The Roles and Responsibilities of Property Manager
A Property Manager is a third party person or a firm hired by the owner of a property to manage and maintain his property and to handle the day to day affairs of the property. The property could be residential, commercial, industrial ranging from single homes to large apartment complexes – Roles Responsibilities of Property Manager.
When the owner is not able to handle and attend to the details or not interested in doing or handling the day to day affairs, he hires a property manager for a fees. Therefore the Property Manager’s main responsibility is towards the owner and secondly towards the agency for which he works. The Property Manager has to periodically report to the owner with necessary updates on the property and the owner may also delegate specific tasks apart from the regular tasks that is carried out by the Property Manager which is done for an extra fees mutually agreed upon.
A Property Manager has to arrange for a wide variety of services as per the needs, requirements and goals of the ownership. He has to deal with the regular services and also be quick enough to tackle the emergency issues services as and when it arises.
Roles Responsibilities of Property Manager
Property Manager should have a good understanding of the market value and rental values and also be able to understand the rent where the property is located and its comparison with properties in the same locality for any difference in rent. Property Managers should advice the owner on the right rent and fix the right rent to attract the tenants.
One of the major responsibilities of the Property Manager is Rental Assistance. It starts from finding a good tenant through reference or advertisements and other marketing techniques. On identification of a tenant, proper screening is to be performed by the tenant. A good property manager will ensure a long term tenancy and prompt payment of rent on time every month. If any point of time, the tenant does not pay the rent, the property manager should get to the core of the situation and ensure proper payment of rent and may have to handle and evict the tenant.
The Property Manager handles the lease with necessary protection to the owner and his property. The Property Manager is responsible for listing the amenities when a tenant moves in.
Similarly he is responsible for inspecting the property when the tenant moves out and determine the amount of deduction from the security deposit and cleaning the property and bringing it back to rentable condition. The property Management should be able to fill in the vacant property in minimum time by his Rental Assistance Service.
Property Managers are responsible for physical management of the property and has to be well equipped to handle any Repairs or Maintenance irrespective whether it is vacant or occupied by the tenant.
The maintenance could be a regular maintenance like servicing of the amenities in the house or any emergency maintenance that may arise during the tenure of the maintenance. Overall the Property Manager should provide excellent Property Management Services.