You may have heard of Property managers before but have no idea what they actually do. A property manager is hired to handle all of the daily operations involved with real estate investments and manage a variety of different properties from large apartment complexes to small family homes. The responsibilities that a property manager provides depends mainly on the terms set in their management contract but these responsibilities may include the following:
Responsible for Tenants
- Finding Tenants- Property managers should know where to advertise in Orlando and what to include in their advertisements in order to get the right tenants
- Screening Tenants- One of the most extensive steps that they have to do is finding the right tenant for the property. This generally includes running credit and background checks.
- Handling Complaints and Emergencies- They are in charge of handling any noise complaints, maintenance requests, emergency situations and more.
- Handling Move Outs- When a tenant moves out, it is a property manager’s responsibility to inspect the unit to check for damages which will ultimately determine the amount of the security deposit that the tenant will get back. When the tenant moves out the property manager is responsible for fixing any damages made and cleaning the property.
- Dealing with Evictions- A property manager needs to be firm when evicting a tenant. Reasons for an eviction are the refusal to pay rent and/or violates the terms and conditions.
- Handling Leases – A property manager is in charge of deciding the length of a tenant’s lease which also includes the amount needed for the security deposit.
Responsibilities for Rent
- Setting Rent- A good property manager in Orlando will know how to attract the right tenants by setting the correct rent level. They do this by looking at comparable properties in the area and studying the market of where the property is located.
- Collecting Rent- For this role, it is vital that the property manager is enforceful. They need to ensure that the tenants are paying rent on time based on the date that they have been given.
- Adjusting Rent- A property manager has the power to either increase or decrease a tenant’s rate based on the length of time that a tenant has lived in a property if they deem necessary.
Responsible for Managing the Budget/Maintaining Record
- Managing Budget- The property manager is given a set budget that they need to stay in.
- Maintaining Recordings- Records should be kept of the property including incomes, expenses, signed leases, complaints, all inspections done, maintenance requests, and more.
Responsible for Taxes
- Property managers help the property owner understand how to file the investment property taxes. They can also file the taxes for the property.
Responsible for Maintenance and Repairs
- Maintenance- A property manager must ensure that the property is in top condition by keeping up with maintenance requests.
- Repairs- If there is an issue that occurs, it is the property manager’s responsibility to either hire someone to fix it or fix it themselves.
It is extremely important to hire a good property manager in Orlando to ensure that your property is fully taken care of. Hire one today so that you can have peace of mind knowing that your property is in good hands.
