A property manager is a person or an organization that handles, operates and maintains a particular real estate property for a fee or charge if the property owner has no interest in handling it themselves. He serves as a contact between the property owner and the tenants that resides in the property. This also serves as a balancing action as the manager must guarantee that the property is always rented to function for the owner’s and tenant’s sake and preserved ideally to maintain the convenience and satisfaction level of the tenants as great as possible. The usual types of properties that managers typically handle in behalf of the owner are categorized in five groups which are residential, multi-family, association, commercial and resort.
The property manager’s daily duties are usually dealing with the tenant’s issues and concerns, property repairs, property management, filing and recording properties for rent, marketing properties available for rent and negotiating lease agreements between the owner and the tenant. Sometimes, managers also serve as rent collectors when the tenant falls late on payments and arrange reports for the owner with regards to the property’s status and the allocation of tasks to third party vendors depending on the owner’s requirements.
Reliant on the contractual arrangement between the owner and the manager, the manager may be obliged to be involved in handling the outsourcing of all management jobs associated with the property. This includes checking out standard property service businesses that are decent and reliable and that will demand a reasonable rate in exchange for their services. It is actually an important skill for the manager to master to be able to protect the owner’s investment in the property by lessening any extra costs that are superfluous.
The most crucial duty of a property manager to the owner is keeping the property occupied with tenants, maintaining a great level of occupancy at all times. Managers should evaluate the rental rates that should be charged to the tenants and they should also increase the income being made from each property in the portfolio by doing a comparison analysis. The comparison analysis not only determine the physical variations in the subject property opposed to its competitors, but to identify the value of each feature so that the manager can conduct the needed adjustments to the subject property’s rental charge, up or down, depending on the outcome.
For the tenants, property managers should guarantee the tenants a calm enjoyment of the premises. Comfort and security is one of the most crucial expectations that should be provided to the tenants to keep them satisfied. The tenant’s safety is another major duty of the manager where tenants are allowed to live or work in a place that is free from any structural errors and defects or conditions that may be harmful to personal health or property.