property-management-best-practices
The Ultimate Property Manager Job Description
Zac Maurais
11 minutes
Property managers are the backbone of rental property success. They save landlords time (22 hours/month on average), maintain properties, handle tenant relations, and manage finances. Here's what you need to know:
With clear job descriptions, the right tools, and proactive management, property managers ensure smooth operations and maximize property value.
Property managers have a wide range of responsibilities to ensure properties are well-maintained, tenants are satisfied, and finances are properly managed.
Every day, property managers tackle essential tasks to keep operations on track. These include organizing maintenance, performing inspections, and coordinating property upgrades.
Kaitlin Yezek, Marketing Manager, emphasizes the importance of being proactive: "The biggest mistake you can make is to wait for property maintenance issues to happen before you do anything. Successful property managers are proactive property managers" [5].
Here’s a snapshot of key daily duties:
Task
Responsibilities
Results
Property Maintenance
Handling repairs, scheduling inspections, and supervising contractors
Avoids expensive repairs and preserves property value
Staff Management
Managing gardeners, cleaners, and security staff
Keeps the property well-maintained and secure
Property Inspections
Checking common areas, systems, and vacant units
Spots problems early and upholds standards
Beyond these operational tasks, tenant relations play a crucial role in property management.
Strong communication with tenants is essential for smooth property management. Luke Marsh, Former Forbes Councils Member, puts it this way: "Communication is the foundation of any relationship, and landlord-tenant relationships are no different. By making tenant communication a priority, you can make managing your rentals that much easier" [4].
Key tenant-related tasks include:
Managing finances and utilities is another critical area. Property managers must track costs, ensure accurate billing, and look for ways to improve efficiency.
Here’s how utility management breaks down:
Area
Responsibilities
Benefits
Cost Tracking
Monitoring usage and analyzing bills
Helps identify ways to save
Tenant Billing
Coordinating utility setup and managing billing systems
Ensures proper cost recovery
System Maintenance
Scheduling inspections and fixing issues promptly
Reduces waste and inefficiencies
With well-executed utility management, property managers can recover up to 30% more in utility expenses [1]. This involves keeping detailed records, streamlining billing systems, and encouraging tenants to conserve resources.
To handle the complexities of utility management in modern residential properties, property managers need a mix of specialized skills, education, and ongoing professional growth. These abilities go beyond daily tasks and financial oversight, equipping managers to meet the demands of today's property management landscape.
Property managers today blend traditional management expertise with a strong grasp of technology. Here’s a breakdown of key skills and their real-world applications:
Skill Category
Key Abilities
Application
Technical Skills
Proficiency in property management software, smart systems, and utility monitoring tools
Overseeing daily operations, tracking maintenance, and managing utility costs
Financial Management
Budget planning, utility cost analysis, and expense tracking
Reducing costs and improving investment returns
Communication
Building tenant relationships, coordinating with vendors, and reporting to property owners
Defining utility policies and keeping all stakeholders informed
Problem-solving
Quick resolution of issues, preventive maintenance, and resource optimization
Reducing waste and improving overall efficiency
Professional certifications highlight expertise and dedication to industry standards. The National Association of Residential Property Managers (NARPM) offers several certifications that are highly regarded in the field [6]:
Certification
Requirements
Focus Area
RMP
Property management experience and NARPM education
General property management
MPM
Advanced experience and additional coursework
Advanced management skills
CRMC
Certification at the company level
Organizational excellence
UMC
Points-based system for education and experience
Expertise in utility management
The Utility Management Certification (UMC) is particularly valued for its focus on managing water and wastewater utilities. It serves as a benchmark for those looking to excel in this specialized area [7].
Staying updated with industry trends is crucial for success. Property managers should prioritize:
Regularly pursuing courses and certifications helps managers stay ahead in utility billing and tenant conservation strategies [3].
Property managers juggle utility efficiency, tenant satisfaction, and cost management by using structured processes for setup, monitoring, and reducing expenses.
