generating leases, software handles tasks you’d otherwise pay a real person good money to manage. It’s a smart option for growing landlords with manageable portfolios who want a digital assistant without the hefty price tag.
Adopting a Hybrid Approach (Software + Hiring Help as Needed)
A hybrid approach lets you streamline core tasks with property management software and hire outside help as needed. Screen tenants, collect rent, and manage leases with software, then call a contractor for maintenance or an attorney for legal issues.
There’s no need to keep a property manager on retainer when a few well-timed hires and the right software can do the job just as well.
TurboTenant: Your New Virtual Property Manager
Now that you understand what a property manager does, ask yourself: Do you actually need one? TurboTenant handles most of the same tasks at a fraction of the price. With our all-in-one landlord software, you can:
- Advertise your rentals
- Collect rental applications
- Run background checks
- Generate lease agreements
- Collect rent online
- Coordinate property maintenance
- Automate accounting and bookkeeping
- Organize important documents
Sign up for a free TurboTenant account today and keep the 8% to 12% that property managers would pocket otherwise.
What Does a Property Manager Do? FAQs
Can landlords manage properties without a property manager?
Yes. Independent landlords can effectively manage rental properties by utilizing property management software. Digital tools that streamline rent collection, tenant screening, lease signing, and maintenance coordination allow landlords to stay compliant, slash costs, and maintain complete control without hiring a third party.
How much can landlords save by self-managing rental properties?
Landlords who self-manage with property management software skip the 8 to 12% monthly fee most property managers charge. Lower expenses mean better cash flow and higher profits, especially for owners with just one or two units to oversee.
At what point do you need a property manager?
Most landlords hire a property manager when the rental duties become too overwhelming to handle on their own. Managing multiple units, living far from the property, or dealing with constant maintenance calls might push some to consider hiring a property manager.
Is paying a property manager worth it?
Paying a property manager might make sense if you have too many doors or not enough time to manage them. But for smaller landlords, the expense rarely justifies the result. These days, digital tools offer the same results (with more control, lower costs, and no middleman).
