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In the U.S., there are more than 48 million rented households. Nearly half of those rental properties are directly managed by the owner.
Managing property can be a stressful job, from finding reliable tenants to handling any maintenance issues. That's why many investment property owners turn to outside management for day-to-day operations.
The trouble is, rental property can't be profitable unless you have tenants. That's where a leasing manager comes in.
Read on to learn what duties a leasing manager handles and how hiring someone can improve your rental investment.
Advertises Vacant Housing
One of the most important duties of a leasing management professional is filling vacant apartments. After all, without those tenants the owner won't make any profit or earn enough to cover the mortgage on the property.
The leasing manager will advertise vacant housing by advertising in local newspapers, on social media, or through signage. They might even start a referral program for current tenants to encourage new people to move in.
Prepares and Executes Lease Documents
When a prospective tenant does decide to move in, the leasing manager will handle the legal documents. They'll make sure the tenant understands and signs all parts of the lease agreement.
They might also run criminal background checks and credit history. This will help ensure that the tenant will be a safe and reliable addition to the rental property.
Collects Rent and Other Fees
Property management includes collecting rent, since that's a critical part of property management. They'll make sure all tenants pay their rent on time and follow up with those who don't
The leasing manager will also handle the collection of other fees like parking permits and lock replacement fees.
Oversees Maintenance
Property managers are also in charge of any necessary maintenance on the property. They might need to direct the staff maintenance technician on the issue or even hire an outside professional.
In addition to routine maintenance, the manager is also in charge of coordinating any upgrades or remodeling on the property. This includes new appliance deliveries, landscaping services, construction projects, and common area cleaning.
Manages On-Site Facilities
If your property has an on-site workout room, a swimming pool, or a business center, the leasing manager is in charge of managing those areas. They'll need to create safety rules and cleanliness guidelines for the tenants to follow.
This will ensure that tenants have comfortable access to these common area amenities when they want to. Plus, it will cut down on any potential liability issues and keep your current tenants happy.
Hire a Leasing Manager Today
A leasing manager is a full-time job that includes marketing vacancies, managing lease documents, maintaining the property, and collecting rent.
If you're in need of professional property management services, we can help. At HomeRiver Group Honolulu, we specialize in managing rental property so you can reap the benefits of your investment property without dealing with the stress.
Contact us today to learn more about our management services.