Storify News | Are you considering the option to hire a property manager? It could be that you are exploring all your options in choosing it as a career path, but not sure, of what the job requirements are like. You need to know that a property manager in most cases is a third party that a property owner or a property investor hires to manage the daily tasks or the operations of their rental property. When working with an ACG property manager, their responsibilities can vary largely, but some of their tasks are quite common across various types of properties.
Property managers play a vital role when it comes to the success of a property investment because they have control over various aspects of the property as well as its tenants. They are in charge of making sure of the market readiness, policy enforcement, rent collection and maintaining a good owner-renter relationship, at the same time running the business that should comply with federal and state laws.
In this article, go through the various property management responsibilities that such experts undertake. This includes everything including rent collection to finding the best tenants.
They Ensure Market Readiness
- The role of the property manager is to ensure that the property they take up is all set to make its entry into the rental market. They suggest repairs or any form of cosmetic improvements, which should offer the property owners the highest possible returns.
- In addition, they ensure that the property is all set for its first rent after the tenant inspects the property. Their priority is to ensure the best condition prior to leasing it. In case the owner decides to work on further improvements on their property, the property manager will oversee all the maintenance that they need to complete.
- In the case of the tenancy ending, an Atlanta Commercial Group property manager’s responsivity would be to collect the keys, enforce the move, and charge tenants based on the move and their security deposit.
Handling the Rent
Another common responsibility of property managers is to deal with rent issues. They:
- Set the rent to the right amount, which should attract tenants to the owner’s property. Since they know everything about the market, the property location, they can help property owners to set the best rents based on the area or location.
- They also collect the rent. Their job is to ensure the best optimal cash flow as they set the date to collect the right rent amount and enforce late fees.
- They adjust the rent. This means they enforce the increment of rents annually, based on a fixed percentage. They do this based on individual state or municipal law. If necessary, they can also decrease the rent.
Attract and Screen Tenants
The property manager should also help with filling out any kind of vacancies as well as their role to find out any new tenant who would be suitable for the property. These people should be well prepared to advertise their space in the best ways and meet up with any other potential tenants, showing them the complete features of the apartment. Property managers should also be able to screen prospective tenants properly. This process could differ including running a credit check and checking out any references or employment proof.
Manage Move Outs
Once a tenant decides to move out, it is the job of the property manager to inspect the property or the unit thoroughly. They need to check for any signs of damages to the property and ensure that the property owner returns the property deposit to the tenants. Once the tenants move out, the manager is responsible for repairing the damages, cleaning the space and search for suitable new tenants.
They should serve as a contact point whenever the tenant has any complaint or wishes to report any kind of maintenance issues. They also notify the tenant about any changes in the rent, any necessary maintenance, or any other information they need to know or communicate with the owner. They also ensure that all lines of communication remain open with the property owner. The owners will need proper information about how their investment is performing.
They will actively communicate all the necessary information, such as the income, the vacancy rates, and the expenses that relate to the property as well as the property maintenance, legal issues, and business policies related to the property. The ways in which they inform their
They should use the best channels to inform owners about the necessary information regarding their property; this can be via email, online access to property performance, phone call or any other suitable means.
If Needed, Manage Evictions
In addition, if the tenant ignore paying rents, or in some way breaches the lease terms, the property manager has to come up with the best way to move or file the eviction. They have to ensure the tenants comply and pay up the rents, or simply move out of the property. They serve as the bridge between the property owners and ensure any dispute resolves between their tenants.
They Should Know about Tenant-Landlord Laws
Often, property managers are on the frontline when it comes to any form of dispute or eviction, and in general the legal functioning of the rental property. As such, the property managers should know about any legal processes that are necessary to screen a tenant or handle the security deposits, eviction, terminating leases, safety compliance and so much more. They should have a complete understanding all the laws that surround landlord-tenant relationships and they should carry out any other responsibilities in ways the law dictates.
Overall, the job of the property manager should be to take care of the property and handle all dealings with the rent, investment and other intricate details. If you want to ensure the best management of your property, you should try to make sure that you choose the best ACG property manager in your area. Ask them about their experience in property management as well, as how they plan to help you.