What is a Property Manager?
A property manager is a person or company responsible for managing the daily operations of investment properties on behalf of their owners. They handle everything from maintenance requests, rent collection, inspections, vacancies, to marketing and finding new tenants.
What is a Property Manager responsible for?
A property manager is responsible for a variety of tasks related to the upkeep and maintenance of a property. Here are some of the most common responsibilities of a property manager:
Rent Collection
One of the most important tasks of a property manager is to collect rent from tenants. They ensure that rent payments are made in a timely manner and follow up with tenants who are behind on payments.
Maintenance and Repairs
Property managers are responsible for overseeing maintenance and repairs on the property. This includes everything from fixing leaky taps to handling more complex repairs.
Routine Inspection
Inspecting the property, a couple of times a year to make sure the tenants are upkeeping the property and providing a detailed report to the owner.
Marketing and Tenant Selection
When a property becomes vacant, the property manager is responsible for finding new tenants to fill the space. They market the property, screen potential tenants, and present all the applications to the owner to select the best fit tenants for the property.
Lease Enforcement
Property managers are responsible for ensuring that tenants abide by lease terms and conditions. They deal with any violations or complaints and take appropriate action when necessary.
Financial Management
Property managers are responsible for keeping track of the property's financial records. They prepare financial statements and reports for the property owner, as well as make sure that expenses are paid on time.
Compliance
A property manager will make sure your property is compliant with legislation every step of the way from smoke alarms to landlord insurance, to water compliance to having the right lease terms in place.
Why Use a Property Manager?
There are several benefits to using a property manager, including:
Expertise:
Property managers have the knowledge and experience to handle all aspects of property management effectively.
Time Savings:
Take care of the day-to-day tasks of managing a property, freeing up owners' time to focus on other things.
Legal Compliance:
Property managers ensure that properties and tenants are follow the right regulations.
Tenant Satisfaction:
Property managers are equipped to manage tenant complaints and issues, creating a more positive experience for tenants.
In summary What is a property manager? Having a variety of responsibilities related to managing real estate properties. They are essential to the smooth operation of a property and can provide a range of benefits to owners. If you are an owner of a real estate property, consider using a property manager to take care of the day-to-day tasks and ensure that your property is well-maintained and profitable.
