The property manager is the external agent hired to look after the operations of rental property of investor or landlord. They manage a single home to complex buildings. You should understand the role & responsibilities of a property manager because he is the one who looks after your property. Responsibilities of property managers depend on the agreement and the salary offered. Here are core property manager responsibilities:
Rent Responsibilities
The main task of a Property manager is to collect and adjust rent. They are aware of local rates and set competitive rent to attract potential tenants. They are responsible for increasing year on year rent and can decrease the rent as well.
Property Maintenance
A property manager is responsible for ensuring that the property is in better condition for the tenant to stay. They are responsible for managing the physical condition of the property, emergency, and regular repairs. Exact details are mentioned in the agreement itself. The most common responsibilities are outlined below:
- Emergency repairs
- Electricity issues
- Drainage issues
- Pest Inspections
- Water issues
- Snow removal
- Leaf removal
- Removing Trash
- Fire alarms
Security of vacant property is also the property manager’s responsibility.
Tenant Responsibilities
The main responsibility of the Property manager is to handle all aspects of the tenants. They are responsible for:
Finding Tenants
The property manager is responsible for finding tenants for vacant properties. They are responsible for setting the rent, negotiations and posting the advertisements. The property manager is responsible for confirming the tenant move-in date.
Screening Tenants
They are responsible for running the criminal background and credit checks of tenants. They should have a consistent process to find the accused and avoid fraud. Experienced firms like Perth property management have dealt with many tenants and know the whole tenant’s selection criteria like who will stay longer, create fewer problems and pay on time.
Handling Leases
Property manager sets the lease terms and conditions. He should include necessary clauses for owner protection and decide the security deposit. He is responsible for move-in inspection with the tenant and ensuring that the agreement is executed properly.
Handle Moveouts
They are responsible for unit inspection, damages check and decide the security return when the tenant moves out. The property manager is responsible for cleaning, repairing and finding the new tenant.
Complaints Handling
The property manager is responsible for day to day maintenance and tenant’s complaints.
Evictions and Penalty
If the tenant doesn’t pay rent on time or breaks any clause, the property manager can decide to evict or penalize the tenant.
Finance Report
They should maintain and provide financial records like maintenance cost, rent collection, insurance cost, etc. to the owner. They should set the budget in need of emergency repair and provide the report to the owner.
Supervise Property And Employees
They should supervise the vacant property to avoid vandalism and perform regular maintenance. They should ensure that other contractors finish their work on time. In case other employees are working in a property like security personnel, the property manager should supervise them. They can fix the employees salary and can also fire them.
Knowledge Of Law
Best property management agencies like Perth property management have good knowledge of national and state laws regarding talent screening, security deposits, lease termination, safety standards, etc. Good property managers can assist the owner in filing the investment property tax returns or can file the tax return on their behalf.
