If a lessor wants taking care of the daily responsibilities at their rental property professionally, he or she can appoint a property manager. A property manager can be recruited and plays a vital role in a specific property, like collecting rent, or can be responsible for the operations and maintenance of the assets of the rental property.
Essential Roles of a Property Manager
1. In charge of Managing Rent
Gathering rent is one of the primary accountability of any landlord. Therefore, this common task of a landlord will pass on to a property manager. A property manager’s rent accountabilities could include:
2. Setting the rent.
A property manager should establish a considerable amount of rent level to attract tenants to your property. To decide the rent range, the property manager must consider the location of the property and differentiate other features in the area.
3. Collecting the rent.
The property manager will schedule a system for collecting rent from occupants. To ensure continuous cash flow, they will set a date for collection every month and implement penalties for those who will provide late payment.
4. Adjusting the rent.
The property manager has the authority to increase the rent each year. It depends on the contract agreement between the lessor and the lessee as well as the municipal law. On the other hand, they can also reduce the rent if they think it is necessary.
In Charge of Managing the Occupants
One of the crucial responsibilities of a property manager is to manage its occupants. The property manager tasks may involve searching and screening prospective tenants. It also includes supervising the daily complaints related to maintenance issues and handling tenants’ check-out and termination.
Managing the Contract.
Being a property manager, you will act as the middleman between the owner and the prospective tenant. Your main task is to explain everything the inclusion of the contract to the tenant. It includes the setting of contract terms and conditions and making sure it has the necessary elements to protect the owner. It also consists of the total amount of annual fees, the parking fees, amenities of the property, and many more.
Managing Property Maintenance and Tenant Complaints
The property manager must maintain the property in a pristine condition. They are overall in charge of the physical management of the property. To achieve this, they need to provide preventive and corrective maintenance.
1. Preventive Maintenance.
It includes a specific schedule in performing preventative property maintenance to keep the property assets in top condition. For instance, playing a pest control in a monthly plan can be done to eliminate the accumulation of insects, cockroaches, and termites. It will make a significant impact on your tenants. At the same time, you provide excellent maintenance to your property. This maintenance schedule will keep the current occupants satisfied and can attract new tenants.
2. Corrective Maintenance.
It is a maintenance activity that repairs property assets just in time before any significant breakdown happens. As a property manager, your task is to coordinate and supervise the maintenance team to attend and rectify tenant complaints in their respective property places. Like an aircon that is not cooling correctly. A water heater that is not working and power supply interruption. It can also be a noise complaint from other tenants. These issues must be attended immediately to protect the excellent relationship between the property manager and its tenant.
These are some of the qualifications you should consider when hiring a property manager to supervise your property. If you’re looking for a professional management firm to oversee your property, check Pacific Beach Property Management.
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