So, you have this property you were able to acquire through inheritance, or you had built, but you have another career that keeps you busy, and you have no time at all, or you have no idea how to be a landlord. Well, there’s a solution: instead of you becoming a landlord you can hire property managers like Native Management to do the work for you.
Property managers assume the responsibilities of the landlord. They make sure that your property will continue to generate profit for you. What they do varies, based on what type of property they are managing and other variables, like terms of contract and pay. But before getting all excited and making plans to hire someone as your property manager, you must first learn what exactly a property manager does.
Property managers handle the financial aspects of being a landlord. If the property manager operates multiple properties at the same time, they can hire people to help them handle different tasks for each property.
- Rents. Property managers can give the responsibility to collect and manage rents that tenants pay. These rents are used to pay off the salaries of employees and pay for the maintenance costs, while the rest is your profit. They may also be allowed to manage the rates of rents your tenants pay.
- Budget. Property managers are responsible for budgeting the money the property earns for paying off the employees, their salaries and the maintenance cost while giving you the rest as profit. Also, they ensure there are enough funds to cover repairs, planned maintenance, etc. for the building.
- Taxes. Apart from the rent and budgeting the costs, property managers may also be responsible for filing the relevant documents related to property taxes.
Property managers can also be responsible for finding and screening tenants, selecting only those who may be able to pay rent, addressing leases, tenant complaints, evictions, and move outs. Property managers are expected to be familiar with all the laws concerning the landlord’s responsibility to their tenants and well as always protecting the interest of the landlord in all cases. He or she is expected to handle tenant complaints immediately.
The property manager oversees the maintenance of the property. He is also supposed to manage the budgeting of the money earned by the property to pay off all the maintenance costs and have repairs carried out immediately if it is essential (for example, if a unit’s electricity supply is cut off due to a blown fuse). He also sees to it that even vacant properties are regularly maintained to make sure that the unit is 100% liveable and ready to use anytime.
Property managers may hire employees if they handle too many properties and are unable to perform the critical tasks alone. At the same time, they are responsible for making sure that the staff are working, being paid reasonably, or being terminated to protect the interest of the landlord.
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