They’re often seen as the front-end of the property industry, it’s safe to say that most people are familiar with the day to day roles of a property manager. But what about the actual job of a property manager? What is a property manager, and what does a property manager do?
What is a property manager?
Well let me put it this way, a property manager is essentially the bread and butter of the property industry. Without the support and work of a property manager, the industry would essentially not be running as smoothly as it is now, and that’s an understatement. Property managers are vital in making sure that a property can hold or increase its value, they have a wide range of responsibilities. Property managers also collect service charges from the leaseholders in accordance with the terms of lease. Service charges include management fees which is the fee for the service.
What does a property manager do?
Property managers manage a property in accordance with the terms of the lease and the statutory requirements on behalf of their client. They also wear many hats as property managers require the knowledge of landlord and tenant law, health and safety, accounting, construction and so much more.
Professional management comes with many benefits and the services that are being provided by a property manager is covered within a managing agreement. Property management duties are based on a contract rather than legislation and the marketing agreement, covers the duties a client has asked a property manager to carry out.
Who appoints a property manager?
A property manager is appointed by a person or company who has the legal responsibility to see the delivery of services of the landlord under the terms of lease. Owners of a flat can get management responsibilities by freehold of a building. Freeholding is where the owner of the land doesn’t have a time limit to their period of ownership.
Property management agent responsibilities
A property manager may provide a wide variety of duties, such as:
- Being responsible for managing rent – Collecting rent is a major responsibility of a landlord. This means that it’s one of the most common jobs a landlord would pass to a property manager to carry out. The rent responsibilities of a property manager may include:
- Setting the rent – A property manager would set the correct rent level to attract potential tenants to the property. In order to determine the right range of rent, the property manager would look at the market where the property located and compare it to other properties in the same area.
- Collecting the rent – The property manager will then set up a system of collecting the rent. In order to maintain optimal cash flow, they’ll set a date to collect rent each month and may enforce late fees.
- Adjusting the rent – The property manager is then able to increase the rent each year, they’re also able to decrease it when necessary.
- Maintenance and repair roles –The property manager must keep the property in safe and habitable manner. They’re responsible for the physical management of the property which includes emergency and regular repairs. An example, however, could be damage to windows. This would depend on the terms of a lease as almost every drafted lease sets out respective obligations of the leaseholder and landlord to repair various parts of a building.
- Financial services – the property manager may be responsible for a wider range of financial matter for the owner of the property such as general accounting.
How to find the right property manager
The first thing to consider when approaching a property manager would be to discuss how many properties they’re managing. You could then learn more about the business by asking questions such as if they currently own rental properties themselves.
Or better yet, come to us. Here at LevelUp, we’re looking to challenge and modernize traditional methods of management by ensuring we’re readily available to respond to residents. We believe we’re the most contactable property managers around (how’s that for confidence?). We’ve got you covered, we’re experienced in assisting leaseholders, right to manage and resident’s management companies in changing property management. We’re also a friendly bunch! We enjoy visiting residents and the communities that surround them. We also host informal events to bring residents together! If you’re looking for a reliable property manager, please feel free to contact us for further information at firstname.lastname@example.org.