If you own a separate property, or you share an apartment or office with another group of owners, then you may find the services of a property manager helpful. The role of a property manager varies, with many of them taking on various degrees of responsibility and tasks, depending on the property scenario.
From showcasing your property to prospective tenants and vetting potential clients to dealing with the administration side of things, including bookkeeping and payments – click the link to find out more about HOA accounting – the obligations of a property manager are substantial. Want to find out more? Read on to discover 5 responsibilities of a property manager.
Ensuring that rent is collected
When you’re a busy landlord and property owner, you don’t want to be spending huge amounts of your time chasing rents and tenants for money. This is when a property manager comes in. One of their most important roles is that of a rent collector. Where they’ll ensure that all monies have been paid into the correct accounts. Saving you time, worry and admin!
Maintenance of your property
Not all maintenance issues are the fault of the tenant, some properties will require a little TLC from time to time and issues such as leaking pipes, or problems with the heating and hot water. Again, another time-consuming issue that property owners would normally face. However, a property manager would take care of this for you. Answering queries and responding to problems that your tenants are having and then having the necessary problems fixed. They’ll also get you the best quote for any works that need completing.
Your property is an investment, so you don’t want just anyone in there. You want a tenant who is reliable, respectful and understands the financial responsibility of renting. Finding the right tenant can be a lengthy process, which is why many property owners turn to a property management company for help. They’ll check criminal records, credit scores and follow up on references.
Issues with rent payments
These days, most jobs don’t come with security. This means it’s quite common for tenants to default on their rent and fall behind in their payments. This difficult scenario would be handled by your property manager, who would speak with the tenants in person and try to find the best solution for everyone.
If a tenant needs to be removed from the property, then your property manager would also set these wheels in motion, as well as filing legal motions to have tenants removed as quickly as possible.