Rental real estate property is often managed by an individual who works to ensure that all laws are followed and everything runs smoothly. This is common for both small rental facilities and large apartment complexes. The property manager has a variety of different responsibilities and all of them must be handled in a professional manner.
Marketing and Finances
To keep rental property occupied, the property manager may use creative tactics for marketing and advertising. For instance, if a rental home becomes available for rent, the manager may offer certain deals to make renting the property more appealing. This might include special discount sales or giving away certain gifts to those who become renters by a certain date.
The manager also has the responsibility of devising an affordable monthly rental fee that makes potential renters interested in the property. Managers must also keep up with collecting rent from current renters, paying any utilities that are included with rent and keeping property taxes paid up to date. All financial records must be reported to the property owner regularly.
The property manager must also tend to any issues that occur with tenants of the rental property. If a tenant gets behind on paying his rent, this problem must be handled by the manager. It will be up to the manager to determine if a payment arrangement can be made to get the rental payments caught back up.
If there are issues that occur between different tenants, the management will have to find a way to work these problems out. The manager may serve an eviction notice to the tenant ordering him to move within a certain time frame if he is causing disturbances with other tenants.
Managing the Facility
The property management also has the responsibility of keeping everything in working order at the facility. This means he must have contacts that provide repair services when needed as well as regular upkeep of the complex. This includes plumbers, electricians, heating and cooling specialists and building contractors. The manager also hires outside companies to do mowing and landscaping around the property.
If security guards are used, the manager may be required to create a work schedule that will ensure a guard is on duty at all times. Most rental properties also have regular inspections done on their electric or gas heating and cooling units. Exterminators may spray for bugs regularly as well. Scheduling these days is also the responsibility of the property management.
Becoming a property manager, like those at Condominium Management, involves taking on a lot of responsibility. It is not uncommon for the property owner to only visit the property on occasion to see if the rental business is being managed properly. However, managing rental property can also be a very fulfilling job because you are helping ensure the tenants live in a safe, healthy environment.