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What’s property management?
Property management is the management and supervision of commercial and residential real property properties. This involves managing all aspects of a property’s daily operations, including tenant complaints, rent collection, maintenance, and tenant complaints. The contract between the landlord and property managers will determine how many responsibilities they have.
A landlord might hire a property manager to collect rent, or they could specify that they will handle all operations on their property.
What’s a property management company?
An office that houses property managers is a property management company. If property owners don’t have the experience, time or ability to manage their own properties, they can hire a company to do it for them. Many property management companies offer their services in the United States.
Property Management responsibilities
The contract between the landlord and property manager will determine the number of responsibilities that a property manager holds. Some landlords only need a property manager for collecting rent. Others may want the property manager to manage all aspects of their property. Here are some examples of property management responsibilities.
Understanding the laws and regulations governing landlord-tenant relations
Repairs and maintenance requests
- Understanding the laws and regulations governing landlord-tenant relations
A deep understanding of the laws governing landlord-tenant relations is essential for property managers. This includes understanding how to screen tenants, evict tenants, terminate a lease, and many other things. These regulations will make you a better property manager.
- Repairs and maintenance requests
Property managers can be responsible for maintaining the property. Property managers need to respond quickly to requests for maintenance and repairs to ensure that the property is safe and habitable. This includes handling water leaks, trash removal, and extermination.
Property managers have two options: either hire someone to do the work or they can call in a professional like a plumber or an electrician. Property managers can make the property more appealing to tenants by making sure that repairs and maintenance are done correctly.
- Marketing properties
Landlords often hire property managers to market their properties for potential tenants. It involves taking photos of the property and listing it on different media such as housing websites. A property’s chances of getting a lot more interest will increase the more marketing work you do. A property manager who gets lots of interest in a property can choose to be more selective when choosing the right tenant.
- Tenants management
Many property managers are responsible for managing multiple tenants. This includes finding the right tenant to rent a property, and screening them through credit and background checks to make sure they have the right person(s).
Property managers will likely be responsible for managing all tenant leases. They are also responsible for tenant emergencies, move outs, and evictions. A property manager must assess the property for any damage before they can handle a move out. The property manager will determine the amount of tenant’s deposit that they will return depending on how the property is.
The property manager will need to clean the unit and make any repairs before re-marketing the unit. If a tenant violates the lease, it is the responsibility of the property manager to initiate the eviction process.
- Managing rent
Property managers have one major responsibility: managing the rent. This includes setting a rental price for the property. The property manager must assess the property and its current market. Once a tenant has moved in, the property manager will be responsible for collecting the rent through the chosen method. The property manager can change the rental rate provided they comply with city or state laws.
Why Property Management is a Great Career Path
You’ll be happy to learn that property management is a great career choice for those who are looking into it. While there are downsides to this role, the severity of them will depend on how you approach the situation and your skills.
What Does a Property Manager Do?
A property manager manages a portfolio of properties, usually in a specific area that is not too far from each other. The property manager oversees all aspects of renting out the property. They will not only find new tenants for properties they have added to their portfolio but also perform a variety of tasks, such as:
- Monitoring statistics and analytics of properties under management.
- Assist in the maintenance of the property.
- Assisting tenants in moving out.
- When necessary, collect any rent and other unpaid expenses.
The role of property manager is very rewarding. If this sounds like something you would enjoy, you should definitely give it a try. Although being a property manager can be challenging and stressful at times, there are many benefits you will be able to enjoy.
Property managers get very high salaries. You can expect to make anywhere from $45,000-$60,000 annually. This will depend on how experienced you are and how many properties you have.
You will also have the pleasure of dealing with people every day. This role is ideal for those who enjoy socializing and meeting new people.
Although property managers must be licensed by their state, this can vary from one state to the next. Employers will often require a college degree in Business Management if you want to work as a property manager.
There are certain skills that will be required for the specific tasks you’ll be doing throughout the day. You will need to be able to communicate well with people, negotiate well, work well in a group, manage time, motivate and other similar skills.
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