4 Basic Responsibilities of a Property Manager

As a homeowner your property is your prized possession. Busy hours of work and domestic life means a homeowner barely gets enough time to manage an entire property, which is why a property manager is necessary. In fact, most homeowners choose to relay property management duties to expert personnel, who can even manage multiple properties. They handle all operations, maintenance, and administration in the property. Homeowners living abroad or away from the property can therefore relax while property managers do their magic. 

Their exact responsibilities vary from property to property, depending on the hiring terms from the property owner, type of property, and salary. However, we pinned down the most basic responsibilities of a property manager by asking several property managers in Dhaka. Here’s what they had to say!

Collecting Rent

The most basic duty of a property manager is to ensure the timely collection of rent from all apartments in a residence. Property owners who own multiple rental properties most definitely seek out property managers who fulfill this responsibility well, and can also set out competitive rent prices to attract good tenants to the property. Property managers also screen tenants and provide feedback to the homeowners, so that they can decide who will live in the property. Managers usually set the rent prices by surveying the surrounding area and observing the real estate trends in that particular area. Once the tenants are selected, property managers collect rent from them on a regular basis, including service charge and utility bill payments.

Balancing Budget

There is more to a property than rent. Property managers usually set a date by which all property monthly expenses are paid. If, for any reason, paying service charge is delayed, a late fee policy may apply. The property manager must strike a balance between the flow of cash into the property and the flow of cash going outside. This means that if there are minor maintenance issues that might require a hefty sum of money later on, property managers should be able to fix that as early as possible to ensure minimal costs. Alternately, they should also be able to perform the tenant screening process well and find tenants as soon as possible. This way property managers ensure a steady budget for the property. 

Keeping the Property Tiptop

Property managers also handle all repair and maintenance issues going on in the property on behalf of the owner. To ensure safety and security, property managers continuously check on the whereabouts of security personnel and security devices installed in the vicinity. If an emergency arises, property managers know who to call and what to do to ensure good repair and maintenance. They inspect the work done by contractors and repairmen so that it is up to standards and done on time. In certain situations, the physical structure of the property or the occupants of the residents themselves may be in danger, and in that case, property managers get to use their judgment to ensure safety in the premises without budget concerns. Since property managers do most of the on-spot decision making, they need to be well-versed in accounting, bookkeeping, tax and utilities, etc. Usually, property managers serving apartment complexes have amazing customer service skills and can handle tensions among residents by trying to de-escalate them.

Maintaining Records

Property managers keep records of everything going on in the property. Apart from rent collection and property finances, they also keep a list of other documents such as professional home inspections, signed leases, occupant complaints, maintenance requests, repair and maintenance details, and insurance costs. If it is a commercial property, the respective manager may specialize in the practices necessary in industrial or administrative buildings and keep documents accordingly. They tend to have in-depth familiarity with national laws and ensuring safety standards in a property. Property managers expertly handle evictions, collecting security deposits, and terminating leases. 

Where can one find a property manager?

Since trust is a real issue in this big, bad world, property owners generally hire familiar acquaintances to manage the property for them. Unfortunately, even those one might know better can deceive or simply be unprofessional. This is why hiring a professional, expert property manager who knows the lay of the land should be considered. Several property management firms are available in Dhaka, who provide honest and hardworking property managers well-versed in real estate. Some broker firms also provide property managers. It is always best to hire from these firms because they not only train the property managers with different types of training and specialties, they also teach them good behavior which is necessary to run a property well. This includes teaching them leadership, problem-solving, deduction, and customer service. 

Now that we have listed the common property manager responsibilities, you can rest assured and hire a trusted professional for your property from a licensed, well-known property management company to get started!