It’s important to know the property manager job description to see what they are responsible for. This way, when you choose to hire a property management company in The Woodlands, you will know what they are going to do for you.
Who is a Property Manager?
A property manager is a third party, often employed by a property management company. They will handle the day-to-day responsibilities of a real estate investment. They can manage anything from townhomes to single-family homes all the way to large apartment complexes.
You can choose to negotiate what the property manager will do. They will inspect your property and do everything that needs to be done, allowing you to simply focus on obtaining the rent.
A property manager job description will change based on the specific terms of a contract. However, you can come to rely on them to perform a number of responsibilities that will make it easier to have investment properties throughout North Houston.
They will be responsible for:
- Managing tenants.
- Maintenance and repairs.
- Landlord-tenant law.
- Managing the budget.
- Paying taxes.
What you actually ask a property manager could be more or less than this.
Part of the property manager job description is to understand the real estate market. They will be able to help you set a rent that will attract tenants and be reasonable in comparison to other properties that are similar in nature.
Additionally, the property manager will collect the rent and ensure that it is collected in a timely fashion. When necessary, they will enforce late fees or put eviction plans into motion if a tenant has failed to pay rent for several months in a row.
One of the main reasons for hiring a property manager is to avoid having to deal with tenants on your own. You will be able to rely on the property manager to find tenants, screen them, and handle the leases. It will ensure the tenants have gone through sufficient background checks so that you are less likely to encounter difficulties with them through the length of their lease.
The property manager will also handle complaints and emergencies. Whether there are reports of high noise, inappropriate activities, or maintenance requests, there will be someone designated to handle it all so that you can simply focus on the benefits of property investment.
Dealing with Maintenance and Repairs
It’s only natural for even the newest of properties to require maintenance and repairs from time to time. This includes the regular maintenance as well as emergency repairs. The property manager job description might be to personally handle checking of leaks, performing exterminations, and such or hiring a contractor to do these things.
Any time there is a repair, the manager must identify that it has come in and get it rectified. Otherwise, a small repair could turn into a major problem if not addressed in a timely fashion.
Understanding Landlord-Tenant Law
Good property managers have a thorough understanding of the landlord-tenant law. You want to make sure they are capable of knowing how to handle security deposits, terminate leases, and comply with the various safety standards that are in place.
When the law is followed, it ensures that your property is in better hands. It also reduces the risk of liability issues that could cause you to be sued, such as wrongful eviction.
Managing the Budget
You have a limited budget as it pertains to your investment property and this needs to be respected. As such, part of the property manager job description is to manage the budget that you put into place. If there are items that exceed the budget, they can then either contact you or spend at their discretion.
Records should be maintained so that you can view what has been going on with the property. This includes looking at all expenditures, inspections, repairs, and anything else that pertains to the property.
Paying Property Taxes
Additionally, the property manager has the ability to file taxes and pay the property taxes on the property. This ensures that you stay up-to-date with all that is going on with your property. Often, it’s easier to entrust someone who will take care of these things so that it’s one less thing for you to do.
It’s not always easy to maintain a piece of property on your own. Especially when you have more than one property or you live far away, it’s easier to hire a property management company. When you know the property manager job description, it will also show you just how much they’re able to help you with throughout the year.