Are you considering a career in property management? What does a property manager do?
A property manager is mainly responsible for maintaining high occupancy levels other than keeping the estate in order. They apply their marketing skills to find tenants for the property.
Below is an outline of a property manager’s job description and duties.
Rent management is the first thing that comes to your mind at the mention of property management. For every property that is rented out, rent has to be collected.
The manager is responsible for collecting rent from tenants. Besides this, he is in charge of setting the rent levels.
They determine the best rent for the different house typologies. He also ensures that the set rent is reasonable and enticing to tenants.
Setting rent includes deciding the deadline for tenants to pay rent.
The most interesting part if this is that he can suggest adjustments on rent. Part of his work is to advise the owner about rent adjustments.
They show potential clients around the property as they market the desired features. This includes screening potential tenants for any criminal records and credit scores.
This background check makes it easy for them to manage the property once a tenant settles in.
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The manager keeps the property in a safe and habitable condition. This duty may be tedious but fulfilling.
As a property manager, you are in-charge of the welfare of the tenants. This means that you organize and oversee property repairs and fixes. It also includes organizing for electrical fixes, leaks from water pipes, ensuring systematic garbage collection, availing water and security resources, among others.
In as much as these duties are manual, he does not have to do the fixes by themselves.
They have a network of plumbers, carpenters, and electricians to do the repairs.
He handles the tenants’ complaints and organizes for the maintenance procedures.
This is the white-collar part of a property manager’s job. As well being the most tedious part. It is the work of the manager to keep the list of all expenses and income from the property.
He also keeps the records of all inspections and licenses. Other records that have to be kept and maintained include signed leases, the list of complaints, and the record of rent collection.
In addition, the manager must be an expert in taxation matters, as they have to file taxes for the property.
What Does A Property Manager Do?
For one to work as a property manager, they need social skills, management skills, and record-keeping skills.
They have to have to organize, plan, and oversee maintenance. They need social skills to interact with the tenants. Above all these, the technical part demands academic knowledge and experience.
The manager must know and exercise landlord-tenant policies. While pursuing property management as a career, remember to focus on financial record keeping and taxation procedures. With these skills and vast experience, one is bound to make a great property manager.
So, what does a property manager do? He makes sure both the property owner and the tenants are happy.
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