The option of employing a property manager is available to landowners who own a property but lack the time or expertise to manage the business-related responsibilities needed. In other words, a property manager serves as a liaison between a landlord and a tenant and is in charge of a variety of duties, including maintaining the property. Basically, you need to understand what property management entails and what obligations come with it if you’re interested in pursuing this career.
The daily supervision of residential, commercial, or industrial real estate by a third-party contractor is thus referred to as property management. In general, property managers are accountable for continuing maintenance, security, and upkeep of properties as well as daily repairs. They typically work with those who own investment assets including shopping malls, industrial parks, private home communities, and apartment and condominium buildings.
Meanwhile, it is crucial to remember that property managers and developers are two different things. Property developers typically want to move on to the next project as soon as each one is finished or hand off the day-to-day operations to a third party company, but property managers are responsible for handling routine tasks given to them by the owners and maintaining the value of the properties they are in charge of while generating income.
Some of the responsibilities of a property manager include:
-
Screening potential tenants
-
Drafting, signing, and renewing leases on behalf of property owners
-
Collecting rent
-
Maintenance of properties, including landscaping and snow removal
-
Arranging for necessary repairs to properties
-
Setting up and adhering to budgets for property maintenance
-
Understanding state and national landlord-tenant laws and regulations
-
Marketing properties
-
Supervising other employees
-
Handling taxes
Property managers exist in a variety of forms, just like different types of properties. While some businesses specialize in managing a specific kind of property, others provide management services for a variety of property kinds. There are many different property kinds that can be controlled, including the following:
-
Residential Property Management
Residential property managers are typically hired for rental properties, and they manage the rental process. They can be hired to manage: Single-family homes, Vacation rentals, Multi-family homes, Townhouses, Condominiums, Apartments, Manufactured homes, and Real estate-owned (REO) properties.
-
Commercial Property Management
Commercial property owners have different needs from those who own residential property. Commercial property management can apply to public accommodations like hotels, Retail properties like malls, restaurants, and gas stations; office properties like real estate brokerages or doctors’ offices, and co-working spaces where professionals rent workspace by the day or by the hour.
-
Industrial Property Management
Industrial properties that have a large beneficial purpose from management include heavy manufacturing facilities such as automotive plants and steel mills; and light manufacturing factories such as food packaging, warehouse, and distribution facilities.
-
Special-Purpose Property Management
There are also numerous property types that don’t fit neatly into the aforementioned categories which nonetheless require management. We have referred to them as special-purpose properties, and they include theaters, sports arenas, resorts, senior care facilities, schools and universities, and places of worship.
In conclusion, Property managers typically oversee the day-to-day management of the real estate, from selecting tenants to scheduling repairs and maintenance, and are compensated with a fee or a portion of the rent collected from the property. It’s crucial for property owners to confirm that prospective property managers have the appropriate state-issued licenses because each state has its own rules governing the actions of property managers.
