If you are a landlord or a property investor you need a professional manager who can proficiently manage the day to day operations of your rental or commercial property. There are plenty of executive decisions that are needed to be implemented in order to maintain the value of your property in the market and attract the right tenants. Although, their exact responsibilities will vary based on the type of property they are working on however, there are some common tasks a property manager is responsible for in order to maintain the rental value and they:
1. Rental Duties
One of the most common responsibilities of a property manager is to deal with rental issues such as:
- Fixing the renting price: fixing the right rent price is important to attract the right tenants to a property. They have a clear understanding of the local renting rates and can set the appropriate rent price comparing various other properties in that area.
- Rent collection: in order to confirm an optimal cash flow, they set a feasible rent collection date each month while strictly applying late fee rules.
- Adjusting annual rent fluxes: they will help you increase the rental income by a fixed percentage every year abiding by the state laws.
2. Tenant Responsibilities
Another important function of the property management service providers involves:
- Find the right tenants: In order to make people aware of a vacant property, promotion needs to be carried out in the right locations. What kind of advertisements is required and what information should be included in it.
- Tenant selection: Property managers needs to carryout constant screening to verify the legitimacy of the tenant before choosing the right one. They will carry out credit and criminal background checks to reduce the chances of being accused of discrimination.
- Dealing with property leases: This can include setting the lease terms and including all the necessary clauses to protect the owner and determining the security deposit amount required initially.
- Assisting the relocation process: When the lease term is over and the tenants are leaving, a property manager needs to check for damages by inspecting the units and the portion of the deposit money that is needed to be returned. After that, they will also be responsible for cleaning the unit, repairing any damages and find a new tenant.
- Eviction: In some cases when the tenant breaches the terms of lease the property manager will take all the necessary steps needed to deal with the situation and provide a proper solution.
3. Maintenance and Repairs
A property management service is responsible for keeping your property in a safe and habitable condition. Property managers are responsible for supervising all the physical management such as regular maintenance and emergency repairs.
- Property Maintenance: This includes all the preventative property maintenance functions such as leak detection, landscaping, house cleaning and trash removal services. This helps keep the current tenants happy while attracting new ones when the lease term sis over.
- Repairs: If there is any issue that requires immediate repair they will facilitate the process to get the job done as quickly as possible. These works can range from plumbing, electrical to carpentry to name a few.