When someone owns a property, but they don’t have the experience and/or time to deal with the business side of things, then they might hire a property manager. A property manager serves as a middleman between tenants and the property owner. The property manager handles a number of tasks associated with the upkeep of the property.
If you want to get into property management, you’ll want to know what it entails and what are the responsibilities associated with it. Throughout the rest of this article we’ll discuss what property management is. We’ll also talk about the duties managers face on a daily basis.
What Exactly Is Property Management
Property management refers to managing properties, both real residential and commercial. Tasks associated with managing a property might involve collecting rent on behalf of the client, tenant complaints and handling maintenance to name a few. How many responsibilities a property manager will have depends on a number of factors, with the main one being the contract they have with their client.
For example, some landlords only need help with collecting rent. There are other landlords who want all business operations handled by someone else. Whatever they want, they can stipulate it in the contract.
What Is A Property Management Licence
This is a type of licence that a property manager typically needs to obtain in order to carryout work in the profession. Sometimes a real estate broker’s licence is required. A license lets managers perform their duties, as well as to work in the real estate industry.
Licence requirements do vary from area to area. It really depends on where a person wants to work and/or where they live. Earning a property management licence not only allows you to work, but it’ll add to your credibility in the industry.
In order to get a licence, you’ll have to acquire it from a local authority, state government and/or a real estate board. Also, you’ll need to have a high school diploma and be at least 18 years old. More and more companies are wanting property managers to hold a degree in business or have extensive experience in the real estate industry.
What Are Property Management Firms
They are an office where property managers conduct their business. Owners of properties can hire firms to maintain their property due to them not having the time, capabilities or the experience to do it. Throughout the USA, there are several property management firms that provide their services.
The Responsibilities
There are many responsibilities a manager can be responsible for, but this all depends on what the contract says. Landlords and property managers have contracts drawn up, and stipulations are entered into these contracts. Some landlords simply want their rent collected, while others want everything handled by the property manager. A few of the responsibilities that property managers take on include:
. Marketing the properties they manage
. Tenant management
. Maintenance
. Taxes
. Collect rent
. Supervise employees
. Understands relevant laws
. Managing budgets
1. Understanding Laws & Regulations
Good property managers understand relevant laws, both on a state level and national level. You need to know how to screen tenants, the eviction process and how to end a lease to name a few. You’ll become a better property manager by understanding these regulations and laws.
2. Maintenance & Repairs
Property managers often make sure the property is maintained. This means they usually respond to maintenance requests, as well as organise repairs to be done. Maintenance tasks can include extermination, water leaks and removing trash.