Property manager: what is and what do property managers do?
Are you planning on hiring a property manager but you’re not sure what they actually do and if it’s really worth it? Let’s take a look at what are a property manager’s responsibilities and what they can and cannot do for your property.
Property management is the set of actions, processes, systems and manpower that allow the control and management of real estate and physical property. Indicates the need of real estate to be cared for and accompanied through the process of acquisition, control, accountability, responsibility, maintenance, utilization and disposition. A property manager is the one in charge of everything we just mentioned.
The equivalent of every manager in any other area of a business. Some manage people, some manage assets: a property manager will do both just to make sure everything is done correctly and according to your needs. Need repairs? Done. Ongoing maintenance? Done.
Generally, property managers are responsible for the day-to-day repairs, maintenance, security and upkeep of a property. Either you can’t manage a property due to distance, or you need a professional to do it for you, you can always opt for a property management company to do it for you.
What do property managers do?
The main purpose of hiring a property manager is to protect your real estate investment and passive income. It gives you peace and confidence knowing your property is being cared for and every issue that might arise resolved.
You won’t need to spend your nights worrying about the state of your properties, as everything is in the hands of experts who have the knowledge, abilities and resources to manage your property successfully.
Act as a local presence for owners who live far away
When someone buys a property in another country or city, they don’t have the knowledge or are unfamiliar with how to properly manage the property and what are the specific needs and best practices of said country. A property manager can take care of every detail and communicate everything to the owner.
Administrative duties as handling tenant contracts, processing rental applications, credit checks and maintaining inventory of the real estate are also responsibilities of the property manager.
Handle maintenance and repairs request
When the tenant encounters an issue with the home and the landlord is not able to respond quickly, this could cause frustration and discomfort, leading them to contemplate not renewing the contract. An onsite property manager is the first person the tenants contact and they can handle any issue and need that arise.
Also, making sure the building and the surrounding grounds are in a good condition is also the duty of a property manager, needing to prevent the property from deterioration. In those maintenance duties are the lawn care (if it’s the case), appliance replacements, cleaning and renovations
Collecting, setting and adjusting rents
Rend collection and rent deposits are some of the things property managers can also do for you, making the whole process easier for you and realizing you from the worries and management of the deadlines. They are in charge of setting a rental rate and adjusting it (increasing or lowering it) based on the developments in the real estate market.
In case you’re renting your second home, property managers can find the perfect tenants for your property, tenants that will take care of it as if it’s their own. Rental application, credit checks and interviews are all part of the property manager’s duty.
Know landlord-tenant laws and regulations
Different countries might mean different landlord-tenant laws and regulations. A property manager can help you avoid potential legal headaches by taking care of these regulations for you.
Managing the budget
Property managers are responsible for making sure maintenance and repairs are on budget, keeping records of all the costs.
This is what a property manager can do for you. Are you looking for one? Contact us.