A property manager is hired by a real estate developer or landlord to deal with daily affairs at a rental property. The person works as a third party to manage the daily operations, thus relieving the employer of handling issues and managing property.
The roles and responsibilities of a property manager depend on three crucial factors – the kind of property to be managed, the amount of payment and the city property management contract terms. However, the property managers are supposed to carry out some common responsibilities as follows:
One of the commonest responsibilities of a property manager is to deal with the rent issues such as rent determination, rent collection and rent adjustment.
Rent Determination: The property manager determines the right rent for the potential tenants. The person has good understanding of the property valuation at the location and which can be the right rent level for the to-let apartment.
Rent Collection: The manager usually sets a date to collect rents in every month. He also decides about enforcing penalties if any tenant fails to pay rent in time.
Rent Adjustment: The property manager is entitled to raise the rent level by a certain percentage after a fixed time period (a year or three year). The person has the right to decrease the rent as well if it is considered necessary.
Managing tenants is another important task of any property manager. This aspect covers the following points:
- Finding Tenants
- Inquiring about Tenants
- Lease Handling
- Dealing with Emergencies/Complaints
- Dealing with Move outs
- Handling Eviction of Tenants
Repairs & Maintenance
It is a property manager’s responsibility to keep the property clean and safe. The managers are responsible for proper maintenance of the property. To ensure that, the manager must carry out regular maintenance work and do repairing whenever required.
The real estate investor or landlord may hire security personnel to ensure safety for the tenants. In such cases, the property manager is entrusted with an additional role of ensuring that these persons are doing their duties properly. The property manager enjoys the right to set their salaries and sack them.
The property managers are also required to evacuate properties. It is often done as a part of routine maintenance. The managers ensure that the contractors and workers do their work properly and complete it in time.
The property managers are required to take responsibilities for maintaining records related to repair, maintenance and other works.
The managers need to work within a certain budget when it comes to building maintenance or repairing. However, in case of emergencies such as immediate repairing of the physical structure to ensure safety for the tenants, the manager may order the necessary works without caring for the budget.
The manager needs to keep all the building-related records in order. It includes though is not limited to records of repairs, maintenance requests, complaints, maintenance cost, insurance cost, rent collection and regular inspections.
The property manager helps the owner understand the procedure of filing taxes for the property. The manager can also do it himself on the owner’s behalf.