Property Managers are professional land managers. Property owners hire them to handle the day-to-day operations of buildings. They are responsible for making necessary arrangements for tenants, hiring employees, conducting tenant screening, and repairing the damage. Property managers also coordinate and execute general maintenance programs on behalf of the landlord. They are often the face of the property management firm, so you must select a reputable and trustworthy firm to handle your properties.
Property Managers usually manage more than one apartment complex. They will oversee policies and procedures for all tenants and their maintenance issues. This includes addressing emergency repairs, collecting late rent payments, repairing dilapidated apartments, and scheduling periodic general maintenance. Property Managers may also handle late rent applications and collections, interviewing tenants for rental units, maintaining inventory, collecting rents paid by tenants from outside landlords. In many cases, they will also be involved in negotiating agreements with external landlords on behalf of the landlord.
It is important to remember that property maintenance is only part of what property managers do. Property managers can also coordinate and supervise the replacement of tenants, decorate and make improvements in common areas, review security and safety policies, and review building procedures. They will also coordinate and perform inspections of common areas and apartment units and assist owners who wish to sell their rental companies. They are also responsible for collecting late rent payments from tenants.
Property Maintenance is not the only responsibility of property managers. They will also coordinate and supervise repairs of landscaping and sidewalks and make necessary changes in policies and procedures for maintaining building entrances and exits. They will conduct routine maintenance and clean-up and inspect elevators, hallways, parking lots, and any other complex area that requires attention. They will also take inventory of contents in each apartment unit and inform tenants if there is damage or need of repairs.
In addition to providing maintenance duties, property managers must also ensure that tenants comply with the community’s building codes. This includes inspecting ventilation systems and air conditioning units to make sure they are in proper working order. They may also be called upon to check windows and doors to ensure they are in unacceptable condition. In addition, they are responsible for collecting late fees and addressing any complaints of tenants about such matters.
Finally, property managers must maintain and collect appropriate housing insurance. The insurance protects rental property owners from unexpected issues such as robbery, fire, or smoke damage, which could cause substantial injuries or even death to renters. Many property managers provide security deposits to tenants to help defray the expense of replacing expensive items in the case of a catastrophe. Property owners should ensure they collect adequate housing insurance from tenants to protect their investment.
The role of a residential property management company (RPMC) is similar to that of a property management firm. The difference lies in the level of interaction and authority a residential property manager has as a landlord. Property managers can end up being more involved in managing their property than landlords, especially when it comes to screening tenants and collecting late rent payments or security deposits. In addition, some property managers allow their tenants to rent furniture and other items regularly.
Both residential and commercial property managers need to be adequately compensated for their services. For example, in commercial real estate leases, property managers need to be paid for the time it takes them to perform various tasks, including screening tenants, collecting rent, and addressing any tenant problems. In residential real estate, property managers need to be compensated for all the costs associated with collecting late payments and addressing issues with tenants. In both cases, compensation amounts to a percentage of the gross receipts of the company. For landlords, compensation is usually based on the rate of their gross receipts.