Let’s start by referring to Wikipedia for the definition of a Property Manager – “A property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details or is not interested in doing so. The property may be individual title owned or it may be owned under the sectional title, share block company owned and may be registered for residential, commercial office and retail or industrial use.”
It’s a pretty encompassing definition of a property manager. A property manager is a person or a company that looks after building, housing, residential spaces or other real estate spaces to ensure the proper working, cleaning, and maintenance of the assets included. Apart from the administrative tasks, they are also responsible for the inflow and collection of the rent and other fees related to the property. They collect the rent, pay the bills, look out for any repairs, handle complaints and perform many other tasks.
There are certain responsibilities of a property manager that are performed on a regular basis
A property manager is responsible for setting up the rent after doing research and evaluating existing markets. He will set a rent that is suitable for the property and also attracts a lot of renters. After the rent is set, he is responsible for regularly collecting and recording rents from the tenants. In some cases, he will change the rates according to the market conditions or on customer requests.
Property manager performs all the functions that a regular manager performs to market its business. He will find new tenants and fill out any vacancies. He will manage the ad campaigns and the marketing materials. He will also conduct interviews to allow only the suitable renters to rent the spaces.
Maintenance and Repairs
A property manager is solely responsible for maintaining the property in the best condition as possible. He deals with any physical repairs, conducting periodic maintenance runs and handling emergency situations. Depending on the scale of the property, he will either have an in-house team or will hire contractors to make the necessary repairs.
Complying with the Local Laws
Every region has its own rules regarding the properties and real estate rents. The manager is responsible for complying with the local regulations and adjusting to any new changes. It is important that he remains up to date with the laws so that the real owner does not get into legal issues.
Account and Budget Management
Property management is a service. Therefore the manager is responsible for handling all the accounts and other financial records so that the real property owners can remain tension free. He is also responsible for setting up annual budgets and expenditure plans so that the business remains profitable.