Property management involves taking care of and looking into the organizational aspects of real estate. In order to administer real estate properly and to insure a healthy rate of return, a property manager is appointed. This person can be working for a property management company or just be an individual with professional experience in this arena who is manages various operational aspects for the owners or landlords. The property manager should act as a liaison between the owner and the tenant and be able to co-ordinate between the concerned parties in a proficient and affable manner.
In charge of tenants
The property manager is the one who will be responsible for finding suitable tenants and will suggest the best places to advertise along with the kind of promotions that should be used. They might also suggest making changes to a piece of property since they know what appeals to tenants for that particular piece of property or area.
The property manager also deals with the screening of prospective tenants which includes checking their credit background, criminal checks, and any debt issues. Processing the required leasing out documents with specific legalities incorporated as well as the security deposit aspect is their duty too. These tasks occur before the tenant ever moves into the room, apartment, condo, and so on.
In charge of maintenance
Property managers need to look into the overall physical property management as well, such as the up keep of the exterior such as the lawns, lobby, outside garden areas, etc. Interior management such as plumbing, painting, and adequate security needs to be looked into as well. They also need to deal with emergencies which disturb the peace such as noise or any other complaints from neighbors or from other tenants alike. If any repairs are required they must hire suitable contractors and tradesman who find a solution and fix it. When a tenant moves out, they need to check for damages and define if charges need to be deducted from the deposit sum.
In charge of administration
Property managers need to supervise other employees who work on maintaining the property such as security and other contractual employees. They need to see that a thorough and professional job is being done so tenants are satisfied as well as potential tenants. They need to do what they can to work with tenants and to attract new ones. Being professional is the key at all times. They will handle the salaries and pay for these employees. Once in a while they may have to hire and fire an employee as well and know the legalities pertaining to this.
In charge of knowing the law & keeping the appropriate records
A property manager should keep abreast with state as well as national tenancy, ownership, and property laws so they are not caught off guard in this property management arena. They do not want to disappoint the owners and the tenants as well.
New laws regarding tenant screening, managing security deposits, lease termination, tenant eviction, and maintaining property safety standards should be strictly enforced so as to avoid legal entanglements or issues. They can also help owners with property related taxes and file the same for them. It is crucial to maintain soft and hard copy records of all transactions, major and minor, that are used in property management. They should have a computer backup of everything and a secure filing cabinet for all signed paperwork. Every tenant and contractor should be accounted for.