What Do Property Managers Do?

By Tuesday, August 19, 2014 0 No tags Permalink

Do you want to become a property manager? If you are looking for a job in the real estate industry, you would first need to learn about the roles and responsibilities that professionals from this field have to fulfil. They are responsible for managing and maintaining buildings and physical properties.

There are mainly two kinds of property managers – residential and commercial. Though some differences are there in the primary job role of these two categories, the overall job role is practically the same. Being a property manager, you would have to fulfil a number of duties. Here are some of the common responsibilities that fall under the job role of property managers:

Finding prospective tenants: If you are a residential property manager, you would generally deal with residential buildings and houses. When hired by a property owner, managers generally have the responsibility to look for prospective tenants. Once you have found a few potential tenants, you would have to screen each one of them before you can recommend them to the property owner.

When screening each tenant, you would need to check their references and employment history. For this, you may even need to talk to the employer of the prospective tenant. You may also have to talk to their present landlord or agent to make sure they pay their rent on time and also keep the house in good shape.

Preparing the lease documentations: Once you have found the perfect tenant for the property, you would have to prepare all the legal documentations that would not only protect the property owner, but will be in favour of the tenant as well. There are certain laws in every jurisdiction regarding leasing related matters. You would need to be familiar with all these laws in order to draft these documents as well as the terms and conditions.

Organising bond documentations: As far as the rules go, tenants have to make an advancement payment which is also known as bond. The amount of the payment will be equivalent to 4 weeks of rent. There are specific laws that regulate various matters related to this bond. As the property manager, you will have to handle all the necessary documentation for the bond. In case some issues arise regarding the bond or something else, you will be responsible for resolving those issues on behalf of the property owner.

If the tenant has paid the monthly rent on time and has also kept the property in good shape (excluding the regular wear and tear), the owner will have to repay the entire amount of the bond. However, disputes often arise regarding what to consider as a “fair and tear” and what damages the tenant should pay for.

Misunderstandings and disputes can be reduced by having a well drafted lease as well as by documenting the condition of the room with photos both at the beginning and the end of the tenancy. It is your responsibility to inform the tenant about his/her responsibilities toward the property. This would help minimise the misunderstandings and disputes.

Giving regular updates on rentals: A competent property manager will be aware of the present real estate market. They will advise you on the current market rates. Their knowledge of the field will also help you make better decisions regarding investments. In order to become a successful investor in the real estate industry, it is important to be guided by a professional.

If you apply for head of property jobsyou would need to handle all these responsibilities. You may also have to take care of other additional works. However, that would depend on the specific nature, size and purpose of the property.

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