Properties and leases don’t just take care of themselves. They need someone to manage all of the aspects that come with renting out the property to ensure everything is running as it should. That task of property management is handled by the property manager in charge.
Who’s in Charge of Property Management?
With every property for rent there’s a property manager to take care of not only the building, but the rent as well. Sometimes the owner of the property is the manager but there are also benefits to hiring a property management company to take care of managing the property. When something goes wrong with your rental space or rent is due you’ll be looking to the property manager to take care of it. But what exactly are the duties of a property manager?
No matter how much a tenant is paying or what kind of lease they have the property manager is in charge of collecting the rent. Not only do they collect rent but they also set the prices for what the tenant will be paying when they rent the property. The property manager has to decide what a fair rent is based on the building, the location, and average rental prices in the area.
Bringing in Tenants
Without tenants, a rental property is just an empty building that’s losing money every day. One of the jobs of a property manager is to find tenants to fill vacant spots and to evict tenants that aren’t fulfilling their side of the deal. Setting up listings on different websites and doing public advertisements are some common ways for the manager to find tenants. Once people are found to fill the vacancy the property manager will do a background check on them to ensure that they have a clean history and can be trusted to pay their rent on time.
No matter how nice a building is it will inevitably need some kind of maintenance. Whether there’s a leak, faulty wiring, plumbing issues, etc. a property manager is in charge of hiring someone to repair any damages that aren’t directly caused by the tenant. To keep the building clean, a good property manager will also hire professional cleaners to continuously keep the building as clean as possible. Sometimes a property will need more upkeep than just cleaning and repairs though. Oftentimes, winter preparations need to be made to ensure the property can handle the problems that come with cold weather.
With most rental properties there’s an operating budget to pay for different things that the property needs to function properly. Depending on the type of property there will be different costs that the operating budget pays for. For residential properties, some common expenses that will come up are for washer and dryer units and HOA fees, as well the cost of utilities such as electricity, sewage, water, and trash. Insurance premiums are a big part of rental properties too, regardless of if it’s residential or not. Property taxes are also accounted for in the operating budget. Hiring maintenance crews to fix any broken or faulty pieces of a property is also covered by the budget. All of the fees and expenses that come with property management will be handled by the property manager.
Key Takeaways to Property Management
Setting and collecting rent
Filling vacancies and evicting
Budgeting for operating costs
What Else is There to Learn About Property Management?
Schwarz Properties can help you learn more about managing rental properties and finding the right properties for you to lease. If you’re interested in learning more about rental properties and management then feel free to visit our website or call us at (336) 895-1336