When you own one or more properties, being able to maintain a good performance while minimizing expenses and efforts is of utmost importance. For many people, managing the leasing of their properties is quite a heavy job, especially because beyond becoming a source of income, it ends up being a waste of time that only generates countless headaches. In this opportunity, we want to talk to you about the figure of a property manager.

 When you decide to hire a property management service, you start going down the right path, as this could be the solution to your problems. We know that the process is exhausting enough and that it may be confusing, so we want to provide you in this post with a list of the main functions of a property manager and the advantages of hiring the services they offer.

What is a property manager?

These professionals will be in charge of carrying out the administrative management that is directly related to the lease of the property, this means that the administrator will be present in the first steps for the commercialization and once the process is finished, he will also be present in the tenant’s exit and his search for new tenants. For a better understanding, we must keep in mind that the services provided by these professionals are divided into three groups, this taking into account the current situation in which the lease of the property is.

•  The first of them is focused on the commercialization of the property, the actions that will be carried out to perfect a lease contract taking into account the conditions that the owner considers as the most optimal, for example, the preparation of the property, the publicity photos and the search of the most suitable tenants to acquire the property.

•  The second will have a targeted approach to encompass all services related to tenant management, including incident management, repairs, legal obligations, rent collection, and verification of the guidelines established for the correct fulfillment of the contract.

•  The third group is constituted by those necessary actions and services present once the process of the lease contract is completed. The aim is to check the property in order to identify all the existing defects and to be able to manage the correct exit of the tenants. This ensures the condition of the property so that it can be rented again in the future.

6 reasons to have a property manager

To manage the rent

 In order to be able to determine the price to be considered to collect the rent of the property, the property manager must evaluate the characteristics of the place and how the real estate market fluctuates. In addition to applying those adjustments to the rent and carrying out the monthly management of collection through a contract previously agreed with the tenant.

Tenant Management

 The property manager must develop a marketing strategy to acquire tenants. This process must comply with certain characteristics so that when selecting a potential tenant, he/she is able to pay on time and does not cause inconveniences. So you must be very selective when considering a potential tenant and you need previous experience to notice the main signs of a person who does not meet expectations.

 He is also in charge of managing all the deadlines and clauses to protect the landlord, as well as making sure that they are carried out when necessary, such as in cases of eviction.

 Other responsibilities include handling existing complaints and requests for maintenance or emergencies from the tenant. At the end of the contract, he must carry out a verification of the property to evaluate its condition, this allows to avoid that it is delivered out of the conditions in which the space was given to them.

 Maintenance and Repairs 

You have the obligation to maintain the property in optimal, safe, and habitable conditions. Therefore, if necessary, you must manage the entire preventive maintenance process and possible repairs.

 Law Enforcement

A property manager has the knowledge to apply those rules related to the real estate activity, keeping in mind the law when carrying out leases and establishing the prices in the different areas.

 Another important function of a property manager is to help the owner to comply correctly with the fiscal obligations related to the property. Because legal problems could interfere with their work and put at risk the integrity of all the people present on the property.

 When it comes to residential rentals, this presents a complex degree of responsibility, so investors always make sure to hire a manager who has developed in the area of residential rentals.

 Employee Supervision and Management

 When it comes to the management of multifamily buildings, where staff must be hired to cover the tasks related to housekeeping, whether it be cleaning, maintenance, or hiring security personnel, the property manager must be able to take care of the management of the staff and prioritize that everything is done correctly.

 Care of Unoccupied Properties

 By fulfilling this responsibility the property manager makes sure to protect the property from vandalism and deterioration that may occur over time, to be aware of and make the payment of those common expenses, keep up to date on all those utility bills, cleaning, and so on.

 These professionals are trained to carry out the necessary management with a budget established by the administrator of the building, being this the case, where he assumes the responsibility of running a complete building, he must keep up to date on the possible accounting.

 For all those individual investors, it is of utmost importance to know that there is an accounting behind all the movements that happen in their leases, besides being able to have access to all the movements at the time you need them.