Suppose you are a real estate investor or someone interested in real estate properties. In that case, you must have heard of a property manager. A property manager could either be an individual or a company that potentially serves the interest of the landlord or real estate investor. And what you think might be the basic limitation of their functionality, it is not so. The number of aspects in real estate management that a property manager can manage is much more than we commonly believe. So, without further ado, let us take a quick look into who property managers are and their functions.
What is a Property Manager?
A property manager is a professional hired in service by a real estate investor or simply a property owner to look after his properties. A lot many responsibilities fall under the department of a property manager, such as:
- Settling, collecting, and keeping an account of the rent received from the tenants
- To look into the problem and find a solution if a maintenance request is issued from the tenant
- Finding tenants for a vacant property
- Giving the rough estimate of the market value or rent of a particular property
They are generally hired by the property owners who do not live near the property or have multiple properties at different places. For managing their property, the owner can hire an individual who is an expert in real estate or take things more professionally by taking the help of a property management company. There are many quality property management companies out there. You will have to search for them location-wise to find the right one. For instance, if you live in or around Oahu, you can look for property management Oahu on the internet. Some of the top real estate management companies will turn up for your reference.
Indispensable Duties of a Property Manager
Now that we have understood what a property manager is, it is time to understand the several duties that he has to perform.
Rules and Regulations
Real estate investors buy properties at different places. It is not easy for them to know the legal laws, rules, and regulations of all places. For instance, it might be the case that in a different state, the law for taking the maximum deposit from the tenant is fixed to a certain amount. Knowing these details becomes essential when you are managing property. But an investor does not have to take this burden on himself. He can easily hire a property manager who will the different real estate rules and regulations, including the region-specific ones.
A representative for the owner
In the absence of the owner, there has to be someone in charge of the properties the owner has in that region. Who else can be better at this job than the property manager? He can easily look into the matters related to property on behalf of the owner.
This way, the owner can rest assured about his property without needing to worry about the duties that he has to perform as the owner. The property manager will take care of that as well.
Taking Care of Maintenance Requests
When a tenant is living on your property, he might feel the need to improve or get rid of some problem. He will issue a maintenance request. This could be anything from a broken part of the house, infestation, leakage, or something else. But suppose an owner is not able to respond quickly to the problem. In that case, it can create frustration in the tenant’s mind, and he might choose to leave the place to find better accommodation. Besides, your reputation as a property owner can also be compromised.
A property owner can save the day here. As he is in charge of the property on your behalf, he will make sure that all the tenants’ maintenance requests are looked after, and he can find an ideal solution. This way, even if you are busy, the property manager will make sure that your tenants’ concerns are mitigated, which will keep all the parties happy.
Finding New Tenants
If you have some vacant property for which you need tenants, you will not have to look for them. Just hire a property manager, and he will look for prospective tenants who would like to live in that place. Even if you want to sell the house, they can manage it. For this, you would have to get a property manager familiar with that region. For instance, a property manager living in Hawaii can find prospective buyers for Honolulu real estate for sale.
Apart from this, the property manager also collects rent and deposits it in your account. The price they charge is usually not that high, and it can vary anywhere from 6-12% of the monthly rent that you get. The most important is to figure out the kind of service you would want from them. And once you have found the right property manager or property management company, you can rest assured about the management of your real estate.
