In the active world of real estate, we ask ourselves, What Does Property Manager Do? The role of a property manager is often essential yet misunderstood. In simple terms, Property Managers look after real estate assets; Property Mangers covers a broad spectrum of responsibilities and requires a multifaceted skill set. This guide aims to discover the role of Property management and shed some light on what property managers do, their key responsibilities, and the invaluable role they play in ensuring the smooth operation of property assets.
What is a Property Manager?
A property manager acts as the intermediary between property owners and tenants. They ensuring that both parties needs and expectations are met with professionalism and efficiency. They are tasked with managing daily operations, maintenance, and administration of property rentals, offering peace of mind to property owners and a quality living or working environment for tenants.
Understanding property management fees is essential as these fees often cover everything from tenant background checks to routine property maintenance, ensuring property owners can enjoy the benefits of ownership without the daily hassles and responsibilities .
Property managers are often employed by property management companies, real estate companies, or individual property owners who may not have the time or expertise to manage their properties directly. The Property Mangers have expertise not only in real estate but also in local laws, regulations, and the property market in the area that they operate in.
What are the responsibilities of a Property Manager?
To encapsulate, the responsibilities of a property manager include, but are not limited to:
Handling Communication with Tenants: The property manager acts as the main point of contact for tenants, addressing their enquiries or concern and ensuring a positive atmosphere. They notify of updates regarding the property, maintaining transparent and effective communication channels.
Property Maintenance: A property manager is tasked with ensuring the property remains in top condition, proactively overseeing both routine upkeep and urgent repairs. They liaise with tradespeople and service providers to maintain the premises to a high standard.
Managing Cost & Budgeting: Property managers are responsible for creating and overseeing the property’s budget, ensuring costs are kept within predefined boundaries. They seek cost-effective methods for maintenance and operations to optimise the property’s profitability.
Tenant Background Checks: Carrying out comprehensive background checks on prospective tenants is crucial, involving the verification of credit, employment, and rental history to ascertain their reliability and financial responsibility. This process helps in ensuring a safe and respectful community within the property.
Processing Payments: Property managers are in charge of collecting rent from tenants, managing the return of deposits, and handling other financial transactions related to the lease. They ensure payments are made promptly and pursue any outstanding arrears, sustaining the property’s financial wellbeing.
Keeping Up to Date with Legislation: It is vital for property managers to keep abreast of current landlord-tenant laws, local building regulations, and compliance requirements. They guarantee that the property and its management practices comply with all legal standards, safeguarding the owner against potential legal complications.
Property Advertising: Property managers are responsible for effectively marketing the property to attract potential tenants. They craft professional and eye-catching advertisements, choose appropriate platforms for maximum visibility, and conduct viewings for interested tenants, aiming to reduce vacancy periods and maximise rental income.
Should I use a property manager?
There are many benefits and disadvantages to using a property manager but, ultimately its all down to saving time or saving money. The decision to hire a property manager or to manage your property yourself should be based on your personal preferences, skills, and how much time and effort you’re willing to invest. It’s also worth considering the size and number of properties you own, your knowledge of the UK legal and financial aspects of property management, and your ability to handle the day-to-day tasks associated with managing a property. Save stay specialise in property management and if this is of interest to you, contact us to see how we can help manage your propriety.
