If you’re an investor, a landlord or a rental property owner, then one of your goals would be to maximize the revenue-making potential of your property. However, the responsibilities that come with owning and managing a property is never an easy task. With your busy schedule mixed with the demands of the job and the problems that arise every now and then, hiring a helping hand can get the job done.
A Property Manager is just what you need to care for, grow and maintain your property as well as your sanity. By hiring the right Property Managers Perth for the job, you get to clear critical tasks out of your hand but still get the peace of mind knowing you left your property to someone capable of handling the tasks well and within the schedule.
Duties and responsibilities that a property manager can handle.
Take Care Of Rent Issues
Renting a property to others can mean you’ll have to deal with rent issues every once in a while. The following are the common problems encountered.
- Setting the correct rental price. One can’t just guess the right amount of rental fees you’ll be charging your tenants. One needs to consider many things such as the neighborhood the property is at, the number of rooms, the type of construction, amenities that are near or surrounds the property, etc. By researching the market, your manager can determine the right rent and set the price, but of course, with your approval.
- Adjusting the rental price. You may need to adjust the yearly rent depending on the state laws. If necessary, they can increase or decrease the rent if needed.
- Collecting rent. Your manager is also responsible for collecting your tenant’s monthly rents, enforcing late fees and issuing receipts.
Good Read: 4 Ways to Value a Real Estate Rental Property
Advertise Your Assets
Before you can find tenants, one needs to check the market first and then put your property out to entice the right individuals to occupy your vacant slots. Aside from offline advertisements, they can put your property online, advertise your rental assets and make your property desirable to the right audience.
Find And Screen Tenants
Another task they need to fulfill is to find suitable tenants. If you think filling vacancies in your rental is easy, think again. If you wish the best for business, you’d want to make sure your property and other tenants are safe. You can’t just accept any application that wishes to occupy your property. One needs to run background checks to make sure they are decent people to add in your list, and also a credit check to ensure they are good payers and capable of paying their monthly obligations.
Setting And Securing Lease
After screening the applicants, the next phase is to secure the lease and make sure the new tenants knows and understands the clauses of the contract before signing and moving in. Your manager needs to have extensive knowledge and understanding of the landlord-tenant law to make sure each party is protected. This is also the time when your manager determines the security deposit, so you’ll have protection in case any untoward incident happens during their stay.
Deal With Move Outs
Whenever a tenant wishes to move out of the property, your manager is to inspect their respective units, take note of the damages that need repair, and determine the amount of security deposit the said tenant can collect after inspection. After settling everything and moving out is complete, they will take care of the repairs and maintenance issues, have the place cleaned and find a new tenant who will occupy the unit.
Take Care Of Complaints, Evictions, And Emergencies
Property managers are the go-to person of tenants whenever they have complaints such as a noisy neighbor and in cases of emergencies. They will need to check and handle the issue. If there is a need to evict a tenant due to unpaid dues, damaged properties or any violations on the signed lease, they will take care of it and have the place ready again for occupancy.
Maintain The Property
Another task one can delegate to the manager of your property would be to ensure repair and maintenance. They can assign your maintenance staff daily, weekly and even monthly cleaning duties, inspect the place for parts that need repair and call in experts for maintenance. For example, a tenant complained of leaks or a clogged toilet, they only need to call your manager and he, in turn, will find a reliable plumber to work on the issue.
Pay Taxes And Other Fees
They will ensure you understand your tax duties, you don’t miss any tax payments and all your bills and other fees, and you file taxes on time. While you may need to hire a certified accountant to do your accounting taxes for you, this can still be part of their job description.
Good Read: Tips on Rental Real Estate Income, Deductions and Recordkeeping
Record Organization
Your rental property will have tons of records that are important, and you’ll need someone to store and organize them for future use. The can be tenant records, contracts and financial records which you will need and come in handy in the future.
Budget Management
You can assign your manager the task of managing your property’s budget management since he or she is the one who knows what happens when, what fees are due when, how much money needs to go to where, etc. This will also give them the power to make necessary decisions in times of money emergencies.
Supervise General Operations
The person you will pick will also oversee general operations. This means your property employees can rely on your manager to make decisions on your behalf. They can supervise and delegate tasks to your maintenance team and other employees, making sure of the smooth flow of operations.
These are the 11 tasks you can give to your future manager once you found the right one for your property. By assigning a reliable individual to take care of such obligations on your behalf, you can focus on other important things without taking your rental property for granted.
