What Is a Property Manager, and What Do They Do?
Property management is among the many commercial real estate services we offer in Central PA. Often people buy property as an investment but lack the time to carry out the daily responsibilities that come with ownership.
Hiring a property manager for your commercial property can save you time and allow you to concentrate on your primary business, knowing your investment is in good hands. We’ve put together this overview of all the things a property manager can do for you.
What Is a Property Manager?
A property manager takes care of the day-to-day management of a property for a landlord, who owns the property. Property management duties vary according to property and owner. The money you pay for property management is tax deductible.
What Does a Property Manager Do?
Property management includes a long list of tasks, though not every owner needs them all. Here are just a few things you can ask your property manager to do.
Overseeing Rent and Rent-Related Tasks
The property manager may have a range of duties related to rent, such as:
· Collecting rent: The property manager creates a rent collection system to ensure payments are easy to make and turned in on time. They also charge late fees if a tenant does not pay the rent on time.
· Adjusting rent price: Though not all owners leave rent-setting to the property manager, some do. A property manager knows the market and researches rent levels for similar properties in the area. They may raise or lower rent based on local trends.
Probably the most important thing the property manager does is respond quickly and efficiently to tenants’ needs so that the property continues to be well-maintained.
Keeping the rental property in excellent condition has a number of benefits. It will draw more potential tenants. It will keep the tenants happy. Everyone wants to live or work in a place that’s attractive and well-kept.
The property manager can procure services to maintain your property, such as gardeners who keep the trees and flowers looking beautiful or plumbers who fix the occasional leak. Your tenants deserve the quick solutions property managers can provide.
Property managers also may be able to negotiate volume discounts for services if they deal frequently with a company or use them for another property, too. Owners benefit from their property manager’s connections. A good property manager thoroughly vets vendors before enlisting their services.
Insurance and Tax Payments
Property managers can handle insurance and tax payments on behalf of the owner. Most property managers have a thorough understanding of commercial real estate regulations and can answer a new owner’s questions about anything expected of them. While a property manager is not an accountant, their experience is invaluable in preparing tax analysis and appeals, too.