• February 27th, 2017 - 
  • Posted by gordonw_CLD

Responsibilities of a Property Manager

A property manager is a third party that is hired to run the daily operations of a real estate investment. They can be entrusted to look after a small single family home to a large apartment complex.

Rent

The property manager will know how to set the right rent level that will attract the right tenants. They will have a good understanding of the market where the property is located, and will have looked at similar properties to get an understanding of what their rent is set at.

As property manager, they will also be responsible for collecting the agreed rent from tenants, on a date they’ve set. If rent has not been received by the agreed date, then as property manager they can enforce late fees. This will ensure an optimal cash flow.

Another role the property manager has is increasing rent at a fixed percentage each year. They can also decrease rent if it is deemed necessary.

One of the most vital jobs of a property manager is setting the length of the lease and making sure they make all the necessary provisions to protect the property owner. This also includes determining the amount of security deposit required.

Finding Tenants

It is also the property manager’s responsibility to find tenants to fill the property. They will have the knowledge of exactly where the best place to advertise is and what they will need to include in the adverts.

Having an understanding of what will attract tenants is an important part of a property manager’s role. They will know exactly what improvements will need to be made to attract the right tenants.

It is important that suitable tenants are picked to live in the property. To ensure this, property managers will screen the prospective tenants to make sure they will be a good tenant. This screening process will include running security checks and criminal background checks.

A good tenant will be one that pays their rent on time and will not create many problems. An experienced property manager will have seen hundreds, if not thousands of potential tenants during their career and will easily be able to distinguish a good tenant from a bad tenant.

Move outs and Evictions

It inevitable that tenants will either voluntarily move out or, worst case, be evicted out of the property. It is the duty of the property manager to deal with these situations.

Once a tenant has moved out of the property, it is up to the property manager to inspect the unit and check for damages. They can then determine the amount the tenant will get back from their security deposit.

Once the property has been inspected and the tenant has fully moved out, it is then the duty of the property manager to clean and repair the property to be ready for the next set of tenants.

Maintenance and repairs

Most of the time tenants will make a complaint about the property, it is the responsibility of the property manager to address these complaints and get them resolved as soon as possible. These complaints could be noise related or maintenance related.

Not only will a property manager need to deal with emergency maintenance needs, they are also required to perform regular preventive property maintenance. This will allow them to address problems before they develop further.

A property manager will have a large network of different contractors to call, including plumbers, electricians and carpenters to ensure that any maintenance problem will be fixed straight away.

Maintaining budgets and records

As the property manager is not the direct owner of the property, they will need to keep a record of all expenses and incomes. They will also need to make a list of inspections, signed leases, maintenance requests, complaints and repairs.

Most of the time a property manager will have a set budget from the property owner. If there is any danger to the occupants or the physical structure of the building, property managers can use their discretion to order repairs without concern about the budget.

Many property managers will use a piece of property maintenance software so they can monitor property maintenance jobs and monitor costs, income and profitability easily.

Overall a property manager is someone who will have good knowledge of Landlord – Tenant laws. They will also know the correct way to screen tenants, handle security deposits, terminate leases and comply with property safety standards.

If you are a property manager or a property owner, GNB software are specialists in property maintenance and maintenance management software and can help you manage and maintain your property.

Posted in : Property Management

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