A property manager is a third party hired by an owner or investor of the property to manage the day-to-day operation of the property. Exact responsibilities will vary depending on the type of property to be maintained, the amount to receive, and the terms of the agreement. Here are seven of the most common tasks that a property manager is responsible for.
- Rental responsibility
Dealing with rent problems is one of the most common responsibilities of a property manager. This include:
- Rent setting: The property manager is responsible for proposing the right rent fee of the property to attract tenants. They understand the market on which the property is located and competitive prices in the area.
- Rent Collection: Ensure optimal cash flow by specifying the date of payment and penalising late fees.
- Rent Adjustment: The property manager can increase the rate of each year by a fixed percentage in accordance with state and/or local laws.
- Responsibilities of the tenant
Tenant management is another fundamental responsibility of a property manager. They are involved in all areas, including:
- Findings Tenants: Real estate managers are responsible for filling vacancies. They know where to advertise and what to include in their ads. They also understand what tenants complain so they can give advice to help with the renovation of the property.
- Tenants Selection and Screening: Property managers must ensure a selection process that includes a credit check and criminal records of which will reduce discrimination accusations. Experienced property managers have seen hundreds of tenants, so they have a better idea of how to choose the right tenants; those who pay their rent on time will have a more extended stay with fewer problems.
- Leases Handling: This may include setting the rental period and ensuring that you have the necessary terms to protect the owner. This includes determining the required amount of security deposit.
- Complaint / Emergency Management: Dealing with the handling of maintenance requests, noise complaints and having the necessary emergency situations contact.
- Handling Move Outs: If a tenant moves out, the manager is responsible for checking the unit, checking the damage, and determining which portion of the deposit is to be returned. After the move, they are responsible for cleaning the unit, repairing any damages and finding a new tenant.
- Dealing with Evictions: When a leaseholder fails to pay rent or breaches agreement, the manager understands the right way to present and put forward an eviction.
- Maintenance and repairs.
The property manager must keep the property in a safe and habitable condition. Property Managers are responsible for physical property management, including regular maintenance and emergency repairs.
- Real estate maintenance: This involves carrying out preventive maintenance of the property under the best conditions. For example, managers are personally responsible for or pay someone to check the damages, leaks, landscape and remove the trash. With this maintenance, the existing tenants will be satisfied and new tenants are also won.
- Repairs: If a problem occurs, the Property Manager must solve the problem. They often have an extensive network of installers, electricians, carpenters and other reliable contractors such as Repair Care.
- Knowledge of the rights of the owners and tenants.
Good real estate managers have a thorough knowledge of local and national policies/laws in:
- Good real estate managers have a thorough knowledge of local and national policies/laws in:
- Tenant Screening
- Manage security deposits
- Lease termination
- Tenant eviction
- Follow the rules of property safety standards.
- Follow-up of responsibilities.
- Other employees: if there are other employees in the accommodation, such as a janitor or security guard, the property manager is responsible for ensuring that they do their job.
- Vacant Properties: property managers are always involved in the management of vacant properties. They also make sure that contractors and other personnel do their work on time.
- Responsible for budget/records management.
Property managers can be responsible for managing the budget for construction and maintaining all essential records.
- Manage budget: The manager must work within the established budget for the building. In certain emergency situations where the structures are at risk, they may use their judgments for repair orders without going out of the budget.
- Maintain Records: The property manager must maintain accurate records of the property. This must include all income and expenses; List of all inspections, signed contracts, maintenance inquiries, claims, repair records, repair costs, maintenance costs, rental income records and insurance costs.
- Responsible for taxes.
- The manager can help the owner understand how taxes are filed for the investment property.
- The property manager can also file the property taxes.