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Property Management – Winnetka – Duties Of A Property Manager

WINNETKA PROPERTY MANAGEMENT

Duties And Responsibilities Of A Rental Property Manager

In essence, a property manager is a person hired by real estate property owners to manage and supervise rental properties. Their responsibilities are varied based on their salary and the terms stipulated in their management contract. But their duties often include the following:

Responsible For Rent

Property managers are responsible for setting the accurate rent for your unit. Hence, it is vital that they have adequate understanding of the market where your property is situated to come up with the apt rent that will attract tenants to your property. In addition, they ensure optimal inflow of cash by setting a date to collect rent every month and stringently imposing late fees to delinquent occupants. The property manager can augment the rent by a predetermined percentage each year, consistent with the local state or municipal law. They can also cut the rent if they believe that it is necessary to thrive in the current market situation.

Responsible For Tenants

One of their major duties is to address tenant issues. This task involves finding the right tenants to occupy the rental unit to fill vacancies. Of course, this process requires an extensive procedure of marketing and advertising the rental property to a wide range of prospective tenants. They are also in charge of screening the tenants. They are expected to run a credit check and background check to all potential renters. This helps you get a decent tenant to occupy your unit without being accused of discrimination. Moreover, they are responsible for handling leases. They are also hired to attend to tenants’ repair needs, noise complaints and other maintenance issues. Aside from this, they are also paid to handle move outs and deal with evictions.

Responsible for Maintenance and Repairs

Managers conduct preventive property maintenance to uphold the working condition of the entire property. Property maintenance is done to keep existing tenants pleased and attract new tenants as well.

Responsible for Knowledge of Landlord-Tenant Law

A proficient property manager should have an understanding of the existing landlord-tenant law. They should know the rules encompassing the process of screening tenants, handling security deposits, termination of lease and eviction of tenants.

Responsible for Managing the Budget/Maintaining Records

Property managers are also in charge of administering the fund intended for building and keeping all significant records. The manager is expected to operate within the predetermined budget for the rental unit. They should also keep systematic and detailed records concerning the financial activities of the property.

Responsible for Taxes

The manager can help the property owner with regard to taxes. They can guide the owner on how to properly file taxes for the investment property.

By Elaine Bernabe

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.