A property manager oversees all aspects of managing a property for a landlord and will manage many of the aspects of maintaining the property as well as communicating with its tenants to ensure your profits are maximized. A property manager has many duties and responsibilities and will perform the following functions that include:
Setting your rental amount
Property managers usually have the expertise to assist you in setting your rental prices to meet market-related rental prices and make adjustments where necessary.
They assist in advertising your property
A property manager assists you with advertising your property not just with standard advertising methods but will also help to generate leads through other avenues such as social media and other property listing services to make your property more visible to potential buyers.
Screening of potential tenants
A property manager will screen potential tenants by checking their payment history and if they have the necessary credentials to be able to pay their rent reliably and on time.
Help to protect you from housing complaints
Property managers can help to protect you from housing discrimination lawsuits as they have the requisite knowledge about the different property legislation applicable to your city.
Access to an emergency cash fund
Most property managers will have access to an emergency cash fund for emergency repairs that will inevitably occur from time to time.
Help you to keep track of all income and expenditures
Keeping tabs on all your income and expenditures is important to be able to assess your financial position at all times. An experienced property manager will be able to assist you with this important task.
Property checks
Property managers will assist you with property checks either twice a year or every quarter to ensure that potentially hazardous items like smoke detectors function properly.
Will communicate with tenants directly
Property managers will often deal directly with tenants to resolve complaints, as well as manage the leasing and eviction process.
Help to advertise vacant properties
Vacant units mean reducing your income earning potential. A property manager will help to improve the condition of vacant lots to make them more appealing to prospective tenants.
Expertise in advertising vacant properties/ property units
They have the knowledge and skills to decide which vacancy to advertise at the right time to maximise the potential of it being secured for purchase or to let prospective tenants. They specialise in securing as many successful tenants as possible to maximize revenue potential.
They will help you to draw up a lease agreement
The drawing up of a property lease agreement can be a complex task as it has to list and describe the agreement between the landlord and the tenant in specific detail.
Adjust rental prices accordingly
Rental prices will have to be adjusted to accommodate rental inflation each year. The property manager will adjust the rental amount each year to accommodate the cost of inflation. They will also ensure that rent that is due by tenants is paid on time and they will oversee the collections process of any rental amounts that are overdue.
Oversee on-site personnel
A property manager will oversee that on-site personnel such as doorkeepers, security guards, housekeepers, and valet services are performing their job functions to the required standards.
Makes sure that the property meets the legal standards
Property managers will ensure that properties are legally compliant and adhere to the applicable property and council laws.
Submit your tax returns for you
A property manager will assist you with filing your tax returns if you as a landlord lack the time to do so.
How much do property managers charge for their services?
Property managers can charge up to 15% of the monthly rental amount, this could be higher or lower in certain districts but can be open to negotiation if the length of the lease is particularly long.
What is the difference between a property agent and a property manager?
A real estate agent will primarily manage the purchase or sale of a property with their services ending at that point. A real estate agent will help to maximize your profit earning potential as a landlord and will assist you in securing a suitable price if you are a buyer. Their main focus is related to the transaction of the purchase or sale of a property whereas a property manager will assist you with property-related functions from the purchase or sale onwards. They will assist you and guide you on best practices to ensure your investments yield the return it should.
Must a property manager be registered in the Uk?
All property managers must be registered with either the Property Ombudsman or the Property Redress Scheme.
Can you be a property manager yourself?
It is possible to self-manage your own property but this will, of course, come with its own set of advantages and disadvantages.
Advantages of self-managing your property include:
- You’ll have complete control over and are the main decision-maker with regard to your property.
- You save on management costs by not having to pay a monthly management fee to a property manager.
- The opportunity to expand on your property knowledge.
- Managing all aspects of your property yourself will give you valuable experience in all aspects of your property management equipping you with the skills and knowledge to grow your portfolio.
Disadvantages include:
- Having to deal with complaints and other tenants issue yourself which can be frustrating at times as well as time-consuming.
- You’ll have to handle the collection and evictions process yourself and manage the administration, maintenance, and rental collection yourself which can be demanding on your time and abilities.
- A property manager will add value to your day by performing many functions and duties. They will ensure your property is well-kept, well-managed and will aim to increase your revenue streams by ensuring that there are minimal vacancies left open to let or buy.
Visit this link: www.moveinnestates.co.uk if you are looking at buying or selling your property and need the expertise of experienced sales and letting agents to help guide you through the process.
