Real Estate

Property Management Professionals- Do You Need Them?

2 Mins read

Property Management Professionals are often referred to as estate managers. They are firms charged with the responsibility of managing real estate properties for a fee. This team of professionals is invited when the original owner (or owners) of the property is unable to personally manage them. Such property may be owned under the sectional title, personal title, or maybe company-owned. The property in question can be a registered residential area, a commercial office apartment, or an industrial property. According to the Bureau of Labour Statistics Office of Occupational Statistics, in the United States alone, there are a total of 329,000 active property managers, and the number has been reported to have increased by 500,000 by 2016.

Property managers work according to the owner’s goals, they are also entitled to managing rents, budgets, property maintenance, tenant management, as well as taking records of rental properties. Property Management Professionals or firms always have an in-depth knowledge of state and national laws. These laws cover the legal procedures needed in screening tenants, terminate leases, conducting evictions, handling security deposits, and compliance with property safety standards. So, because of these laws, states and countries always demand for these property management professionals be licensed as real estate brokers.

This is even advantageous to property owners, because, at the end of the day, they are sure that those property management companies work according to the guidelines of the law. In other countries, they prefer to work with licensed property managers instead of realtors, although on some rare occasions, some of these property owners don’t even need licensing prove before releasing their property to them. But as a property owner, you need to understand that property managers differ in both experience and specialty. But some of their primary responsibilities include:

1. Setting Rent
It is natural for landlords to set their rents, as matter of fact, it is their responsibility. But in most cases, they pass this responsibility to property managers. It is left for the property manager to now set a moderate and competitive price that will attract tenants to the property in question. This is so because most landlords do not have an idea how the business goes, hence do not know the best price to fix.

2. Collecting Rent
Property managers are tasked with the responsibility of setting up a system that will make it easy for tenants to pay their rents. They make sure the cash flow optimally by setting up collection dates to enable them to manage the property’s monthly expenses, which also enforces a late fee policy code.

3. Property Management
As a property management professional, you are expected to keep them safe and make sure it is habitable. They are required to run a monthly check on them, know where to needs a regular repaired and those places that need urgent maintenance.

Finally, every property manager’s primary responsibility is to work according to the rules of the property owner, while his secondary responsibility is to the agency. He should also make sure that the relationship between the property owners and clients is well managed by maintaining certain rights and rules.