Importance of Property Management
Property managers are business owners that are in charge of the upkeep of commercial property and other types of real property. This includes apartment complexes, townhouses, condominiums, mobile homes, manufactured homes, warehouses, shopping centers, parcels, tax deeds, franchises, lease agreements, etc. Property managers also run the day to day operations of the property that include security, maintenance, landscaping, and the hiring of employees. Below is a brief description of how these professionals can benefit business owners.
Property managers work on behalf of their client companies to manage all aspects of their properties. This includes communication and designations of all aspects of the property as well as the day to day operations. They work with all levels of management including leasing, maintenance, finance, marketing, and sales. They handle all systems maintenance including electrical, plumbing, drainage, heating, cooling, security systems, etc. Designations are determined by the type of property and include general manger, property manager, property professional, property manager, or property supervisor. There are also real estate management designations such as property manager, property operator, property direction, and property manager.
There are many professional organizations that certify property managers through special certifications such as CMAB certification (Certified Management Assistants), CMAJ certification (Certified Management Investigators), CMOA certification (Certified Mortgage Officers), and CMOE (Certified Management Engineers). These certifications ensure that the professionals have specific knowledge and experience in residential property management systems. These organizations also require a minimum level of education so that they can serve their members better.
Property managers may be self-employed or they may work for a company that contracts with them to manage rental properties. The average property manager salary ranges from a minimum of $15 an hour to a maximum of about $60 an hour. Property managers can also receive tips from their underlings. They are usually responsible for approving rent collections and collecting monthly fees from tenants and for collecting late payments from tenants.
Property managers can assign tasks to their underlings and give them instructions on a daily basis. The duties of a property manager depend upon the size of the property and the location. Tenants are expected to pay rent on time and not litter or destroy the property. Proper maintenance of the property is also required to make sure that the building is safe and to keep tenants and their personal belongings in good condition.
Most property managers require an annual or at least semi-annual maintenance inspection of the property. The inspection will verify that the necessary repairs are made and that the conditions of the property are satisfactory. Some repairs may include repairing roofs, exterior lighting, plumbing, cooling and heating systems, drainage system, chimney or flue repairs, cracks in walls, floors, ceilings, windows, doors, appliances, etc. It is very important that property managers carry out their responsibilities promptly because rental property is very much dependent on its state of repair. In case any damage is found, repairs are then carried out on the spot and immediate replacement is made.