A property manager is a third party that is hired by a property investor or a third party for his property management services Melbourne such as managing day to day operation on a rental property. The exact responsibilities and services that they offer depend on the type of property they have been hired to manage and the amount they are getting paid. Let’s talk and discuss about the roles and responsibilities that a property manager has to perform.
Roles and Responsibilities of a Property Manager
- Rent Responsibilities
One of the most common responsibilities that a property manager has to go through is related to rent. These rental responsibilities include setting the right rent to attract the tenants, collecting the rent from the tenants strictly on time and if the tenant fails to comply with the rent date a penalty of late fees is charges and lastly, adjusting rent by a fixed percentage every year according to the law.
- Tenant Responsibilities
Another core responsibility that comes with being a property manager involves the area of tenants. These responsibilities include; finding tenants to fill vacant properties by knowing where to advertise and what to include n their ads, screening tenants by running their credit checks, criminal backgrounds, their ability to pay on timely basis and previous records, handling leases here means designing contracts which contains all the necessary clauses and lastly, handling complaints and emergencies such as dealing with noise complaints maintenance requests and so on.
- Maintenance and Repairs
It is the responsibility of a property manager to ensure that the property that has been given out for rent is safe and maintained. In short, they are responsible for the physical management of the property which included repairs and maintenance. Whenever there is an issue, the property manager must fix the problem himself or hire the relevant person to do the job. Property managers often have a large network of reliable and authentic electricians, plumbers, carpenters and so on.
- Knowledge of Landlord – Tenant Law
A good and property managers Brisbane is one who is completely aware of all the landlord and tenant laws. They have an in-depth understanding and knowledge of the national and statewide laws regarding the proper ways to; screen and hire a tenant, handling security deposits, terminating a lease, evict a tenant and compliance with property safety standards.
- Maintaining Records / Managing Budget
It is one of the biggest responsibilities of a property manager to maintain any and every record of the property which should include all the expenses and income consisting of the maintenance costs, record of rent collection, signed leases, insurance costs and so on. Whereas, when it comes to managing budget, a property manager must use his judgment as to ordering repairs when required without concerning for the budget.