A property manager serves as a connecting link between the owner of a property (residential or commercial) and the tenants. He is responsible for finding a tenant, completing the formalities involved for leasing, as well as the maintenance and tax-related aspects of the property.
It is his duty to ensure that all the activities and transactions take place in a timely and smooth manner. Given below is a detailed account of the same.
It is the responsibility of the property manager to search for an appropriate customer (in case property is to be offered for sale) or a tenant (if the property has to be offered on lease). While searching, he must take into consideration the expectations of the owners as well as the tenant/customer.
The property manager is required to market and promote the concerned property. He may seek help from his contacts and liaisons with other professionals from the real estate business.
If anyone shows interest in the property, he must make provisions to show them around, guide them, and furnish them with the relevant information, like requirements, terms and conditions, owner's expectations, etc.
Another important aspect includes checking if the tenants maintain the place well or not. If not, then it is his duty to make the tenants evacuate the place through eviction proceedings or any other appropriate legal means. The property manager must ensure that the tenants do not cause any damage to the property.
If there is any kind of repair required, the tenants generally contact the property manager, who in turn solves their problem by calling the respective service to fix the damage. Another duty is to check that the infrastructure of the vacant house, in terms of safety, plumbing, and strength, is not compromised.
It is the responsibility of the property manager to negotiate with the interested parties on behalf of the owner. He must ensure both the tenants/customers and the owners are on the same page. It is essential for him to clearly understand the expectations of each party involved the extent to which each aspect can be negotiated.
The property manager must look after the legal formalities to be accomplished while selling or leasing the property. He has to take care of the tax-related aspects as well. He has to review a lot of data on a daily basis.
A few examples of the data include, zoning regulations, tenant laws, tax information, federal laws, property values, etc. This keeps him updated with latest information related to real estate, which in turn, aid him in performing an effective job to the best of his ability.
The property manager has to deal with documentation related to the lease/sale, namely the rules and regulations, purchase and sales agreement, lease agreement, and contract work documents, like maintenance and repair work orders, etc.
After the documentation has been completed, it is his responsibility to file the documents, and maintain the records in an orderly manner.
A property manager is also in charge of employees working with a specific property, like leasing agents, maintenance workers and many more. He is responsible for the payroll of these employees, and must also supervise their work. The employees working in such an office, are supposed to report to him.
The property manager has to address various concerns and issues faced by the owners and/or tenants with respect to the property. His duties are vast, and vary to a great extent, based on the kind of property in question.
To be a successful property manager, one should keep oneself updated, and should also maintain healthy public relations by building and maintaining contacts.