Property Managers are individuals or companies that are employed to manage properties. Property Managers have the responsibility to make sure that properties are kept maintained and cared for in a proper and safe manner. This is done by hiring appropriate tenants, repairing damage that has been done, and performing general maintenance duties. In short, Property Managers are involved with managing a property and its associated issues. They will perform all aspects of managing a property including; advertising, management, maintenance and care, and investment.
Property Managers must have excellent communication skills, leadership skills, detail-oriented, problem-solving capabilities, and effective planning skills. As well as, they must have good organizational skills and be able to handle multifarious tasks efficiently. They must be willing to delegate duties when required, but have the ability to maintain control.
There are many different types of duties that a Property Manager could be asked to perform. They could be involved in rent collection, the leasing agreement review, security system installations, property maintenance, interviewing tenants, advertising and marketing, collecting rents, maintaining inventory, inspecting premises, collecting rents, tenant disputes, repairs, and landlord relations. These are just a few of the things a Property Manager is responsible for. In addition to their many duties, property management companies hire on an as-needed basis. Therefore, the Manager is responsible for providing services only when needed and only during a period that the agreement allows.
Things a Property Manager is responsible for
The rental income a Property Manager receives from rent collections is based on the commission rate shown in their contract. It is important to know the difference between an annual rental rate and a contractual rental rate before signing a contract. Most property managers state that they will not collect late rent, however most state they will charge late fees if this happens. It is recommended for property owners to use a rental income calculator to determine the amount of money they can expect to make from their rentals each year. A good way to start calculating this is by using a formula like cubic feet per year (which takes into account bathroom and kitchen size) to determine your annual rental income.
Property Managers also have a large part in property maintenance. In some cases they are responsible for doing tenant interviews, tenant screening, pest control, and other landlord services. They are also responsible for collecting late and over the limit rents, performing background and credit checks on potential tenants, interviewing with prospective tenants and vacating rental property when tenants fail to pay rent or otherwise violate the lease. Because these positions are considered part of the responsibility of owning real estate, most property managers receive a performance bonus based on the performance of their team members. In some cases bonuses are based solely on the number of overage collections and some bonuses can be based on the number of rent reviews or complaints filed by current tenants.
Property managers must maintain a detailed budget. Most budgets are broken down into sections such as paying for accrued expenses, capital improvements, vacancy rate improvements, repairs, advertising and promotion. Property managers are typically required to perform annual or semi-annual inspections of the building and grounds, keep a written record of all repairs and maintenance work performed, perform a home tour for prospective tenants and conduct property management duties. A Property Manager’s salary and benefits package are usually well above the area average for their position in most areas.