The property manager is a specialist and expert in the management of real estate.
He may as well be required to manage the real estate portfolio of his clients as to act as co-ownership manager. It is advisable to study for several years to become a property manager.
However, if you are an investor or you own multiple properties, you probably won’t have enough time to tend to all of them, that is why hiring a property manager can save you both time and money.
Property Manager: Role and Missions
The property manager is a professional responsible for real estate on behalf of his clients. He can be self-employed or an employee in a company. He essentially have two roles, two functions:
- Manage the real estate assets of an individual or a company, and defend their interests.
- Manage a condominium.
In the first case, He will takes care of organizing the visits, presenting to his clients the best candidates for rental, collecting the rents, charges and accounting, taking care of the property, tend to the tenants of the property, etc.
When the property manager plays the role of co-ownership trustee, his mission is to:
- Manage the finances and administration of the co-ownership on a daily basis.
- Find the best service providers to carry out the work.
- Recruit the staff of a condominium: guards, maintenance officers, etc.
- Collect the co-ownership charges from each of the co-owners.
- Convene and direct general meetings of co-owners.
- Settle disputes and tensions between the co-owners.
The skillset of a good Property Manager.
The job of real estate manager requires very good legal and social skills. Technical skills are also necessary.
The building manager must be available and mobile. He may have to intervene outside of traditional office hours (in the event of a co-ownership problem, for example, or to organize a visit to a property).
When taking on the role of a condo trustee, the property manager must be able to demonstrate diplomacy and education in order to settle disputes. Strong listening skills are required.
All in all, becoming a property manager requires a lot of theoretical knowledge, but also and above all practical skills. Among these skills are the following:
A good property manager should be able to keep a close eye on rent and make sure to collect it on time, keep the record of every payment, be strict when the rent is due, and show great capabilities to adjust the rent as required.
Maintenance and Repairs of Properties
One of the most important skills a property manager should have is the ability to distinguish between the properties and tend to each on accordingly.
Therefore, a skilled property manager should inspect the property frequently and use their knowledge to inspect or predict issues that can affect a certain property either commercial or residential.
With this in mind, it comes naturally to a property manager to perform seasonal inspections and maintenance and take certain measures to prepare for the next season.
When potential damage is observed, a property manager should be able to repair it or hire someone who would do the job perfectly while making sure safety precautions are taken.
In order to address all these issue and responsibilities, a property manager should have a vast network of people.
The latter plays a huge role in the smooth operation of everything related to the property.
Either a company or an individual, a property manager’s network in acquiring a team composed of all human resources to tend to any kind of property difficulties.
Management of Residents.
As an investor, your top priority is keep your tenants satisfied and happy. Hiring a good property manager with good skills can contribute greatly affecting your business both in a good or bad way.
If you are hiring a property management, they will make sure to assign the right person for your type of property. They have both the experience and the knowledge of their employees.
A property manager will be able to show new prospects around, interview them and decide if they are suitable for the property, handle evictions, make sure to collect monthly or quarterly fees from the residents and execute leases.
Hiring a property manager in Fairfield County Connecticut USA or anywhere around the country will give you better management over your property and keep everything in check.
You have to make sure to hire someone you can trust and for this reason, we recommend that you deal with a company rather than an individual.