Learn about the key responsibilities of a property manager |
Posted: December 10, 2018 |
Being a property manager is not all fun and games. As a matter of fact, managing a portfolio of properties is exhausting. You have all kinds of responsibilities and barely have the time to sit back and relax. However, many people choose property management as a career path and they do it for a reason. They like it. Property managers like everything about the job, including the challenges. Most importantly, these individuals love the fact that they play an integral role in the success of the investment. You do not need to think twice when it comes to hiring a property manager. Be that as it may, you do not have an easy job. You know your right, but do you know all your responsibilities?
Collecting RentThere are many benefits to investing in rental income. In addition to the tax advantages, mention can be made of the steady income per month. As the landlord, you do not enjoy only benefits. You have a bunch of things to do. Collecting rent from your tenants is one of them. If this is something that you loathe, then have someone else do it, such as, say, a property manager. Collecting rent and ensuring that tenants pay their rent on time are some of the main responsibilities of the property manager. The estate manager has to make sure that there is enough cash each month so as to cover the obligations. This is realized by establishing a date for collecting payment and enforcing late fees. If you want to make sure that the rent is collected, hire a good property manager.
Resolving tenant complaints
Just as you cannot control the weather, you cannot control the tenants. The best thing that you can do is try to understand them and abide by the best practices. Tenants are the most important assets of your real estate business and it is crucial to tend to their needs. Long-term tenants are always complaining about something. If they do not have issues with the bathroom, then they have ceiling fan problems. Speaking of which, it is not hard at all to find replacement parts for mechanical devices. Inevitably, there will be times when renters will experience dissatisfaction. You can take proactive measures. The property manager deals with all aspect pertaining to the tenants. Basically, you do not have to worry about a thing. It is the duty of the property manager to maintain the property in a safe and comfortable condition. If the roof fan happens to break down in the middle of the day, the person who is in charge with managing the real estate property must hire someone to come and take a look at the fan. No matter what, tenants have to be happy and pleased. You do not have to personally worry your head about purchasing mechanical replacement parts or getting a new unit. A very big part, if not the biggest part of the estate manager’s responsibility is to keep a close eye on the maintenance of the property. This implies solving complaints and ensuring that services are performed rightfully. When an issue arises, the property manager is obliged to fix the issue or hire a qualified professional to do it. Working with the right property manager is a strategic move for any landlord.
Acting as a liaison
There is a close connection between the landlord and the tenants. Okay, you probably did not need us telling you that. Maybe, but you need to be reminded that, through the lease, the tenants receive rights to your legal possession. The lease is at the same time a conveyance and a contract, establishing duties. The landlord and the tenants should maintain an open line of communication. This is the best approach as far as addressing issues is concerned. The property manager acts as a liaison between you and the tenants. The tenants will be able to approach and communicate with the intermediary whenever they have something on their mind. The role of the property manager is to facilitate communication between both parties, mission which is accomplished successfully, if we can add. You are not a company, but that does not mean that you do not need a liaison. It is recommendable to have layers of management and to create a chain of hierarchy, just like in a corporation. You do not need to be best friends with the tenants. You can keep in touch and see how they are doing, but that is pretty much it. As mentioned earlier, the estate manager will act as a liaison between you and the tenants, handling problems relating to their wellbeing. You can fool yourself into thinking that you do not need such a person. You do, whether you like to admit it or not. Go and find a property manager with good communication skills.
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