The Top Three Responsibilities of a Property Manager

Investing in property is a profitable endeavor that can be a lot of work. That is why some property owners prefer to hire a corporate property management company to act on their behalf. Most property managers take on the responsibility of dealing with tenant issues, setting and collecting rent, as well as staying on top of repairs and routine maintenance so that rental units stay in prime condition. The services that corporate property management companies provide may vary. Therefore, it’s always best to discuss the details of the services provided before signing a contract.

Attracting and Keeping Tenants

One of the most important jobs a property manager has is to fill vacancies. Full occupancy means more profit. A property manager is responsible for advertising vacancies and filling them. Managers must know who the market is and how to compel them to rent the space they are managing. An experienced property manager will have an understanding of what their ideal tenant needs and how to create a positive perception to attract them.

Managers screen tenants to determine suitable candidates for the rental properties they manage. They follow an in-depth screening process to ensure that owners only get quality tenants. Property managers must have good communication skills, patience for handling complaints and the ability to honor both the renter and the owner when coming up with resolutions to issues or concerns. They must also be able to address maintenance and repair problems quickly to prevent unnecessary damage and keep tenants happy.

Rent Responsibilities

Typically property managers set the initial level of rent, collect it and make necessary adjustments if needed. Managers must have knowledge about the neighborhood, target market and comparable real estate to determine what is appropriate. If rent for a property is set too high, keeping full occupancy may be difficult. Comparatively, if it is set too low, profitability will suffer.

A manager also acts as an enforcer when it is time to collect rent. They must be able to ensure that rent gets paid on time to maintain cash flow. They are also responsible for increasing rental rates if the condition of the property deems it necessary in order to maintain a quality rental space.

Property Maintenance, Repairs and Improvements

Corporate property management companies must make sure that the real estate they manage is in good condition. This means they address issues such as plumbing, pipe or insulation repairs, etc. immediately. They must ensure that the properties they manage follow a regular maintenance schedule so that they can stay on top of what needs fixing, replacement or improvement. By addressing issues in a timely manner, properties retain their integrity and value and end up being more profitable when it comes time to sell.

Dealing with tenant issues, setting and collecting rent and property maintenance is time consuming and can be aggravating. Frustration can be avoided by hiring a qualified corporate property management company to assist you. The investment will be worth it in the long run.