Property management is the daily oversight of residential,commercial,or industrial real estate by a third-party contractor. The leading property management company in uganda is Sparta properties limited, we offer this service at a friendly rate or percentage commission. We manage both commercial and residential properties. On property management We take on the Mantle of rent collections, garbage,repairs of the property, taxes on behalf of the Landlord/lady.
10 Common Property Manager Responsibilities
by Joseph kiggundu
july 03, 2023
What Does a property management company Do?
Generally, a property management company is hired when the land lord or real estate investor wants to outsource some or all of the daily responsibilities of their rental property. Property management agency responsibilities can,indeed,include a few basic tasks or you might be responsible for the entire operations at the property. We list below 10 common property management company responsibilities.
*1-Finding New Tenants.
Property management company responsibilities usually include tenant management. This is the main responsibility of the landlord/ladies and many are happy to outsource this to property managers. Tenant management often includes finding and attracting tenants. Residential property managers.
Marketing a rental property, therefore is part of the job description. They will need to advertise the rentals and post compelling ads to relevant listing sites and other places for advertising rentals.
*2-Tenant screening.
Property management responsibilities also include making sure that new prospective tenants are trustworthy. Here,professional property managers often have a specific tenant credit history and backgrounds. The good thing here is that the more people they screen over time, the better and faster they can pick the right tenants and aviod frequent tenant turnover.
*3-Handling complaints.
Maintenance and handling complaints are also common property management responsibilities.For instance,if someone is having frequent parties at the property and neighbours complain about it, it will likely be the property management company to handle the emergency situations, so you they will have to be aware of the precautions taken at the property.
*4-Coordinating Tenant Turnover.
Property management company responsibilities include the coordination of tenant turnover. Infact,property managers are the ones who need to coordinate when people move in and out. Property management companies will need to check the rental spaces after previous tenants for damages,organise cleaning, and fix any damages before new tenants move in.
In some cases where tenants cause problems, the property management companies handles the evictions. This means they should know the landlord-tenants laws as well as have the courage to handle the situation comfidently.
*5-Setting, collecting and Adjusting Rent fees.
Collecting rent fee is a basic responsbilities of any Landlord. Property managers responsibilities, therefore can also include lease management as this task landlords gladly outsource to property management companies. The property managers will also usually define and set up systems for collecting rent fee from tenants. They will often have to include strict deadlines and penalties for late payments, and a method to check all rent fees have been paid as agreed.
The property management company is not only in charge of collecting rent fees but is also usually responsible for setting a rental rate. This requires that they actually know the market. A property management company must Adjust the rents in a way that attracts tenants but also generates rental income for the owners. Likewise, the property management company can also increase or lower rent annually based on the developments in the real estate market.
*6-Property maintenance.
Property management company responsbilities also include property maintenance. This will ensure the property stays in a good condition and is a safe environment for the tenants. Maintenance means investigating and resolving tenants complaints and enforcing rules of occupancy.They will also check all the vacant appartments and maintenance and renovate them as needed or coordinante the work of contractors. Do note that in slam locations, basic maintenance can even include garbages services.
*7-Securing the property.
Property management company responsiblities often go beyond basic maintenance at the rental property.They also need to secure the property by either contracting security guards or maintaining proper security devices or both. Their role will also include setting up policies and procedures that the company knows that the more secure the propert is the more sense of security the tenants feel, this improves tenant retentions.
*8-Overall supervision.
The responsiblities of the property management companies and there role can often be alot more than meets the eye. Yes property manager responsibilities do include,the more visble day to day errands and services,but in the background,they can,infact,run the entire show. That is if the real estate investor wants to utilise the all spectrum of the property management support available out there. Property managers can be requested to carryout all the analysis,planning and management of the property. To this end, they need a wide set of management skills and the knowledge of the real estate domain.
If there are other employees working with the rental property,for instance, security guards,property manager duties include supervising the work. This includes setting there salaries and evaluating there performance.Property managers will also supervise there potential and contractors at the property.
*9-Financial management.
For a residential property manager,financial management starts from analysing and establishing the rental rates,calculating costs ,depreciation and taxes as well as determining realistic profit goals and budget to achieve them. On the top of planning,a property manager is also expected to accomplish financial objectives. To this end,they will correct rent and pay invoices,monitor variances, and take corrective advances to take the budget back on track.
*10-keeping up to date and enforcing landlord-tenants laws.
Professional property managers must have indepth knowledge of local landlord-tenants laws in terms of screening tenants,handling security deposits,lease terminations and evictions,as well as compliance with property safety standards. They have to enforce these and all the policies laid out in the lease contractors. This can also include comfronting potential violators.
Finally.
We hope this list of common property manager responsibilities laid before you will help you better understand the expected role of the contracted property management company. As probably noticed,property manager responsibilities can include only a few essentials tasks or include entire management of the rental property. It is safe to say that property managers need to acquire various skills and knowledge for managing a property successfully. Sparta properties covers tipps and information for beginners who wish to start property management career.