A property manager is a third party hired by homeowners to manage a property (or properties) on their behalf. Property managers can be hired to take care of the day to day issues that come with property rentals or simply to ensure that your second home is in perfect condition each and every time you want to visit. They can deal with just one property or even a full apartment complex. They can have a range of responsibilities depending on their salary and contract including.
If you are considering hiring a property manager, take a look at some of the ways they could help you:
Responsible for Rent
A property manager can be responsible for setting the initial rate of your property’s rent, adjusting the rent when needed and even collecting the rent and enforcing late fees when necessary.
- Setting Rent – A good property manager will be able to set your rent at a level that is both competitive and profitable by assessing your property in relation to others in its area (and the desirability of the area).
- Collecting Rent – They can play the enforcement role if it’s needed and collect late rent. They can also ensure late fees are enforced.
- Adjusting Rent – A property manager’s expertise in the field will mean they will be able to guide you on when to raise the rent (or lower, depending on seasons) to be competitive with other similar properties.
Responsible for Tenants
Managing tenants is one of the key responsibilities of a property manager, and they will be involved in all aspects of tenancy. They can help to locate new tenants with effective marketing, screen possible candidates, deal with complaints and even initiate evictions should the need arise.
- Finding Tenants – A good property manager will know where and how to market your property; they will know what to put in the adverts and who to aim them at. They can also suggest cosmetic improvements to properties if they think it’ll help attract the right kind of people.
- Screening Tenants – Experienced property managers will have seen plenty of tenants come and go so they will be able to tell who’s a good fit for your property.
- Handling Leases – Your property manager can be responsible for setting the length of the lease, including setting the security deposit required and setting things in place to protect you as the owner.
- Handling Complaints/Emergencies- Part of a property manager’s job is to ensure that complaints and emergency situations are dealt with quickly and effectively.
- Handling Move Outs – When your tenants move out, the property manager will inspect the property to ensure that no damage has been cause by them during their stay. The property manager will also be able to decide whether or not the security deposit will be returned. After your tenants have moved out, your property manager will be responsible for ensuring that the property is clean and ready for the next tenant.
- Dealing With Evictions – Evictions are unpleasant, but if your tenant isn’t paying it might be necessary. An experienced property manager will be able to make the process as painless as possible.
Responsible for Maintenance and Repairs
Property managers are also responsible for the preventative maintenance and necessary repairs that come along with rental properties.
- Maintenance – Preventative maintenance can save you a lot of time and money, and it will keep the tenants happy too! A good property manager will have a network of contacts that they trust to do the work for them, and when given enough authority, they can deal with it without having to bother you.
- Repairs – When items are broken, your property manager will make sure it’s fixed quickly and to a high standard.
Responsible for Supervising
- Other Employees – If you have other employees, for example a security guard, maid or concierge, a property manager can ensure that they’re doing their job properly. If you give them the authority, your property manager can hire, fire, and set the salaries of other staff members.
- Vacant Properties – It’s just as important to take care of vacant properties as it is to care for those that are occupied. A property manager can carry out routine checks to make sure that there has been no vandalism etc.