Responsibilities Of A Property Manager
When a real estate investors or landlords wants to outsource the main administrative duties of their rental property, they typically hire a property manager to handle these tasks.
Below is a list of the most important tasks of a property manager:
1. Determining the correct rent price
The rent charged to a tenant should be income generating to the owner and reasonable to the tenant. The correct rent price is determined by knowing what the market rents are being charged in the area, taking into account the amenities offered by the property.
2. Fill vacant units
A residential property manager is responsible for ensuring that the rental units are fully occupied. This involves marketing the unit by preparing compelling ads and posting to the relevant sites that are frequented by potential renters. The property manager will show a prospective tenant around the property, highlighting its attractive features.
3. Screen and approve tenants
A competent property manager should be able to find the ideal tenants for the vacant rental units. This is very important because once tenants moves in, the process of removing undesirable tenants is difficult, as tenants’ rights are highly protected by tenancy laws. So it is important that new tenants are responsible, pay their rent on time, respect and take care of the property.
4. Proper maintenance of the property
A competent property manager will ensure that the property is kept in good operational condition and safe for its occupants. This means timely repairs, enforcing the rules of the occupancy, and resolving tenant complaints when they occur.
5. Manage rents and finances of the property
Rental collection is extremely important when it comes to the financial health of the property. Ensuring that rents are paid on time and limiting rental arrears are tasks that the property manager should be very adept in. There may also be the added responsibility that all the bills associated with the property such as utilities, security, maintenance, and payrolls are taken care of in a timely manner.
6. Handle evictions
There are situations where a tenant does not adhere to the terms of the lease such as incurring rent arrears, causing unlawful damage to the property or creating a nuisance to other tenants, and should be evicted. Evicting tenants is not an easy task, so an experienced property manager should know the ins and outs of the tenancy laws.
7. Handle move-ins and move-outs
The property manager must ensure that a tenant who moves in, is made aware of the condition of the unit. Depending on the availability of the units and the number available, move-ins can happen on any day during the month. The property manager must also ensure that when moving out, the tenant leaves the property in an acceptable state. So inspection for damages, ensuring the unit is cleaned and repaired before the new tenant moves in, is an important role.
If you are looking to rent or sell your property or are a buyer looking to buy or a tenant looking to rent, we will work with you to ensure that your needs are properly addressed. Please call us on 604 913 1000 or contact us by email.