In the last article, we looked at Property Management and what it entails. At the core of this very important aspect of the real estate industry is the Property manager. The property manager is the one at the helm of affairs when it comes to managing and maintaining your property. It is advisable to fully understand his or her duties and responsibilities so you can make the right decision when choosing one.
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Who is a Property Manager?
Property managers are professionals who ensure that a property is managed, maintained and operated according to the directions and specifications of the owner.
They have a wide range of responsibilities that are also determined by different factors such as the type of real estate property which could be residential, commercial or industrial.
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Property Manager Responsibilities
A property manager carries out a lot of responsibilities to ensure the property they are in charge of is well maintained and profitable to its owner. Some of the duties and responsibilities carried out by a property manager include:
Screening, Selecting and Managing Tenants
The property manager wants to make sure that responsible tenants are chosen to occupy the property. They ensure that the tenahts abide by the rules stated. They also handle any complaints or issues that the tenants may have.
Although, the rent in any property is usually decided on by the landlord, property managers also help in collecting rent when it’s due from the tenants
Overseeing Repairs to Be Carried Out
A property manager takes note of areas in the property that need attention. They coordinate and monitor the repairs being carried out to ensure it is thoroughly done.
Sourcing for Reliable Workers
Since they are usually in charge of repairs, overtime, they have access to trusted workers who can take care of different repairs whether electrical, plumbing, cleaning and so on.
Working According to the Budget Stipulated by Owner
The property manager works according to the budget set by the owner when overseeing repairs, carrying out maintenance routines and so on.
Document Records of Income and Expenditure from the Property.
The property manager is accountable to the property owner and should be able to provide every record available; this could include financial records (income and expenditure, repairs, tenant complaints, maintenance costs, etc.
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Tips to Finding a Good Property Manager
There are certain tips and ways to find and employ a good property manager.
Certifications and Qualifications: A good property manager should have the necessary license and qualifications needed within your jurisdiction. This goes to show that he or she has been properly trained and vetted.
Experience: Having a good deal of experience further solidifies a person’s knowledge of his job. You want to find out how much experience your potential property manager has. This will help you discover if they can handle the job.
Values and Policies: You should find out if the management company shared the same values with you. The company should have strong policies, values and efficient work processes to ensure that any property manager assign to your property delivers as expected.
Good Interpersonal Communication skills: A good property manager should be able to effectively communicate with other people because he would be constantly relating with you, your tenants and other workers. He/she should have good customer service skills that would enhance the efficiency of jobs.
Availability: You want to hire a property manager who is readily available to attend to complaints and enquiries. Take note of how available they are even before you decide to work with them. Is he/she picking or returning your calls on a regular basis? This would set the pace for how available he would be when he already has the job.
Visit Other Properties Being Managed by The Property Management Company: This will give you a first-hand experience of what working with them will be like. What is the condition of the property? Ask questions and investigate thoroughly. You can also talk to the tenants to know how efficient or inefficient the property manager is.
Documentation and Transparency: Make sure that every task expected to be carried out by the property manager is accounted for. You should also know how much their services cost and have it all broken down on paper. Understanding from the beginning the different services you will be paying for will prevent common misunderstandings later.
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Finding a good property manager is a task that should be done carefully. There are questions one should ask and proper investigation has to be carried out as well to find the best fit for the job. This way you can be rest assured that your property is in good hands.
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