Property management is the process of managing or overseeing residential, commercials or store rental properties of real estate property. The person who oversees the management of properties is the property manager. A real estate broker could be a property manager.
A house owner has the right to hire a property manager if he or she has many rentals or if he or she lives very far from his or her rentals, if not a house owner can be his own house property manager. The house owners pay specified or a certain amount for property management. There are also companies who specifically deal with property management.
Property management services can be found or seen in different states especially in Australia. For the services to be provided, a real estate license is required.
The roles and responsibility of a property manager depend on the property they are working on likewise the amount they are to be paid. There are several responsibilities or roles involved in property management.
They include :
- Maintenance and repairs: it is the responsibility of a property manager to inspect house units and to find out any problems from the outlets and get them to fix. If the house has already been rented out, the property manager would ensure the house features are already in place and if the tenant reports of any damage, the house manager will make arrangement to get the problem fixed. And both the interior and exterior cleaning of the house is taken care of by them.
- Rents: the property manager sets the rent depending on the location or structure of each individual house units. And also it is the responsibility of the manager to collect the rent at the end of each month or year depending on the agreement made. He or she also ensures that the tenants are informed beforehand of their monthly or yearly rentals. He issues an eviction notice to tenants who fail to pay at the agreed date.
- The responsibility of occupants: this is one important responsibility of the manager that actually involves lots of work. He has to find occupants or tenants to lease a house or an apartment. With the role of finding tenants he also has to screen the tenants to avoid future problems. He also handles or sets the lease. Conducts and handles evacuation (move-outs) and move-in of tenants.
- A property manager may involve the supervisor of other workers because they have the upper hand in the affairs of the house. They are responsible for managing and guarding the employees who are working in the property. It is also his responsibility to supervise and maintain vacant units to avoid any damage and usage by tenants who are not real tenants of the house.
- The property manager’s reviews contracts and leases, and also terms and conditions or laws guarding the land or house.
Property management is important for the controlling and overseeing of the real estate properties to avoid mishandling of house units. It is important to have a property manager, to ensure that your property still maintains its quality and standards.