Hiring a property manager is critical in maintaining the value of any rental property in the market as well as keeping the tenants in check. Property managers step in for owners and landlords who are too busy to keep an eye on each of their personal properties. If anything is damaged or a tenant has an issue, it’s the property manager steps in and handles it on behalf of the landlord or owner.
It’s important to find a reliable property manager who runs the rental property efficiently. You can either choose to hire a property management company or an individual manager to check in on all of your properties. You need to do thorough research before hiring someone in this capacity. Of course, the person should portray important qualities such as professionalism, honesty, trustworthy, informed decision making and much more.
What’s The Value Of A Property Manager
The job description of a property manager includes the following:
• Managing Property Finances
The manager should have exceptional bookkeeping skills as well as money management. Many expenses are involved in maintaining a building. These include repairs, advertising, taxes, rent and many more.
Managing Property Promotions
commercial properties need tenants and that’s where promotions come in handy. The property manager is responsible for the marketing in the media, newspapers and also social media. It also involves showing potential tenants around the property, processing application, running credit checks and also picking the best tenants.
Handling Legal And Tax Issues
The lease agreements, rent payments and upkeep expenses of the building need to be in line with the federal regulations. The manager keeps everything legal and legitimate to avoid any tax issues or legal conundrums. The manager also needs to understand the tenancy laws to prevent lawsuits from malicious tenants.
Here, the manager needs to screen the tenants, resolve any issues, collect rent and handle any building matters affecting the residents. The manager needs to ensure that every unit in the building is yielding rent consistently. The manager also needs to create a peaceful environment by relating well to the tenants. He/she is also responsible for enforcing rules and regulations in the building.
The property manager needs to keep the building in an exceptional condition to ensure that all the health and safety codes are not violated. He/she should respond to any requests for repairs timely, handle emergencies without fail, schedule regular maintenance projects and finally hire the right maintenance team to conduct inspections regularly.
Reporting To The Landlord Or Owner
Since the property manager is the man on the ground, he/she should prepare timely reports for the landlord or building owner. These reports should reveal the current financial standing of the building or any issues that couldn’t be attended to without the owner’s permission.
The bottom line is that the value of a property manager in any rental property can’t be underestimated. He/she is the authority in the building when the owner or landlord is absent. Before hiring a manager for your properties, do the necessary research to find the best candidate for the job.
Retail Solutions Advisors specializes in commercial real estate leasing and management throughout Florida. With over 100 years of experience, our team is equipped with unparalleled knowledge of the industry