Often times, we hear about property managers but very few people understand who they are. A property manager is not a landlord or owner of a property. A property manager is a person hired by a property owner to oversee the daily operations of a property.
The responsibility of the property manager to the property owner generally revolves around managing everything pertaining to the property to ensure that in the short-run the facilities of the property function appropriately and in the long-run maximization of returns on investment on the property and thus profitability to its owner.
When a property is rented out, the property manager has an additional responsibility towards the property occupant/tenant. Here are 3 things a property manager will do for you when your property has tenants:
Manage Tenants: A property manager will be a strong link between you and the tenant(s). He will ensure that while your tenant’s desire of having a roof over their head is met, other parts of the tenancy agreement like compliance with the payment of bills (water, electricity), appropriate use of the property and its facilities etc. are adhered to. When required, a property manager will handle the unpleasant task of eviction of a tenant for violations of a tenancy agreement.
Facility Maintenance and Repairs: It is the responsibility of the property manager to routinely inspect a property and know its current, as well as deferred maintenance needs. He has easier access to skilled specialists in case of repair and maintenance work, thus, saving a property owner the hassle of pooling together appropriate specialist to handle maintenance needs.
Find the Right Tenant: Most facility managers double as real estate agents. Thus, in addition to maintaining the look and feel of your property, they can help you find and screen prospective occupants/tenants. Putting up a property for rent or lease is one thing, attracting the right tenant(s) who has a clean source of income, proven integrity and undoubting values is another ball game. Thus, a property manager can help you check prospective clients to verify , the employment history of prospective tenant, ability to pay the rent regularly after the initial startup payment, credibility of the tenants guarantor or next of kin, the person’s history; why is he/she leaving the previous accommodation?
Clearly, there are several merits of employing the services of a property manager. If you are concerned about renting out your property for fear of the numerous activities it involves, consider getting a property manager onboard today!
