What are the Responsibilities of a Property Manager?

As an investor or the owner of several commercial or residential rental real estate units, there are so many things that one has to take care of. You have to market your property, find and screen tenants, address complaints, conduct inspections, collect rents, and organize regular property repairs.

All these tasks can consume a lot of your time and energy leaving you exhausted. If you are looking for a better way to handle your real estate management responsibilities, it is time you hire an expert property management service.

This blog highlights the main roles and responsibilities that a property manager can perform to take the burden of property management off your shoulders. This information will show you what makes these professionals indispensable for the better look after of your real estate so keep on reading till the end.

• What is a Property Manager?
• Key Responsibilities of a Property Manager
• Maintenance of Vacant Units
• Ensuring Legal Compliance
• Adjusting Rent Prices
• Marketing of Your Property
• Tenants Screening
• Preparing Rental Agreements
• Addressing Tenant Complaints
• Rent Collection
• Organizing Inspections and Repairs
• Managing and Enforcing Evictions

What is a Property Manager?

Property management is a process that involves regular oversight, management, and maintenance of real estate by a third-party contractor. The person responsible for the oversight or upkeep of the residential, commercial, or industrial real estate is known as a property manager.

These experts specialize in day-to-day maintenance, ongoing upkeep, security, and a myriad of other property management-related tasks like rent adjustment and collection, legal compliance, tenant screening, inspections, drafting tenancy contracts, etc. 

Key Responsibilities of a Property Manager

Following are some of the main responsibilities of a property manager that show why hiring such an expert is a wise investment

1. Maintenance of Vacant Units

A property manager keeps your vacant units clean and functional. They can suggest recent revamping trends that can not only make your vacant properties more appealing but also add high long-term value. By facilitating regular repairs and maintenance of your vacant properties, these experts can ensure you are able to find tenants faster. 

2. Ensuring Legal Compliance

This is another important duty of a property manager that can save real estate owners so much money and trouble. These experts ensure your rental properties comply with state and federal regulations. They can ensure the residential properties meet minimum standards like having adequate ventilation as well as functional water and electrical systems.

They can also ensure the buildings adhere to all the city codes which not only enhances the tenant safety but also ensures complete legal compliance.

3. Adjusting Rent Prices

Property managers can set up competitive rental prices by analyzing the current state of the market and the rental trends. They can use their vast experience to fix and then adjust rental rates by looking at other comparable buildings.

They can increase or decrease the rent while ensuring compliance with the residential or commercial rent increase laws.

4. Marketing of Your Property

Effective marketing of your vacant real estate is essential for attracting suitable tenants and a property manager can do that very well. They can use their strong marketing skills, online presence, and extensive connections to promote your real estate to the target audience.

This can motivate prospective tenants to have a look at your real estate which can help you find the right tenants in much less time.

5. Tenants Screening

A property manager can conduct a background check on the tenants as well. They can contact their previous landlords, verify their identification, look at their personal histories, and confirm their proof of income.

This robust screening allows them to find tenants who will take better care of your property and pay their rent on time.

6. Preparing Rental Agreements

These experts can also assist you in the preparation of lease or rental agreements. Property managers know the intricacies of both these types of agreements which allows them to protect your interests better.

They can create agreements that contain key information like the rules, late rent fees, security deposits, and the consequences for not following the agreement.

7. Addressing Tenant Complaints

Property managers can act as liaisons between the tenants and property owners. Tenants can directly approach them when they face issues in the property or have some complaints.

A property manager listens to these concerns and offers a solution that satisfies both parties. Their main goal is to find a mutually beneficial solution for every possible complaint thus fostering a healthy tenant/landlord relationship.

8. Rent Collection

A property manager is also responsible for ensuring the tenants pay their rent on time. They can ensure a steady flow of cash for the property owners by staying on top of the rent collection.

They can notify the tenants when the rent date is near or has passed. They can approach the tenants and urge them to make payments on time to avoid late payment fines. They can also issue eviction notices in case the tenants deliberately delay the rent payments for a long time.

9. Organizing Inspections and Repairs

Regular property inspections are an important role that property managers have to fulfill. They can look at commercial or residential properties to ensure they are operating within the terms of the lease agreement.

They can issue notices to the tenants thus allowing them to stay prepared for the inspections. These inspections allow property managers to assess the condition of their properties to plan the repairs or maintenance.

After inspections, these experts can organize major structural repairs, cleaning and pest removal, electrical, plumbing, and other maintenance tasks. Property managers can also respond to maintenance requests from the tenants to ensure timely repairs which helps you avoid major property damage.

10. Managing and Enforcing Evictions

When a tenant decides to leave, these experts can facilitate the eviction. They can look at the property before eviction to decide whether they should return the tenant’s security deposit in full.

They help you manage the eviction by ensuring the tenants fulfill every clause of the agreement before leaving.

Property managers can also enforce eviction in case the tenants refuse to pay the rent or engage in wrongful activities. They can issue eviction notices in case the tenants use the property in a way that isn’t authorized in the tenancy contract.

These professionals make sure the eviction process complies with the state’s or federal eviction laws thus ensuring smooth transitions.

Conclusion

A professional property manager is responsible for overseeing your real estate. They can help you find suitable tenants, maintain a high property value, and ensure compliance.

Their responsibilities range from day-to-day real estate management to monthly or annual property inspections and maintenance. You can fully rely on a real estate manager to take better care of both your residential and commercial real estate without any involvement on your part.

This way a real estate manager saves you from a lot of stress and anxiety that comes with managing your tenants as well as real estate properties which makes them worth every penny.

You can visit us at My Property Manager today if you are looking to get the best real estate management services in Dubai and the UAE.