Did you know, in the U.S, the property management industry has grown by 4.0%, over last five years, to attain the revenue of $81bn in 2018? In the same period, 3.9% of businesses flourished with 2.9% rise in the number of employees.
Importance of property management is increasing with every passing day in both developed and economic industries. With this increasing significance of property management, the role of a property manager is becoming more crucial because he is the major gamer player in the industry.
What is property management?
Property management is the oversight of real estate property including residential, commercial and industrial area. The owner of a property appoint property manager and it has to act on behalf of the owner to keep the property safe and able to generating revenue. Mostly, this term property management uses real estate agents when they take charge of maintenance, advertisement and leasing the house or business.AProperty Manager is a liaison between an owner and tenants of a property and makes satisfied both parties with the property. Good property management enhances the value of an asset.
Role of a property manager:
The responsibility of a property manager never remains the same, it may vary according to the type of property but the most common responsibilities are as follow.
- Rent Setting:
The Property manager must know the market rate of the property so that they can adjust the rent according to the location. Property managers can increase or decrease the rent and fully responsible for collecting the rent on time.
- Finding Tenants:
They are responsible for finding the tenants for filling the vacancy. They should know where to advertise and what to include in their ads.
- Maintenance and repair:
They should keep the property working in top conditions. They must hire someone to check landscape, leaks, shovel snow and remove trash because maintenance of property keeps the current tenants happy and appeals to other tenants.
- Know about the Landlord-Tenant law:
A good property manager has in-depth knowledge about national laws regarding
- Property safety standards
- Expel a tenant
- Security deposits
- Terminate a lease
- Screen a tenant
- Responsible for taxes