Who is a Property Manager?
The manager is the point of contact between the property owner and the tenants who have occupied the property. It is the liability of a manger to ensure that the property is rented to its full capacity and appropriately maintained up to the satisfaction of the tenant. Different types of properties that can be handled by a manager on behalf of the property owners can be divided into five categories- Residential, Association, Multi-Family, Resort, or Commercial.
Responsibilities of a Manager
The responsibilities of a manager dealing in property usually consists of handling tenant issues, maintenance of property, property repairs, making properties available for renting, creating strategies for marketing properties that are available for rent, and creating lease agreements between the tenant and the owner. The manager may often work as a rent collector when the tenant did not pay on time and informs the property owner about the current status of the property, or delegating the tasks to third party vendors as per the suggestion of the owners.
As per the contractual agreement between the owner and the Property Manager, he can also outsource the property maintenance responsibility to some third party and simply acts as a middle man between the owner and the vendor taking care of maintenance work of the given property. This may include zeroing in to the finally approved property service vendor that are reliable and that would charge a competitive rate for their services. This is one of the most crucial competencies of the property manager to be able to protect the investment done on the property by the owner by warding off any other costs that may be mitigated.
Responsibility of the Owner
Some of the most critical ones include, getting the property occupied by letting it out to the tenants. To maximize the ROI to the property owners of the property, the manager should always be on the lookout for a high degree of tenant occupancy. This enables him to keep the properties on rental instead of sitting vacant for prolonged periods of time avoiding any chances of losing any revenue generating opportunity, which is detrimental for the owner.
A professional comparison analysis can be conducted by collecting similar data on all competing properties in the given locality. The objective of this evaluation is to realize the physical distinctions in the owner property and that of the competitors and also to ascertain the valuation of each feature to make required adjustments to the rental rate of the owner’s properties.