Property Managers are professionals who are responsible for managing rental properties owned by others. Generally speaking, property managers handle day-to-day oversight and ongoing maintenance, safety, and upkeep of rental properties. This includes vacant and occupied properties, repair needs, tenant issues, and more. In short, they are responsible for providing tenants with safe living space, cleanliness, maintenance of properties, and providing information on what properties can be found in an area. They can also work as a liaison between tenants and owners.
Because Property Managers are in charge of the entire property, it is their responsibility to make repairs throughout the property or home. This may include fixing gas appliances, replacing worn carpeting, repainting, painting, and other general maintenance needs. The job also requires knowing how to keep tenants safe, such as where to send tenants when there are repairs that need to be made. If a property manager isn’t trained or knowledgeable about many aspects of property management, they will receive a lower score on their performance reviews.
Property managers should have a wide range of skills and experience to manage a property effectively. They must understand the culture of the tenants to negotiate with them for lower rents effectively. They must have the ability to communicate effectively with their tenants regarding important rent issues and repairs. Property managers should be willing to put their reputation on the line to negotiate favorable terms for their tenants. However, the most critical asset a landlord can have is a good reputation amongst their employees, tenants, and the community.
To manage daily operations effectively, property managers must also be familiar with and comfortable with all aspects of managing properties. Everything from scheduling tenants, maintaining the property, collecting rent, and handling late payments requires an owner to be completely comfortable with the day-to-day operations. As a property manager, you are expected to take all aspects of leasing and managing properties. You must know how to advertise the property, plan recurring events, maintain relationships with tenants and follow through with customer requirements and responsibilities.
Some may question the value of hiring a real estate agent for managing properties. While there are benefits of using a real estate agent, property managers may prefer to work directly with the tenants. Realtors have much more experience and may be better suited to answer questions and provide real estate sales vs. property management information. Many real estate agents work closely with real estate sales agents, but there is still the convenience of having the property manager directly answer questions from the tenants.
Some property managers choose to use an independent firm for managing their properties. This allows them to have greater control over their daily operations, including who they hire to work with tenants and how they run the property maintenance. However, independent firms usually charge a higher fee and may not have the same level of experience as firms that work directly with real estate agents. Some manage without an agent, but would still need to have some level of communication with a representative from the brokerage. Real estate sales representatives can provide information on available properties and can be very helpful in making decisions regarding tenant placement and managing the property.
Property Managers can also be used in real estate sales or leasing situations to help the seller with potential tenant needs. In this type of situation, the property manager acts more like a secretary than an agent. The property manager will typically require a down payment, which can be paid upfront or within a schedule set by the seller. If the tenant makes a payment on time, the property manager will make a commission from the monthly payment. If the tenant makes a late payment, the property manager has the option of pursuing legal action or entering into a lease agreement with the tenant. As with real estate sales or leasing situations, property managers will receive a portion of the rent earned from tenants paying on time or early.
Property managers are an excellent alternative to having an agent handle the interviewing, leasing, maintenance, advertising and marketing of a property. They can also be helpful for small rental properties where the landlord may not be capable of handling these tasks. In addition, some property management services include handling finances on behalf of their clients. In most cases, property managers will meet with tenants and discuss rent and other issues. A real estate manager can be very beneficial for someone looking to manage their property portfolio.