Wondering what a property manager does now that you’re moving away and need someone to take care of your property? Read on.
If you are thinking of pursuing a career in property management or hiring a property manager for your rental and residential properties, it is beneficial to understand the wide range of responsibilities a property manager bears.
Property management falls under the branch of real estate that deals with residential rental property or leasing properties. Managing these properties can be a daunting task, and if you are not well trained to do so, you might find it difficult—this where most often property owners hire property managers.
Who is a Property Manager?
Before we tell you, what a property manager does, let’s define the role.
A property manager is an individual who specializes in handling all property dealings. They ensure that the rental is being operated as per the guidance given by the owner.
Guidance can take different forms. For instance, corporate property owners can issue missions and visions related to their properties, while individual owners might give verbal guidance.
It is the property managers’ responsibility to ensure that responsible tenants occupy the rental property, payments are received on time, and the rental is maintained properly.
What is Property Management? What Are Its Types?
What does a property manager do? They conduct property management. There, that’s the role. No, there’s more that entails this job title and we’ll shortly discuss it.
Simply put, property management is the daily maintenance and care of real estate that you are responsible for. It is overseeing the daily repairs or ongoing work, upkeep or security of properties. You may be a property manager or may want to hire one – know that it is their responsibility to take care of the property similar to yours if not more.
There are several types of property management, here are a few:
- Residential property management is self-explanatory and includes management of real estate such as apartments, houses or blocks of flats.
- Commercial PM is the care and management of retail spaces, office buildings and industrial complexes.
- Special purpose PM is the management of property with specific purposes such as healthcare facilities, recreational centers, and educational institutions among others
- Industrial OM is the management of warehouses and facilities
- Self-managing is a DIY role that the owner plays where they do not seek a professional property manager’s help.
- A friend property manager (yes, this exists, ask your buddy to pay!) is someone who does not have a lot of experience but has enough to take care of your property.
What Are the Responsibilities of a Property Manager?
Property managers handle everything that happens on the rental properties. Property managers have an idea of how the real estate industry works.
Once the owner hands over the power to the property managers, it is their responsibility to follow the owner’s guidelines and massage the rental property.
Given below are a few answers to what a property manager does, check it out:
1. Setting Rent
The setting of rents is the basic responsibility of the landlord. Therefore, it is the most common responsibility that a landlord will pass on to a property manager. The property manager sets competitive rent prices to attract tenants.
Once the landlord passes this authority to the property manager, it is the manager’s responsibility to ensure that tenants are flooding in.
2. Collecting Rent
Collecting the rent at the end of the week or month is also under the jurisdiction of the property manager. Property managers come up with a system that ensures that every tenant is paying their rent on time. They also come up with rules and regulations to ensure rents are not delayed.
3. Screening Tenants
Screening tenants and managing them is also a core responsibility of a property manager. It is the responsibility of the property manager to see only good tenants reside on the residential property. For that, the property manager is involved in rightfully screening the prospective tenants.
In addition to that, if the tenants have any problems or complaints, it is the property manager’s responsibility to look into the tenants’ complaints and problems.
4. Property Management
Property management also falls under the jurisdiction of property managers. It is the responsibility of the property managers to ensure the property is safe and inhabitable conditions. In fact, property managers are responsible for the physical management of the property.
Work done by the contractors and repairmen needs to be double-checked by the property manager to make sure it is up to standards.
5. Managing the Budget
As property managers are responsible for taking care of the property, it is not surprising that property managers are responsible for managing the property’s budget. A set budget is given by the landlords for the property management. It is the responsibility of the property manager to ensure everything is managed under the given budget.
There are some special cases where the property or the tenants are in danger; depending on the situation, the property manager can step in and order repairs.
Take Away
The responsibilities of a property manager are vast; hence, it becomes difficult to gauge the property manager’s potential. In this article, we have talked about some responsibilities that a property manager should take.
If you find any manager not qualified enough to take on these responsibilities, keep your distance from them. They might look professional with their approach, but hiring them will do less good and more harm.
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