The Responsibilities of a Professional Property Manager

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The Responsibilities of a Professional Property
Manager
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• For real estate investors, good property
  management could be the key to success. This is
  because the property manager has a diverse role
  with many duties all designed to maximize the
  investors ROI (return on investment). However,
  to get the highest ROI and reap the greatest
  benefits, your property manager must perform all
  of their duties efficiently. These duties
  include managing the tenants, performing
  administration and risk management tasks,
  handling marketing and financial matters and
  managing physical property (i.e. condominiums or
  apartment buildings).

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Managing the Tenants

• Managing tenants is one of the most important
  duties of a property manager. However, tenant
  management also involves understanding the needs
  of the residents. This includes, offering 24-hour
  customer service, prompt and emergency
  maintenance, timely, fair rent collection
  practices, property maintenance and lease
  management. Apartment and condominium management
  however, also includes property maintenance and
  supervision of shared amenities.

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• Your property manager and company should also set
  regulations and policies for your properties, as
  well as consequences for violations (i.e.
  evictions and deposit forfeiture). Additionally,
  by performing background checks, they should
  ensure youre only renting to high-quality
  tenants with excellent rental histories.

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Performing Administration and Risk Management
Tasks

• To be the most effective, property management
  must include a system for keeping records and
  files. This includes bookkeeping and maintaining
  accounting, employee, maintenance and tax
  records. Most importantly, this system should
  ensure youre following tax regulations,
  especially those that apply to rent collection
  and reporting. Your system should also include
  records of any tenant-to-management interaction,
  including lease agreements, rental and
  maintenance receipts, policy violations, damage
  reports, eviction notices and general reports.

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• Good records maintenance will help you avoid or
  win liability lawsuits, which is something that
  every good property management team offers.

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Handling Marketing and Finances

• Operating expenses and budgeting are a part of
  business ownership, even if that business is
  property ownership. In fact, theyre essential to
  successful real estate investment and ownership.
  Your property manager must have a handle on your
  finances, as it will help them set appropriate
  rental rates and budget for expenses. Rental
  rates must be balanced by the current market, or
  theyll be too high or too low, especially if the
  manager has neglected to consider the surrounding
  area and comparable properties.

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• The manager should also offer regular financial
  reporting to the owner, so make sure your
  management team is providing monthly financial
  statements that include profit/loss margins and
  tax information. Pricing and location are sure to
  help you remain competitive, but marketing can
  help also. Effective marketing can help keep you
  stay ahead of the competition, but its the
  property managers job to ensure this happens.
  Marketing strategies, like rate drops for
  students and other special promotions can
  increase occupancy while raising brand awareness.

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Managing Physical Property

• Its the property managers job to take care of
  the physical property and outdoor space of the
  properties theyre managing. This includes hiring
  and supervising a maintenance crew. The
  maintenance crew repairs damaged property,
  appliances and building structures (e.g. walls,
  the roof, etc.). They also perform plumbing and
  electrical maintenance to ensure safety. A
  maintenance crew can include in-house contractors
  or contracts with outside professionals and
  repair services.

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• These relationships are especially important for
  commercial properties, which can remain
  uninhabited for many months or several years.
  Commercial property services like Group Three
  Property Management, Inc. can provide this
  maintenance service alongside excellent property
  management.