Most tenants will be aware that property managers exist, but they might not know what they do on a day-to-day basis. Essentially, a property manager is a third party who is hired to act on behalf of the investor or owner of the property. They are in charge of the daily operations of a real estate investment. They can manage all types of properties, large apartment complexes and single-family homes.
Their specific responsibilities will vary depending on the individual manager and how much the property owner has agreed to pay them. They can be tasked with taking care of everything from evicting tenants to filing taxes. Maintenance requests are also a service a property manager can perform, which would include things like fixing a leaky faucet.
Management companies will also often deal directly with prospects and tenants, saving the owner time and worry over collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even enforcing evictions.
As mentioned above, the everyday jobs of a property manager will vary based on their salary and the specific terms of their management contract, but can include the following: (http://landlords.about.com/).
- Rent - Property managers are responsible for setting the initial rent level, collecting rent from tenants and can even be in charge of adjusting the rent.
- Tenants - One of the main responsibilities of the property manager is to manage tenants. They are involved in all capacities, from finding the tenants and dealing with complaints to initiating evictions.
- Maintenance and Repairs - Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
- Knowledge of Landlord Tenant Law - Good property managers have a thorough knowledge of local and national laws regarding the proper ways to handle the daily demands of property management.
- Supervising Employees - If there are other employees in the property, such as a concierge or security personnel, the property manager is responsible for making sure they are doing their job.
- Vacant Properties - Property managers are often hired to look after vacant properties to make sure there has been no vandalism, and to perform routine maintenance.
- Managing the Budget - Property managers are responsible for managing the budget for the building and maintaining all pertinent records including the costs for repairs.
- Taxes - The property manager can assist the property owner with understanding how to file taxes for the investment property. The property manager can also file taxes for the property.