The kind of package you obtain and admit has an immense predisposition to the knowledge of who property managers are and what their job actually is. Property managers are people or firms you hire to care for property, preserve its value, ascertains its function and provides income.
The duties of a property manager varies contingent on the type of property they are tasked with managing. It is obligatory to know what their responsibilities are before hiring them, in order to evade ending up settling for less or requiring more than they have to give. Selected central responsibilities of a property manager to the owners of rental homes include;
#1. Establishing the rent
Property managers in your stead, after making an allowance for the costs, taxes and comparative rent, establishes the price of the rent. Therefore, after hiring a property manager, it is most definitely your duty to go about exploring or working in other to pick a good rent price. This does not mean you should not make your own discoveries in order to make sure the price picked is truly favorable.
#2. Dealing with tenants
It is the job of a property manager to discover a tenant for that property and make sure a rental home does not sit idle. This could comprise hiring a real estate manager or even putting up advertisements.
Besides looking for a tenant, it is the job of that property manager to also deal with the problems of your tenants, ensures the lease protects you, impose the conditions of your lease and collect the rent. Additionally, dislodging a tenant is the job of your property manager.
Therefore, if you have hired a property manager, getting tenants, making sure that they pay the rent and evicting them is no longer your issue. It is imperative to note that you can decide to collect the rent yourself if you wish.
#3. Maintain the property
It is the job of your property manager to conserve your rental home by ensuring they get the right type of tenants, making repairs or modification when necessary. Expecting a property manager to preserve if possible improve the value of your rental home by making repairs and or adjustments, is not an unreasonable expectation because it is their job.
#4. Make reports
Property managers have an obligation to make reports to the Landlord. If they are placed in charge of collecting rent, paying tax or making other payments, it is their duty to make sure you know exactly what is happening in your rental home. How much you make, how much they spend, why they spent and what is left and the money made from your rental home, is not theirs but yours. You should therefore always expect that your property manager would from time to time give you a detailed report about the condition and or changes in your rental home.
Property managers satisfy other tasks such as overseeing the other staff on your property and making sure it is protected against vandalism. Before hiring a property manager it is advisable that you both go over your expectations and the services they provide to avoid future disagreements.
J C Loum