Responsibilities of a Real Estate Property Manager
A landlord or property owner hires a property manager to manage day-to-day operations. However, based on the type of property and requirements, these duties are versatile and don’t apply to all rental units at the same time. A lot of realtors are property managers, so you must be wondering can you be a property manager and a real estate agent?
There is no law which can forbid you to perform these two jobs simultaneously. Additionally, you will only contribute to your employer considering you are in this line of business. On the other hand, property manager faces a lot of responsibilities and here are some of them.
Rent issues are common responsibilities of a property manager, and they include:
Establishing the rent – he is in charge of setting the appropriate rent level, to attract potential tenants. A property manager understands the market relations and knows how to challenge the competition.
Collecting rent – a person who is responsible for the property ensures the optimal cash flow and sets up a date to gathers the rent, as well as late fees.
Adjusting the rent – the property manager has the power to increase the rent, based on the individual state or municipal law. He can also decrease the rent if needed.
Managing tenants is another duty property manager handles.
Finding tenants – property manager has to fill all vacancies. He knows how to advertise and what to include in ads. He also understands how to attract new people.
Checking tenants – no one wants to deal with irresponsible tenants. Therefore, a property manager enforces credit check, criminal background checks, and any other safety precautions. His job is to select appropriate tenants who will pay rent on time.
Managing leases – this includes lease terms and empowering all clauses to protect the owner.
Handling complaints and emergencies – he is paid to deal with maintenance, and other complaints tenants may have.
Move outs and evictions – when the tenant moves out, the manager must inspect the unit to make sure everything is in perfect order. He needs to check the possible damage and determine how much of security deposit he will return. On the other hand, he can evict tenants who don’t pay rent.
Maintenance and repairs
The property manager must keep the building safe and in habitable condition. He needs to inspect the property and is responsible for physical management.
Property maintenance – he makes sure that property is in top shape. For example, a property manager is in charge of performing repairs, checks for leaks, shovels the snow, removes trash, and so on. The maintenance should keep the existing tenants happy and satisfied.
Repairs – when the issue arises, the property manager needs to fix all the problems, or hire someone else who can do it. For instance, he will have to hire plumber, electrician, carpenter, or other contractors.
Knows the law
An excellent property manager as an in-depth knowledge of national laws regarding properties.
He needs to:
Manages security deposits
Ends a lease
Comply with safety standards
Oversees budget and taxes
A property manager is in charge of the budget of the building. He also needs to keep the records clean, which includes a list of things such as inspection, signing leases, managing various requests, maintenance cost, record rent collection, and any other costs.
Taxes are a crucial part of managing a property, and every manager needs to understand how to file for taxes. He needs to know the fundamental laws and completes all the tasks on time.