Being a property manager is not an easy task. Despite its lucrative nature, property management is a time consuming job and requires a great deal of responsibility and commitment to benefit both property owners and tenants.
There are so many tasks that need to be looked into and it will be difficult if you own more than one property. Balance is what is expected and a little help never hurt nobody. To better understand the importance of property managers, it is only fair to discuss the responsibilities and duties they have.
Responsibilities of Property Managers
1. Screening and Managing Tenants
Part of a property manager’s job is to look for tenants and fill up vacancies in your property. They are also in-charge of the background check of every possible renter, making sure they are the right pick. Aside from finding and screening tenants, property managers are also in-charge of leasing, as well as tenant complaints and renters who are moving out.
2. Maintenance
As mentioned before, property managers are in-charge of tenant complaints which means they are also the one who handles property maintenance and repairs.
3. Rent
Needless to say, renting is one of the most difficult duties since we must make sure to study the rent to attract more tenants. And they are in-charge of collecting payment as well as adjusting fees.
4. Taxes
When there's payment, there’s tax. They are the ones who assist the owner or even personally file taxes for the investment property.
5. Managing Budget
The property manager must budget all expenses needed for the property and must keep all the important records regarding the building.
6. Property and Employee Supervision
They make sure to look after employees and see if they are doing their job. As well a s vacant spaces, property managers are assigned to supervise them and eventually find a tenant.
7. The Landlord-Tenant Law
It is expected that property managers know the different laws in regards to tenants, handling security deposits, complying with property safety standards, and other important tasks.
Importance of Property Manager
Written above are all the important duties of a Property Manager that must be done. Aside from all of this, the presence of a Property Manager are required and highly appreciated for reasons:
First, They give you privacy and offer a solution for your tenant when emergency situations make their presence known in your building,
Second, They act as a bridge between the owner and the tenant,
Third, They protect your property from possible chaos,
And lastly, they save your time in managing a property.
To reiterate, property management is not a walk in the park. The only goal is beneficial for both the owner and tenant if they create a bond that would make both of their lives easier and Property Managers can help a great deal in making this happen.