Property managers are real estate professionals who are responsible for managing the day-to-day requirements of residential and commercial property rentals on behalf of the owner or landlord. The role of a property manager is more than collecting rent. Normally, managers of properties are hired by landlords to oversee everything from fielding maintenance requests to showing vacant properties, to keeping track of landlord-tenant laws and regulations. So, what is a property manager? Read on to find out.
What Is A Property Manager In Real Estate?
A property manager is tasked with the operational management of a property for an owner. This real estate professional is responsible for the day-to-day tasks and administrative duties as the delegated authority for a landlord or lessor. This means the property manager is generally the main point of contact for a tenant, or a prospective tenant.
In commercial real estate, where there may be multiple tenants or owners of a large or mult-level building, the role of a property manager may be undertaken by a property management company. These property managers are experts in in commercial property administration, operations and maintenance.
If you own a property and are considering the pros and cons of hiring a property manager, it is worth assessing the time, skills and effort required to manage a property effectively. Professionals can save significant time, effort and money for owners, as they can handle both planned and unscheduled maintenance and administration, as well as the necessary financial transactions. Having a third-party property manager also provides a level of independence and reassurance for some tenants. Professional real estate managers can collect rent, handle any/all complaints, ensure the building is operating well, and often have a range of contacts for any repairs or jobs required. In the unfortunate event that a tenant is failing to pay their rent, property managers can handle the process of rent collection and, if necessary, take the steps to arrange their eviction.
What Is The Job Description of a Property Manager?
A property manager, sometimes called a real estate manager, has a broad range of responsibilities. The job description of a property manager is broad, including being responsible for the effective oversight of the property, to ensure it is kept in good condition for both the tenants and the owner.
The property manager job description could include financial, administrative and operational tasks. These include:
- Rent collection: Property managers collect the rent from tenants in line with the rental agreement. Often these funds are paid into the property management company trust account, then sent to the owner. They are also responsible for chasing up late rent payments.
- Maintenance or repairs: Real estate professionals have a network of contacts to call in the event of an emergency or for scheduled maintenance. These services could range from plumbers and electricians to security, or even professional services. They are the point of contact between the tenant and the owner. Depending on the rental agreement, they may be empowered to authorise urgent repairs.
- Liaising with the tenant: Property managers communicate with tenants to provide updates about the building, and also to conduct inspections as necessary.
The Real Estate Institute of Queensland, the peak body for property professionals in the state, advises that a property manager's job description could also include personality traits. They advise that excellent time management skills are essential, as well as a positive attitude and being adaptable to changing technologies and the broader industry. Being professional, detail-focused, flexible and a good team player is also important, according to the REIQ.
What Is The Cost of Hiring a Property Manager?
The cost of hiring a property manager is not fixed. It will depend on where you are, what services you require, and the property that is being managed. Often property managers charge an ongoing fee plus additional payments for any expenses, or a percentage of the a buildings total income received.
When determining what property management company to engage, it is worth considering the range of services included in their contract. Other factors are important too. Being local, such as a Brisbane agency managing inner-city Brisbane buildings, is a benefit to both the tenant and the owner as they can have a direct relationship with the property.