Property managers are part of the commercial real estate industry and the residential real estate industry, managing buildings that include houses, shopping malls, apartments, and many other types.
The property management process encompasses from; buying land to building it; or buying a constructed edifice; lastly, it includes the rental houses, apartments, offices or any condominium units. The property manager is the person who manages from buying and selling. Property managers assist the owners to create the budgets, advertise the rental properties, collect rent from the tenant, qualifying the tenants, maintain properties and help in identifying the board laws for the owners. Deterrent maintenance, interior, and exterior cleaning, and construction are all the responsibilities of the property manager and fall under the scope of property management. Property owners and even the investor pay the rental fee to the manager for all of his work in bringing down thing for both the parties. Hiring a property management firm is necessary for various ways; they help out in finding the desirable land, building, apartment or any house according to the requirements of the investor; for the property owner, the firm helps in maintaining their property and bringing out the tenant with more chances of benefit.
Property manager’s responsibilities vary based on the type of the property they are dealing but here stated are the most common ones;
- Rent responsibilities
Rent issues might seem a problem but this is a responsibility dealt in several ways by the manager. Rent issues include setting rent, collecting rent and adjusting the rent. Setting rent is making the amount to the level of the tenants. According to the area and the services provided the rent is set. Collecting rent from the tenant and strictly following the monthly schedule to avert from undesirable circumstances. Lastly adjusting the rent according to the yearly percentage and also according to the municipal law board.
- Tenant responsibilities
Another core responsibility of the property manager is managing the tenant. These include; finding tenants, screening tenants, handling lease and dealing with evictions.
Making the proper advertisement of the property and placing it in the right place to attract the tenant’s help in finding the right investor. Screening tenants is an important factor which needs to be addressed. The credit checks or any criminal background should be screened out. Having interaction with the experienced property managers’ help in identifying honest tenants. Handling lease includes the terms and policy for this condition. It is important to handle such tenants who refuse to pay the amount or breaches the policy for lease. The property manager pursues a lawsuit for this.
- Maintenance and repairs
It is the duty of the property manager to maintain the property in safe and stable conditions. It has two components; property maintenance and repair.
Property maintenance is taking a preventive measure to retain the top functioning of the property. They are in charge of hiring someone to check the leaks, landscape and removing the trash. Repair is all about fixing the problems by hiring the plumbers, electricians, carpenters or any other provided.
- Knowledge of Landlord-tenant Law
Having experienced managers who have deep knowledge of all the laws and demands of property statewide. They must; screen the tenants, handle the security deposits, terminate the lease, evict the criminal tenant and adhere to the safe property standards.
- Responsible for taxes
It abides the property managers to help the owners understand how to file for the investment of the property. The property manager also files the taxes for the property in the case of eviction. You can refer to lapmg.com where you can find various options to learn about property management.