Property Manager Needs To Know

by Mary Anne Ragragio


Posted on 2019-09-16 20:17:01


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One thing common to all property managers is a great attitude. Is it a kind of profession that interacts with a lot of people. And being optimistic is necessary to help deal with any problem that might come along the way. Their exact responsibility depends on what type of property they will manage and the terms of the management contract. They take care of the vacant properties ensuring the sites are secured and tidy.

 

Principal responsibilities:

  • Marketing. Keep properties occupied with qualified tenants through advertising and showing the property to prospective tenants.
  • Owner relation. Keep the owner updated about the property’s physical condition, financial issue, vacancies, and tenant issues.
  • Tenant relation. Select qualified tenants, resolve tenant issues, implement terms of the rental agreement.
  • Records. Keep financial records of property operation and create monthly financial reports to the property owner. Develop and document property rules and policies.
  • Facilities and maintenance. Schedule regular inspection of the property to ensure its good condition, schedule maintenance and repair issues, resolves emergency and maintenance issues.

 

Posting for rent signs – Outdoor signage rentals are a great short-term advertisement option that helps you with your marketing campaign. People who are already living or working in the surrounding area probably had seen the signage whenever they pass by on where your property is located, and so there is a higher chance of finding a long-term tenant because they will prefer to live nearby or on the same location. But there are also other ways to advertise your vacancy, and here are some suggestions:

  • Social Media
  • Flyers
  • Advertise on a local newspaper
  • Word of mouth
  • For rent signs

 

Rent Collection- Communication is important in all aspects of being a property manager especially when it comes to rental payments. Ensure your tenants that they are entirely clear about when the rent is due. Some examples of collecting rent payments are:

  • Online payments
  • Collect rent by mail
  • Collect rent in person
  • Drop-off payment to the office location

 

Why Tenant screening is important

Tenant screening is a procedure used by landlords or property managers to assess prospective tenants. It will help the landlord or property manager to make a confident decision to whom to approve and whom to deny. Tenant screening is not just about having a good credit score standing, but its more about determining the ability of the tenant to pay the rent. It is important that the tenant has a steady income or proof of funds for the entire term of the lease. The information you will be able to collect will depend on the type of package level you will purchase. Some of the information is the following:

  • Credit score
  • Financial information
  • Credit report information
  • Criminal record
  • Credit history
  • Employment history
  • Eviction history

 

Managing tenant

Managing tenant is one of the most important responsibilities of a Property Manager. It is important to be professional and organized, and this will help you build a good relationship with them. Try to get your tenants on your side. And when you build a good relationship with your tenant, it is more likely that they will comply with your rules. Responding to their call or email immediately will help them know that you care about their concern. But dealing with the difficult tenant is one of the most problems landlords and property managers could experience. Evicting tenants is the last resort. Unfortunately, it is not easy to just force a tenant out of the property without going through the evicting process. It is challenging to find a good tenant but absolutely necessary. Management should ensure that all procedures comply with relevant laws.

 

 

 

 

 


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