In today’s market, there is an increasing need for residential Property Management services. With property values dropping nationwide, more tenants are choosing to rent their homes, apartments, condos, or townhouses instead of owning. The result has been higher vacancies and lower rental rates for residential property managers. As a result, many property managers are now required by law to have a continuous professional education to ensure that their knowledge and skills are up to date on the subject matter. In addition to this requirement of having professional qualifications, many property managers are also expected to have good communication skills, good negotiating skills, a proven track record, a positive working attitude, and a sense of emergency.
Commercial property management is different from residential property management in that the goal is to rent out a commercial property for profit. With commercial property management, the goal is to find tenants who will pay the rent on time, maintain the property, and pay in a timely manner. Unlike residential property management, the majority of commercial property managers work directly with commercial tenants. A commercial property manager may also work directly with a tenant, but typically they work through a leasing agent who handles all of the tenant issues and mediates disputes between tenants and landlords.
Some of the typical duties of a residential property manager include collecting rents, collecting security deposits, preparing reports for the landlord, collecting late and missed rent payments, preparing information and forwarding it to the landlord or management company. Depending on the specific property management agreement, a residential property manager may also be required to collect telephone information from tenants and send them copies of the information via mail. They may be expected to actively pursue customers and follow up with them by phone, email or in person to ensure that payments are made on time and that appropriate actions are taken to resolve conflicts with tenants.
When dealing with rental property managers, remember that the best managers treat all tenants with respect and build a strong rapport with them. Tenants who feel that they are treated with respect by their real estate manager may be more likely to rent from them again. For example, many tenants choose to rent an apartment with the understanding that they will be well taken care of. Most residential property managers strive to be conscientious and ethical when it comes to dealing with tenants, whether the rental is for profit or for rental purposes. To attract great tenants, property managers will make sure that they provide a clean, safe and comfortable living space for their tenants.
Because residential property management involves overseeing a large number of individuals, the property owner will need to know who each employee would be if they were hired. The property manager should include all employees on the business plan. This will help to determine the future success of the company as well as who will be responsible for how duties are carried out. If necessary, property owners can find employees by reviewing current employees’ resumes. The property manager may also consult current employees for insight on which qualities the ideal employee would have.
Many property managers choose to offer their services directly to tenants rather than through a real estate agency. This allows property owners to have full control over who their tenants are, as well as allowing them to monitor their property and their tenants progress more efficiently. While choosing a residential property management company, property owners should look for one that offers a free consultation and allows you to select your own leasing agent. It is always best to have complete control of your leasing experience, which is why working with the right company can make the difference between success and failure.
Most people do not realize that residential property management encompasses a wide variety of responsibilities. For example, a residential property manager could be responsible for answering the phone when tenants call in order to schedule a maintenance person to come out to take care of an issue. They could also be responsible for collecting rental fees on behalf of the tenants. In addition, some property managers could also be responsible for collecting late payment fines and collecting outstanding rent payments from the renters. They may also be required to perform tenant background checks and employment references checks. By understanding the different responsibilities associated with the various job positions within a residential real estate management firm, property owners will be better prepared for the job when it comes time to fill a position.