Who Is a Property Manager?
Who Is a Property Manager?
Property management is the administration, supervision, maintenance, and control of real property and physical assets owned by a person or group of people. This includes residential, commercial, and vacant land. It is responsible for collecting rents, keeping the premises secure, inspecting tenants, and relating contracts with others. The duties of a property manager typically vary according to the type of property management undertaken. However, some of the general duties are mentioned here. These include assessing tenants, arranging maintenance and repairing damage, hiring and supervising sub-contractors, conducting inspections, advertising and promoting the property, and dealing with legal issues.
Before hiring property management companies, make sure that they are established and have a sound track record in the industry. Also, ensure that they have sound financial backup and can afford to take on the kind of workload you have in hand. Check out their credentials. Ask for recommendations from friends, business partners, or previous clients. If possible, try to talk to the manager in charge in some other capacity. This will give you an idea of how the individual operates, his level of knowledge about the industry, and what his priorities are when dealing with issues.
Property managers play a crucial role as far as maintaining a good image in the eyes of landlords and tenants is concerned. They work hard to maintain a good reputation by handling different kinds of customers, maintaining communication lines with all of them, and handling the rental property inventory. They have to ensure that the inventory is updated at least once a week, there is no overcrowding of the property, and that maintenance activities such as landscaping, painting, floor cleaning, and garden maintenance are carried out in a timely fashion.
Usually, property managers collect monthly rents and pay them to the tenant. They also set a due date for the rent to be collected. If the tenant fails to pay the rent on time, they can issue a notice of default to the landlord. In this case, the landlord has the option of sending in the local police to evict the tenant. Most property managers make extra effort to negotiate with the tenant to avoid eviction, but it is not impossible to get evicted if this happens.
Property managers are responsible for carrying out repairs whenever repairs are needed to the rental property. Sometimes they may have to fix appliances and plumbing, maintain the interior of the house, clean the bathrooms, change light bulbs, replace broken furniture, etc. They are also responsible for collecting rents, preparing the necessary documents, and delivering payments to the tenant and the landlord.
The role of property managers has improved a lot since the real estate market started crashing. Nowadays, many tenants are leasing their properties from owners. However, there is still some rental property owners who do not have enough tenants to pay for all the repair costs. At this stage, it is advisable to take help from a leasing agent. A leasing agent will be able to offer you good advice and help you negotiate with your landlord to avoid eviction.