Property managers are third parties employed by a property investor or landlord to take charge of daily tasks at rental properties. Below we list six common requirements.
1. Rent Responsibilities
Property managers understand the local housing market and will set the right level of rent to entice tenants. Rent collection and imposing fees for lateness are common jobs. The property manager can adjust the rent by a fixed percentage upwards or downwards annually.
2. Tenant Responsibilities
Advertising for tenants and running credit and criminal background checks on prospective candidates are common. Most managers are experienced enough to guess who will pay their rent on time and not be troublesome.
Handling leases involves establishing the lease length and making sure the terms protect the owner. This includes deciding the cost of the security deposit.
Managers deal with noise complaints and maintenance requests and have long lists of emergency contacts. When a tenant leaves, the manager determines how much of the security deposit shall be returned. They will also clean the unit and repair any damage. Evictions may be undertaken if the tenant breaches the lease.
3. Maintenance and Repairs
The property manager must keep properties safe and habitable. They supervise the property’s physical condition, including routine maintenance and emergency repairs. Preventive maintenance is necessary to maintain the property in peak condition and attract new clients.
Repairs may be taken care of by hiring someone. Property managers usually have a list of electricians, carpenters and plumbers at their fingertips.
4. Knowledge of Landlord-Tenant Legislation
The best property managers have in-depth legal knowledge of how to find tenants, evict a tenant, deal with security deposits, end a lease and comply with safety standards.
Today, property management CRM software which can streamline administration includes propertydeck.com.
The Telegraph explains property management here: https://jobs.telegraph.co.uk/article/what-is-property-management/.
5. Supervising Responsibilities
The property manager can set the salaries of other employees at the property such as security and concierges. They will supervise their work and may even dismiss them.
Frequently, property managers take care of vacant properties – ensuring regular timely maintenance and preventing vandalism.
6. Maintaining the Budget/Records
The manager must work within the budget set for the property (ignoring this rule in the event of an emergency). They should also maintain thorough records pertaining to the property, its tenants and upkeep.