Most people today are unaware of the duties of a property manager. Chances are if you did know, you might go desperate to hire a property management firm! A property manager is someone who holds the responsibility to maintaining a real estate property on a daily basis. The property can be anything from individual homes to large apartments.
Property managers assist in managing rental properties in the following ways:
Setting the right rent: Property managers are aware of the present market situation and accordingly set a rental for the property that sounds reasonable to tenants. Rents are also fixed by considering comparable properties in the same area.
Collection of Rents: Property managers make sure that the rents are collected in the stipulated date every month, and also enforce penalties for late payments. In this way, optimal cash flow is ensured to tenants.
Property management firms can also help with tenant management
1. Finding the right tenants: For those having a hard time in finding the right tenant, property managers come to the rescue. They market properties through ads, uses the right measures that attract tenants and more.
2. Screening: Property managers find the right tenant by screening the tenant applications received and making criminal background checks.
3. Lease & Move-outs: Property managers can set the length of lease, determine security deposit amounts as per owner’s interests. Once the tenant moves out, property managers will inspect the unit and see what portion of security deposit is to be returned. They will also be responsible to fill the vacancy with a new tenant.
Property managers undertake the duty of periodically maintaining and repairing the unit.
Maintenance: Preventive maintenance measures would be undertaken by property managers. They inspect for leaks and other damages. They will maintain property in a manner that attracts tenants.
Repairs: Whenever there’s an issue associated with the property, property managers will hire someone to attend to it. They keep in touch with a number of electricians, plumbers and other technicians.
Property managers will make sure that they would operate within the budget of their clients. This means that repairs have to be done without straining the budget. They will also maintain the records of all the income and expenses associated with the property.
Hiring a property management is all worth it as it benefits property owners with more return on investment and assured peace of mind.
The author has been working as a property manager in a recognized property management firm for over 3 years. He helps readers gain a deep insight on the responsibilities of property managers.