A property manager is hired by the landlord to make his life hassle-free as all the important responsibilities are carried out by the property manager. Finding the best property management company is a blessing as a lot of issues can be avoided with the help of an expert property manager.
Following are some of the main responsibilities of a property manager:
1. Setting, Collecting & Adjusting The Rent
It is the responsibility of the property manager to deal with all the issues relevant to rent. For example:
– A property manager sets the rent of the housekeeping in view the various factors like the location, the rent going on in the neighborhood, and the overall market. It is not an easy task as it sounds like since the tenants are attracted to a place based on the price set. If the price set is too high, they might not even consider the place at all.
– A property manager also has the responsibility of collecting the rent. The rent collection has to be done every month and a certain penalty can be imposed on the late fees. It is an important task since, taking rent from tough tenants is not everyone’s cup of tea.
– A property manager also has the responsibility of adjusting the rent which can be decreased or increased based on the municipal law.
2. Finding, Screening, Handling Lease, Tenants Move outs & Evictions
-A property manager has the responsibility of finding the right tenants and for this purpose they make all the extra efforts like placing the advertisements and much more.
-A property manager is also bestowed with the responsibility of screening the right tenants for the house since there are chances of giving the house to a criminal or someone who can become a nightmare for the landlord in the long run. So, background check along with the credit card check, and all other necessary measures have to be done in order to select the best tenant who is going to be easy for the property manager and also for the landlord.
-A property manager also has the responsibility to handle the leases so that the property owner is protected and the security deposit and everything else which is important has to be taken care of by the property manager.
-A property manager also has the responsibility of handling the move outs. When a tenant leaves the place, they have to inspect the entire place and in case of any damages they have to provide the repairs for those damages. They have to make sure that the house is clean and fit for the next tenant which is also to be located by them.
– A property manager also has the responsibility of dealing with the evictions in the scenarios where a tenant is acting negatively and is not paying the rent at all.
3. Property Maintenance & Repairs
-A property manager has the responsibility of maintaining the property of the landlord. They have to make sure that everything is in the working condition so that the tenants are happy and satisfied with the house and the landlord. They have to remove the trash as well and have to perform all the necessary repairs in case of a damage.
-A property manager can do the repair himself or he can also hire someone from outside. Usually there is a team working for the betterment of the units which include the plumbers, electricians, and carpenters etc.
4. Knowledge About All The Important Laws
A good property manager has all the relevant knowledge about the tenant and landlord laws and is aware of the processes related to the hiring of a tenant for a short-term or a long term. He knows how to find the right tenant, screen them, handle the lease, handle the eviction of a tenant, and many more.
5. Supervision Of Vacant Properties
-A property manager has the responsibility of taking care of the properties even if there is no one living there. They have to make sure that no one is stealing there or any other activities are going around.
-A property manager also make sure that all the work on the vacant property is done appropriately and if other employees are being hired, they are also supervised carefully by the property manager.
6. Managing The Budget & Maintaining Records
-A property manager has the responsibility to manage the budget and based on the emergency situations or any important situation at hand, they can make a sound decision.
-A property manager also has the responsibility of maintain all the important records for example, the rental income collected, the cost of maintenance, the cost related to the repairs, the details of the repairs, the complaints from the tenants and many more.
7. Filing The Taxes
A property manager can also be bestowed with the responsibility of filing taxes for the property or can assist the property owner.
These seven tips were provided by the outstanding property managers at Phoenix Property Management. Check out their offices below:
Red Hawk Property Management
2451 E Baseline Rd Ste 410, Gilbert, AZ 85234, USA