Friday, July 3, 2020
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Why you need a property manager?

Property management refers to the overseeing of property such as residential homes, commercial or real estate and apartments. The property…

By Erin Ellen , in Property Management , at April 18, 2019

Property management refers to the overseeing of property such as residential homes, commercial or real estate and apartments. The property is mostly owned by another party or entity and property managers are given the right to act on their behalf so that no it doesn’t lose value and also generates income. Many people have properties that they don’t live in or share with other people and need someone to manage daily operations. Sometimes real estate brokers may also act as property mangers and may also offer buying and selling options. For example, if you have a house for sale Balwyn or want to sell an apartment, you can always ask your manager to help you. Most employers prefer college graduates as managers to deal with finances and off-site positions. Degrees in accounting and real estate are also beneficial in gaining employment as a property manager. Some states also require licenses especially for real estate managers who also offer to manage properties.

Some of the tasks performed by property manager are: 

  1. They are responsible for setting, collecting and adjusting the rent. They must set it at a level that attracts potential tenants but is also sufficient income. Collecting rent is also a huge task as sometimes tenants may shirk their payments if not enforced by someone. Rent must also be increased or decreased according to state law. 
  2. Tenant related tasks. Managers are responsible for finding tenants and must know where and what to advertise. They must also make attractive offers so that people get interested in the ads that they post. Once a tenant wants to move in, the manager must screen them and carry out background and credit checks to ensure that they are clean and will pay the rent on time. They also set the security deposit required and must deal with emergencies and complaints. When someone moves out, they are responsible for checking for any damage and cleaning of the unit. 
  3. Maintenance. The property should be in a safe condition that allows people to live in it peacefully. Managers carry out frequent inspections to make sure that there aren’t any repairs to be done and when there is an issue, they have many contacts such as plumbers and other contractors to deal with it. They must also hire personnel for the upkeep of the property including people for removing trash and shovelling snow.
  4. They must have full knowledge about laws regarding hiring tenant, leasing and evicting tenants along with complying with safety standards. 
  5. The property manager also acts as a supervisor for other employees such as security guards and make sure they are doing their job. They must also look after vacant units to prevent vandalism and to maintain it. 
  6. They must set a budget for the building and work within it while taking into account any emergencies that may occur. Records must also be kept including a list of all income and expenditures such as leases, repair records and insurance costs. 
  7. The property manager must help the owner in understanding taxes and must also file taxes for the property. 

One of the benefits of hiring a property manger is that they can also assist you with other properties such as a house for sale in Balwyn or other areas. When you are busy with the responsibility of managing your own assets, you may not be able to think of investing in other location but when a manager is taking care of operations you are free to do as you please with your money. They can also help you in shortening your vacancy cycles which can cost money. If not for property managers, it takes landlords a lot of time to prepare a property, determine rent and then find tenants. They can also help make repairs quickly and keep good tenants for longer. Landlords also face less stress when they don’t have enforce leases and chase people for rent. Money can also be saved because by hiring a professional you are able to get tenants who pay on time and don’t damage your property.