A property manager is someone who is hired, either by a landlord or investor, to manage all the operations that are related to rental properties. Of course, these operations depend on the type of property they are renting, the amount they get paid and other terms and conditions proposed by the contract. A property management firm has its own unique templates of contracts and therefore the responsibilities are different for different agents and rental companies. Below are listed the basic responsibilities of property managers and they can vary a bit, depending on the company.
The common responsibilities of a property manager include: setting the rent, collecting the rent and adjusting the rent. The property manager must set the appealing price so he could attract tenants. To form the appealing price, the manager needs to understand the market and the area of the property. The manager also needs to set a specific date when the rent must be paid, as well late fees. In the end, the manager can increase the price of rent by a fixed percentage every year, or decrease it if needed. However, the increase must be in compliance with the state/municipal law.
The manager must find a tenant to fill the vacancy, otherwise, he faces a slow financial loss. They need to know where to advertise the property and how to create an interesting ad that will attract the potential tenants. The property managers have a lot of aces in their sleeves, so they know how to make the property interesting. Also, before accepting the tenant, the manager needs to check tenant’s credit history and score, criminal background. These facts can significantly influence the manager’s decision when choosing the tenant. Those who don’t have criminal problems, and good credit score, are the best candidates and always have the advantage over other applicants.
Besides finding them, the manager must set the lease term and all the clauses to protect the owner, but also the tenant. It usually involves depositing a certain amount of money as a guarantee to landlord and agent. Also, all the contract-breaches must be settled by the agent. In case the tenant lives in the property and decides to move out, the agent must check for all the damages and problems that might have been caused. This greatly influences the amount of deposit that will be returned to the tenant – if there is no damage and everything went fine, the agent will give back the full amount of deposit.
The extensive knowledge of landlord-tenant law
Like in every job, you need to have an accumulated knowledge in order to perform your job well. The same goes with this job, where one mistake in the contract can mean the difference between losing and keeping the property. These agents must have a prolific knowledge in landlord-tenant law so they could avoid any legal issues and to be able to create an agreement for the tenant. This ranges from evicting the tenant to screening it and handling the security deposits.