Property Managers And Their Job Responsibilities

Posted by Judy Orr on Tuesday, September 24th, 2013 at 11:42am.

What do you mean by Property Manager?

A property manager is a third party who is hired to handle the daily operations of a real estate asset or property or an investment. He is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so. They can manage all types of properties, whether it’s a commercial property (like large apartment complex) or a residential property (like a single family home).

Responsibilities of a Property Manager

  • Responsible for Rent:

    • Setting rent: Property managers have a deep understanding of how to set the right rent level to attract the tenants. They charge according to the location area of the property.

    • Collecting rent: Property managers ensure optimal cash flow by setting a date to collect rent each month and strictly enforcing late fees. The make sure that tenant makes timely payment.

    • Adjusting rent: Adjustment of rent is done by property managers. They can increase or decrease the rent by a fixed percentage each year, according to individual state and/or municipal law.

    • Responsible for Tenants:

      • Finding tenants: Proper marketing of property and finding appropriate tenants is also one of the most important responsibilities of a property manager. They are responsible for attracting tenants towards their properties.

      • Screening tenants: A consistent screening process, including running credit checks and criminal background checks, decreases the chances of being accused of discrimination for property managers. Experienced property managers have an idea of selecting tenants, for those who can pay rent on time, have longer tenancy and create fewer problems.

      • Handling leases: Property managers are responsible for setting the length of the lease and make sure it has all necessary provisions to protect the owner’s property. Leases include the deposit of security amount.

      • Handling move outs: When tenants move out, the property managers have responsibility for inspecting the unit, checking for damages and determining the portion of security amount to be returned to the tenant.

      • Dealing with evictions: When a tenant does not pay rent or breaches the terms of a lease, the property managers file a complaint and move forward with an eviction.

      • Responsible for Maintenance and Repairs: Property managers have the responsibility of property maintenance and make sure that the property functioning is in top condition. Maintaining a property includes keeping current tenants happy and attracting new tenants.

      • Responsible for Supervising: When a property manager takes a charge to handle a commercial property, he has other employees working under him. So he can set salaries or can fire employees according to their job functions.

      • Responsible for Managing the Budget/Maintaining Records: The property managers must maintain a set of budget for any type of property whether it is a commercial or it is a residential property. In certain emergency situations there may be a need of required amount of budget.

      • Responsible for Taxes: Property managers can assist the property owners and make them understand as to how to file taxes for any investment property. Even the property manager itself can file taxes for the property.

      Author’s Bio:

      Bency, a property manager is working in this field from past few years. Based on his experience, he has shared some views for the Property Managers who are fresher in this market.

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