In our previous post, we shared tips on getting the best property manager for your real estate investment. We have decided to follow this up with a piece on some of the roles and responsibilities of a property manager.
As we have established previously, a property manager is basically the person or company that will handle the day to day management of your property. This could be a single or multiple homes, an apartment complex or a business premise.
The roles and responsibilities of property managers generally vary depending on the terms of their management contract. Here are some of the main roles and responsibilities.
They are responsible for the rent
When settling on a property manager, you have to know that they will be tasked with the responsibility of setting,collecting and adjusting of the rent being paid by your tenant. These are mainly tasks that will be influenced by market conditions and legal requirements therefore your property manager needs to always be up to speed.
They are responsible for the tenant
The tenant is the main and most customer because he/she is the one who pays the rent thus guaranteeing you an income therefore, their needs must be effectively addressed. This becomes the day to day responsibility of your property manager. These tasks will include finding and screening tenants, handling leases, tenant complaints, emergencies, move outs or evictions.
They are responsible for maintenance of the property
The tenant pays for the premise diligently therefore, all efforts should be made to ensure that the property is always in a good condition. This becomes another responsibility of the property manager. They are supposed to ensure that all utilities are in good functional order, and ensure regular as well as emergency repairsare done in the house.
They are responsible for taxes
Adhering to taxation regulations is very crucial in real estate therefore it is important to have a property manager well informed in the finance bit specifically taxes. They are mean to offer the property owner assistance in filing taxes for their property or filing the taxes themselves.
They are responsible for the legal aspect
Here, by legal aspect we mean the knowledge of landlord-tenant laws. Your property manager has to have a proper understanding of state as well as national laws when it comes to handling tenants, leases and safety standards.
They have a supervisory responsibility
In the event a property owner has hired other employees to work on the property such as security personnel, a concierge or cleaners, it is the responsibility of the property manager to supervise and ensure everyone is doing their jobs well.
These are just some of the roles and responsibilities and as we earlier mentioned, it usually depends on what has been agreed upon on the management contract.