Now that you’re the proud owner of a property, what’s the next step you need to take? Have you thought about All County Property Management Cape Coral the day to day aspects of property management? If you’re doing your research to learn everything you need to know to handle your rental property, then by the end of this blog, you’ll have the answers to the questions you have in mind.
Understanding what a property manager’s duties and responsibilities are will help you decide whether you want to do it by yourself or entrust it to a reputed property manager. Property management covers a broad spectrum of duties, from finding good tenants and maximising rental income, to ensuring that the property is in its optimal condition. This means overseeing financial matters, legal aspects, and even maintenance budgeting.
You’ll be able to make effective hiring decisions once you get a good grasp of what property manager duties are. This will save you money, unwanted stress and no doubt a lot of time. But if instead, you choose to manage your rental property yourself, then you’ll at least have a checklist of items to consider.
What are the duties of a property manager?
The services noted in your property management contract will determine the services your property manager will carry out on your behalf. In general, property manager duties and responsibilities cover aspects such as marketing your property, screening suitable tenants, and handling your rental income and maintenance expenditure
What is a property management agency’s responsibility?
Your property management agency’s responsibility, at the most basic level, is to prioritize your best interest when making decisions for your house or apartment. More specifically, the roles and responsibilities of property managers include:
Setting the rent
The answer to the question, ‘what does a property manager do?’ lies in their main responsibility, which is helping you earn the best return on your real estate – by maximising your rental yield, you’ll be able to enjoy higher cash inflows.
To do this, a property manager will carry out property appraisals and analyse the rental rates in the market. This will prevent you from charging inflated rates that reduce the appeal of your property among potential tenants. If you set the rent too high, your property is more likely to remain vacant, which means that you’ll potentially be losing out on weeks’ worth of rental income. Of course, charging too little is also unideal.
The benefit of having a property manager is that they’ll save you the trouble of setting inappropriate rental rates. They constantly monitor market conditions and offer you timely advice on raising and lowering rental rates.
Collecting rent and chasing any arrears
A property manager will ensure that an efficient system is in place to collect the rent from tenants. If the tenant is late on payments, the property manager will also follow up to ensure your rental income isn’t unnecessarily delayed.
Finding good tenants and long-term lease agreements
While chasing up arrears is part of a property manager’s job, the key is to solve the problem before it becomes a problem. A great property manager will have a rigorous tenant screening process in place to find you reliable tenants from the outset.
In a survey we conducted with 200 investment property owners, we found that 21% of owners listed “finding good tenants” as one of their top three challenges. Interestingly, an additional 11% of property owners were dissatisfied due to low quality tenants.
However, as specialists in the industry, property managers have the resources to find you high-quality tenants who both respect your property and pay rent on time. We’ll cover this in more depth in section 2 of this article.
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