The role of a property manager makes life easy for landlords and property owners. From finding tenants to collecting rents and ensuring proper maintenance, property managers take care of all the difficult tasks associated with managing a property. Here are some of the responsibilities of a property manager:
Screening and Approving Tenants
One of the most critical roles of a property manager is to screen the tenants that have applied for tenancy. With enough manpower, they’re able to find the best tenants for landlords’ rental units quite easily. Typically, property managers conduct thorough background checks to ensure that the person will be able to pay rent on time.
On top of that, they possess an in-depth understanding of laws related to rentals, including the Fair Housing Act (FHA). Hence, they're better able to avoid discrimination when screening tenants, thereby reducing the chances of lawsuits.
If you’re a landlord, a property manager can provide you with responsible tenants who pay their rent on time, take care of your property, intend to stay longer, and don’t trouble you.
Determining a Reasonable Rent
A property manager understands that the ideal rent price shouldn't just be something tenants can afford but also be profitable for the landlord. Equipped with immense market data, they are well aware of the average rent prices in and around the area, and they consider the property's desirable features and amenities to determine the best rent amount for your property.
Collecting the Rent
Rent collection is among the biggest concerns of a landlord. We often hear landlords complaining about defaulting tenants or late rent payments. Property managers alleviate this stress by collecting the rent on behalf of the landlords. Their policy for collecting rent relies on the most efficient collection methods that may include online payments. They’ll normally fix a collection date and impose hefty penalties for late payments.
Managing the Property
Keeping a vacant property habitable can be a big hassle. If you fail to ensure proper maintenance, no one will want to occupy it. Whether you own residential properties such as multi-family residential or commercial properties such as shopping centers, a property management company will take full responsibility for the maintenance job. They'll take care of both emergency repairs and regular maintenance, so your property remains in the best condition.
Handling Tenant Turnover
Another critical responsibility of property managers is to coordinate tenant turnover. They’re the ones who’ll inspect the apartments for damages, make any repairs, and render cleaning when people move in and out of them. Depending on the type of people you’re dealing with, evictions can be stressful. Not only do property managers have experience dealing with problematic clients, but they're also able to handle the situation more confidently with their clear understanding of landlord-tenant laws.
Managing the Budget
Finally, property management companies also manage the budget for the apartment buildings and their record maintenance. Your property manager will only operate within the budget you have set for your property. The only case when they may need to order repairs without concern for the budget is an emergency situation when the tenants or the property itself is in danger.
Property Managers In New York
We hope the aforementioned points helped you understand the responsibilities of a property manager. Whether you’re an apartment building owner or a commercial property owner, Milbrook Properties Ltd. can take care of all the property management obligations stated above. To learn more about our property management services, call our team at (516) 869-1240 today!