Collecting rent is a basic responsibility of any landlord. Therefore, it is one of the most common jobs a landlord will pass on to a property manager. A property manager's rent responsibilities could include:
Setting Rent:The property manager would set the correct rent level to attract tenants to your property. To determine the rent range, the property manager will look the market where the property is located and analyze comparable properties in the area.
Collecting rent:The property manager will set up a system for collecting rent from tenants. To ensure optimal cash flow they will set a date to collect rent each month and strictly enforcing late fees.
Adjusting Rent: The property manager can increase the rent each year, according to individual state and/or municipal law. They can also decrease the rent if they feel it is necessary.
Maintenance and Repairs Roles
The property manager must keep the property in safe and habitable condition. Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
Property Maintenance: This includes performing preventative property maintenance to keep the property functioning in top condition. For example, they are personally in charge of, or must hire someone to, exterminate, check for leaks, landscape, shovel snow and remove trash. This maintenance aims to keep current tenants happy and attract new tenants.
Repairs: When there is an issue, the property manager must fix the problem or hire someone else to do it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.
Knowledge of Landlord-Tenant Law
Good property managers have an in-depth knowledge of statewide and national laws regarding the proper ways to:
Screen a Tenant
Handle Security Deposits
Terminate a Lease
Evict a Tenant
Comply With Property Safety Standards
Other Employees: If there are other employees in the property, such as a concierge or security personnel, the property manager is responsible for making sure they are doing their job. The property manager can set their salaries and even fire them.
Vacant Properties: Property managers are often hired to look after vacant properties to make sure there has been no vandalism and to perform routine maintenance. They also make sure contractors and other repairmen are completing their work in a timely manner.
Responsible for Managing the Budget/Maintaining Records
Property managers can be responsible for maniging budget for the building and for maintaining all important records.
Managing Budget:The manager must operate within the set budget for the building. In certain emergency situations when the occupants (tenants) or physical structure (investment property) are in danger, they may use their judgment to order repairs or likewise without concern for the budget.
Maintaining Records: The property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.
You own a property on the Canary Islands...
And you consider selling or renting out your property...