Property Management: Definition and Responsibilities
When a person owns a property but they don’t have the experience or time to handle the business-related tasks that come with it, they can choose to hire a property manager. A property manager is a middle man between the property owner and the renters.
They are responsible for many tasks which include the upkeep of the property. If you want to get into the professional, you have to know what it entails and the responsibilities you are going to have.
The article is going to explain what property management is, the property management license, and the many duties that property managers have to face daily.
What is Property Management?
This is the process of overseeing and managing commercial and residential properties. This is going to include taking care of daily operations for a property like handling maintenance, collecting rent, handling tenant complaints, etc. the responsibilities the property manager is going to have is going to be determined by the contract they have with the property landlord.
A landlord from Wimbledon can choose to hire a Wimbledon estate agent who is going to perform property management tasks. The agent can be tasked with handling all business operations for that property.
What is a Property Management License?
If you want to become a property manager, you will have to get a real estate broker’s license or property management license to have a career in the profession. This license is important because it allows you to work in real estate and perform the functions of property management. The license is going to vary depending on where you live and work.
Getting such a license is also good because it gives you credibility in this field.
You can get a property management license from government agencies or real estate boards. Some of the requirements you have to meet before getting the license are being at least 18 years and having a high school diploma. There are companies that prefer those with a bachelor’s degree in real estate, business, or related field.
What is a Property Management Firm?
This is an office where property managers work. An owner can hire someone to help them maintain their property when they don’t have the experience, time, or capability to do it themselves. There are many property management companies across the country offering similar services.
Responsibilities of Property Management
The responsibilities that a property manager is going to have is going to depend on what has been outlined in the contract between them and the owner. There are landlords who hire property managers to just collect rent, but some may want to hire a property manager who is going to help them handle every aspect of the property. Below are some common responsibilities:
- Understand landlord-tenant regulations and laws
- Market properties
- Handle repairs and maintenance requests
- Manage rent
- Manage the budget
- Supervise other employees
- Handles taxes
Laws and Regulations
If you want to be a great property manager, it is important to know landlord-tenant laws both locally and nationally. These are things like knowing how to screen tenants, evicting tenants, ending a lease, etc. You will be a better manager by having a deep knowledge of the regulations.
Repairs and Maintenance Requests
The property manager is tasked with ensuring the property is kept up and in a good condition. The property manager is going to deal with maintenance requests in a timely manner to make sure the property is safe and habitable. This involves handling things like extermination, water leaks, trash removal, etc.