Have you hired a property manager to look after your property? Are your aware of their duties and responsibilities? From a single-family home to a large apartment complex, a property manager is responsible for managing all types of properties. For those who find it hard to take time out and look after their property, it is important to understand the responsibilities since they will be spending their hard-earned money on them.
The duties vary depending upon the salary and specific terms in their management contracts. Here are the top five responsibilities that you must know.
Renting Responsibility
One of the major responsibilities of a property manager is collecting, and adjusting rents. Since they have a better understanding about the market value and renting costs according to the location, they play a perfect part in this area. They have a better plan to set the right amount for renting the property and attracting potential renters.
Issuance of Financial Reports
The managers provide the owners regular financial reports of the expenses and accounts for a particular time. The reports contain the quantitative analysis of each expense including maintenance and fixture costs, billing etc. This helps the owner to know the expenses; they will also be able to look if the managers tend to send the same report.
Managing Tenants
This area involves finding tenants by carrying out marketing strategies. Then the managers perform the screening of tenants to ensure whether they are trustworthy or not. The managers then handle leases by deciding the length of lease and ensuring that the owner is provided with all required provisions. They also deal with evictions and tenants moving out of the house.
Maintenance of the Property
In case of any repair or damage to the property, tenants inform the property managers to carry out appropriate actions. Since they are responsible for maintaining the property physically, they hire someone who works under their supervision until the problem is repaired.
Supervise Other Employees and Properties
The property managers are responsible to look after each employee, if hired on the property, to make sure they are performing their tasks well. They have the right to make any changes in their salaries or even fire them. There are few owners that hire managers to take care of their vacant units. The managers, in this case, have to keep watch of any vandalism and harm to their property.
Sources: www.about.com