Successful utility management depends on organizing tasks clearly. Here's a breakdown:
Task Category
Key Responsibilities
Benefits
Setup Management
Managing utility activation/deactivation and applying Landlord Rollover
Avoids service interruptions between tenants
Usage Monitoring
Tracking consumption trends and spotting high-usage areas
Cuts waste and lowers operational costs
Cost Control
Reviewing monthly usage data and predicting future needs
Supports better budgeting
Maintenance
Scheduling regular inspections and replacing filters on time
Keeps systems running efficiently
Tracking monthly energy usage (kWh) and performing regular audits on high-consumption equipment can catch problems early and maintain performance [8].
Smart utility management doesn’t just save money - it can also improve tenant comfort.
Here are some strategies property managers can use to lower utility costs:
Strategy
How It Works
Savings Potential
Smart Thermostats
Automates temperature adjustments during peak/off-peak hours
Saves up to 10% on HVAC costs [9]
LED Lighting
Replaces traditional bulbs with LEDs
Significantly reduces lighting expenses
Water Conservation
Installs low-flow fixtures and detects leaks
Lowers overall water consumption
Energy Audits
Regularly evaluates building systems
Identifies areas for cost savings
Using automated tools can simplify these efforts even further.
Digital tools like Utility Profit make utility management easier and more efficient. This platform automates utility setups, provides real-time tracking, and integrates with services like utilities and internet. It’s designed to fit seamlessly into property management systems and can even be customized with company branding.
Feature
Advantage
How to Use
Automated Setup
Simplifies utility activation
Add the setup link to approval emails
Status Tracking
Monitors utility connections in real-time
View updates via the property management portal
Revenue Generation
Earns revenue from tenant utility setups
No additional cost for property managers
Nationwide Coverage
Handles utility setups across the U.S.
Partners with local providers
To integrate Utility Profit, property managers can update approval emails with a branded utility connection link (e.g., www.COMPANYNAME.com/utility-connections) and require tenants to confirm utility setup before handing over keys [10]. By automating these processes, Utility Profit helps simplify utility management and improve overall efficiency.
As utility management becomes more complex, technology is stepping in to simplify operations and make daily tasks more efficient.
Property management software combines utility tracking, tenant services, and operational tasks into one system. Key features include:
Feature
Functions
Impact
Utility Management
Tracks, analyzes, and allocates utility usage digitally
Better cost control
Resident Billing
Automates billing and expense recovery
Improved cash flow
Compliance Tools
Tracks regulations and generates reports
Ensures legal compliance
Integration
Connects with smart devices and other systems
Boosts operational efficiency
RealPage’s platform is a strong example of this type of software. One success story illustrates its effectiveness:
"Our RealPage Utility Advisor partnered with us to execute on necessary utility billing changes. They ended up improving our billing collections by 14% annually and the solution is projected to have a multi-million-dollar, long-term impact." [12]
These tools create a foundation for the real-time utility monitoring systems discussed below.
Smart monitoring systems provide real-time data on utility usage, which helps reduce costs. These systems can impact 10-30% of a building’s operating budget [2].
Component
Function
Savings Impact
Advanced Metering
Detects anomalies quickly
Optimizes usage
Smart Thermostats
Automates temperature control
Lowers HVAC expenses
Leak Detection
Sends early alerts for leaks
Conserves water
Energy Analytics
Analyzes usage patterns
Improves efficiency
Managers using these systems often recover 30% more in utility expenses [1]. The continuous monitoring and quick issue resolution they provide are game-changers for operational efficiency [2].
Utility Profit is a standout platform that integrates easily with existing systems. It serves over 700 property management companies and more than 250,000 homes [11]. Key features include:
Feature
Benefit
Integration
Setup Automation
Eliminates manual tasks
Fits into existing workflows
Status Tracking
Provides real-time updates
Offers a reporting dashboard
Tenant Support
Live assistance for tenants
Backed by 1,500+ 5-star reviews [13]
Service Coverage
Nationwide utility access
Works with multiple providers
The platform simplifies utility management while making it easy for tenants to set up services like internet, gas, water, and electricity [13]. Its seamless integration ensures property managers can maintain their professional branding within their current systems.
