A property manager is someone hired to oversee the daily operations of a real estate investment for a landlord. They play an integral role in the success of the investment because have control over most aspects of the property and its tenants.
Property managers ensure that the properties under their care operate smoothly, maintain their appearance, and either preserve or increase in value.
They show properties to prospective tenants or buyers, explain the lease terms, collect monthly rents, and pay taxes and other maintenance or strata fees. They become the main point of contact for the tenant. This means the property manager must handle things like emergencies, complaints, evictions, leases, move-ins/outs.
They perform regular inspections of the property to ensure the tenant is taking care of the property. They are also responsible for maintenance of the property and hire, supervise and assign duties to tradespersons.
On the administrative side, they ensure that the property and the lease comply with relevant laws. They also keep property records and prepare budgets and financial reports for owners. They are expected to do things like set the rent price and adjust it accordingly throughout the duration of their management.
They must keep an accurate record of inspections, repair & maintenance costs, rent collection, insurance costs and lease agreements.
