Property management is tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate. This is similar to the role of management in any business. So a property manager is a person who manages residential, commercial or even industrial property on behalf of the property owner. As a result it is generally the job of a property manager to watch out for the interests of the property owner and to properly manage the real estate in a way that maximizes the return on investment.
Therefore the tasks list of a property manager is obviously wide ranging and will vary significantly depending on the requirements of the property owner. Let us look at some of them in detail.
More often than not, property managers are expected to advertise to attract potential tenants and screen them by way of credit checks and verifying their contact referees. The manager will also deal with tenants concerning the rent, repairs and any other problems for that matter so that the real estate investor does not have to involve. For instance the issue of relevant notices and letters to tenants such as notice to vacate property will be carried out by the property manager.
Managing income and expenditure:
The property manager takes care of all financial matters for the investment property. They may collect monthly rent , handle any financial payments or receipts that are due such as mortgage payments and insurance premiums including the payroll of employees such as workmen, gardeners…etc.
Maintaining the condition of the property:
While the small repairs are expected to be done by the manager itself, he or she may have to liaise with the and landlord to arrange for repairs over a certain value. Further property inspections and inventories will also be carried out by the property manager so that it ensures the internal controls required to safeguard the property.
Reporting to the property owner:
It is the duty of the property manager to provide sufficient information to the property owners as and when applicable. As a result a property manager may report to the owner of the investment property on a routine basis or may be all matters that are important. For example statements sent to landlords by property managers stating rent and expenses is very common in the industry.
Let us now look at some of the essential skills you might need to posses as a successful property manager.
In order to get in to the best band of property managers, you need to stay ahead of the average property manager. You must keep yourself updated on local regulations and state laws. Being updated is simply not sufficient. You need to be extremely honest and ethical in enforcing these rules and rental policies as well.
As applicable for any manager you need to be a people’s person who enjoys working with people. So obviously you need to have good communications skills coupled with patience. This position is ideal for an exceptional follow-up person who are detail oriented and organized with paper works. In addition, in order to perform at the peak level you must also have a strong sense of duty and commitment coupled with loyalty towards your clients.