Obligations Of Property Managers To Landlords
The type of service you receive and accept has a tendency to be affected by your knowledge of who property managers are and what their job actually is. Property managers are people or firms you hire to care for property, maintain its value and make sure if that is its function, it provides income.
The responsibilities of a property manager differs depending on the type of property they are tasked with managing. Before hiring a property manager, it is your obligation to know what their responsibilities are, in order to avoid ending up settling for less or requiring more than they have to give. Some important responsibilities of a property manager to the owners of rental homes include:
#1. Establishing the rent
Property managers in your stead, and after considering the costs, taxes and comparative rent establish the price of the rent. Hence, after hiring a property manager, it is no longer your duty to go about researching or working in other to pick a good rent price. This does not mean you should not make your own findings in order to make sure the price picked is truly favorable.
#2. Dealing with tenants
It is the job of a property manager to find a tenant for that property and make sure a rental home does not sit empty. This could involve hiring a real estate manager or even putting up advertisements.
Apart from finding a tenant, it is the job of that property manager to also deal with the problems of your tenants, make sure the lease protects you, enforce the conditions of your lease, and collect the rent (if that is your desire). In addition, evicting a tenant is the job of your property manager. You are paying to make sure you do not have to do the evicting yourself.
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 important 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 maintain your rental home by ensuring they get the right type of tenants, making repairs or adjustment when necessary. Expecting a property manager to preserve ad 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 a responsibility 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 because, the money made from your rental home is not theirs but yours. You should therefore always expect that your property manager would periodically give you a detailed report about the condition and or changes in your rental home(s).
Conclusion
Property managers fulfill other tasks such as supervising 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 altercations.