Property managers must comply with specific legal guidelines regarding utilities and tenant rights to ensure fair treatment for both owners and residents.
In California, property managers are required to give tenants at least 72 hours' written notice for planned utility interruptions lasting more than two hours [14]. At the time of lease signing, managers must also disclose if a utility meter serves common areas and provide tenants with a detailed utility bill within 30 days of receiving the provider's bill [14][18]. Additionally, managers must inform both homeowners and tenants annually about the California Alternate Rates for Energy (CARE) program, which offers assistance to qualifying individuals [14].
Legal Requirement
Timeline
Description
Interruption Notice
72 hours in advance
For planned utility outages lasting over two hours
Tenant Billing
Within 30 days of bill
Detailed explanation of utility charges
Common Area Disclosure
At lease signing
Notification of shared meter usage
CARE Program Notice
Annual notification
Information on energy assistance programs
In Oregon, landlords must provide tenants with a detailed breakdown of utility charges, explain allocation methods, and offer access to provider bills within 30 days of receiving the provider's bill [18]. These rules, along with energy efficiency standards, shape property management practices.
In Boulder, Colorado, the SmartRegs program requires rental properties to meet specific energy efficiency benchmarks to maintain their rental licenses [16]. Properties must achieve a minimum energy performance rating - often an E on an Energy Performance Certificate (EPC) - and meet local licensing efficiency standards [15]. These measures ensure both compliance and better utility management.
California also has detailed guidelines from the California Energy Commission regarding building efficiency standards. Property managers should frequently review these requirements to stay compliant [17].
Standard Type
Requirement
Documentation Required
Energy Performance
Minimum E rating on EPC
Valid certification
Rental Licensing
Basic efficiency standards
Compliance records
Building Updates
Energy improvement work
Detailed invoices
System Maintenance
Regular efficiency checks
Service records
Keeping accurate records is essential for meeting utility billing and energy regulations. In Oregon, property managers must document all utility-related transactions, including provider bills, tenant statements, and allocation methods [18]. Proper documentation not only ensures compliance but also helps streamline utility management.
Record Type
Purpose
Provider Bills
Verifies original utility charges
Tenant Statements
Tracks itemized billing records
Allocation Methods
Documents cost distribution methods
Service Notifications
Logs communications about service changes
Failure to maintain proper records can result in severe penalties. For example, in Oregon, non-compliance with billing laws can allow tenants to recover either one month's rent or twice the amount of any improper charges, whichever is higher [18].
Utilizing smart utility management and embracing technology can greatly improve how properties are run. For example, convergent billing - combining rent and utility payments - makes things easier for tenants while cutting down on admin work. Plus, property management software can handle repetitive tasks, freeing up staff to focus on enhancing resident experiences [20].
Factor
Impact
Utility Automation
Avoids late fees and tracks usage effectively
Convergent Billing
Simplifies payment processes and boosts tenant satisfaction
Data Centralization
Helps make informed decisions
Revenue Opportunities
Adds income through utility setup services
These principles can be applied through practical strategies outlined below.
Building on earlier insights about utility management systems, here are actionable steps to consider:
Leverage Technology
Use property management tools like Utility Profit to automate tasks, generate extra income through utility setup services, and improve tenant onboarding [21].
Streamline Utility Operations
Digitize utility usage records to spot overcharges and make better decisions [20]. Collaborate with resident billing services for accurate utility calculations and easy online payments.
Centralize Data for Better Insights
Set up a secure database to:
"Propertyware's dashboards, reporting, and open API allow you to analyze every single step of your process to see where the breaks are in the chain...You're going to be able to streamline your business and get to your goal with much more efficiency" [19].
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