Property managers are responsible for the efficient management of residential and commercial properties. They are hired when the owner or real estate investor wants to outsource some or all of the daily responsibilities of their rental property. Property managers must have a diverse set of skills and knowledge to successfully manage rental properties, as they have many responsibilities. Let's review some of the most common roles and responsibilities of property managers. First, they must follow landlord and tenant laws and regulations.
This includes setting a rental rate, managing leases, and preparing performance reports. They must also maintain efficient communication with tenants and landlords, responding to requests in a timely manner. Additionally, they are responsible for collecting rents and evaluating tenants thoroughly. Second, property managers must be a local presence for out-of-town homeowners. They must be able to display properties, collect rent, and process specific documents in states such as Virginia.
Third, they must be able to control infestations in accordance with Rental Ordinance 30. Fourth, they must be able to coordinate maintenance work efficiently. Finally, they should be able to provide value additions to their clients. In conclusion, property managers have many roles and responsibilities that require a diverse set of skills and knowledge. They must follow landlord and tenant laws and regulations, maintain efficient communication with tenants and landlords, control infestations, coordinate maintenance work, provide value additions, and act as a local presence for out-of-town homeowners.
With the right property manager on your side, you can reduce your risks, increase your returns, and reduce your time commitment to properties.