What is the role of a Property Manager?
Property Manager is an individual who acts on behalf of absentee or NRI landlords to retain the value of their property. Property Managers look after your property in your absence while ensuring it generates a steady income.
What services can you expect from a Property Manager?
Rent, tenant and budget management besides property maintenance are the major roles of property managers. Each of these roles demands various responsibilities. Property managers are hired for one or all of these roles and responsibilities.
Rent Management
The aim of rent management is to ensure a regular flow of rental income. Marketing property in the rental market, finding the right tenants and minimizing vacancy periods are at its core.
It involves:
- Marketing the Property
If the property is not appropriately advertised, it may lie vacant and lose its value. It may even turn into a liability. Managers advertise the property amongst potential tenants to cut vacancy spans and extract fair rents.
- Set, Collect and Adjust Rent
Your property should derive the rent it deserves. For this, managers keep themselves updated on the latest trends in the rental market. They undertake neighbourhood property surveys and analysis. They set optimum rents and ensure its timely collection from tenants. Seasonally adjusting rents ensures that you enjoy heightened demand, while not losing rental income when demand falls.
Tenant Management
Tenant management starts with finding and selecting the right tenants. It involves walkthroughs, addressing complaints, handling leases and agreements, and managing move-ins/outs.
- Shortlisting Prospective Tenants and Conducting Background Checks
Your property should not go in wrong hands while you are away. Moreover, it should not lose its charm. Responsible tenants mean that spending on repairs and renovation is checked. Managers shortlist tenant applications, do credit checks and ascertain their paying capacity. Besides, they also verify that tenants do not possess criminal record.
- Addressing Complaints and Emergency Repair Demands
Despite the responsible usage of property, it might require emergency repairs. Property managers make it a point that the comfort and everyday life of tenants is hassle-free. They oversee urgent repairs. They negotiate with neighbours and maintenance staff on behalf of owners. They ensure that issues like noise, cleanliness, parking etc. do not disturb tenants’ peace.
- Leases, Agreements, Regulations
Managers insert proper clauses in the lease documents. They prepare rent agreements to the satisfaction of owner and tenant. Finally, they calculate security deposit amount. They ensure that your property does not overstep any government regulations.
- Walkthroughs, Move-ins/outs and Evictions
For fair dealing, managers conduct walkthroughs. Thus the tenants can satisfy themselves before making the decision. They help the tenants with moving in or out of the property smoothly. If the situation arises, they also evict the tenants.
Property Maintenance
Property managers carry out maintenance tasks such as off-season repairs, renovation and interior designing. Their goal is to restore, retain or raise the value of your home.
- Off-season Repairs
New tenants should find the fittings and furnishing in good order. It ensures their willingness to rent the property. Property managers supervise the work of plumbers, electricians, carpenters etc.
- Renovation and Interior Designing
Your home loses out in the rental market if it does not match the latest trends. Occasional renovations are a must. As tenants become more demanding, adjusting the interiors to voguish designs becomes a necessity. Residential property management services co-ordinate with you regarding each minute detail for renovation and interior designing work. In-fact they ensure your remote participation in the whole makeover process. They also update you with regular visual reports.
Budget Management
Property Managers help in designing and adjusting your property budget for income forecasts.
You do not corner all the money paid as rent. Part of it goes in expenses such as payment of bills, paying taxes, maintenance charges, making agreements, repairing works, renovation and interior designing, etc. To this list add up the property management charges.
What is left after subtracting these expenses from rent is your rental income. Property managers do this budgeting exercise and keep you updated regarding the financial goals from your property.
Are the roles of a Property Manager and a Property Management Company different?
Yes and No!
A manager is dedicated to one or few projects while a company oversees many projects. However, there is no difference in their breadth of services. Both aim at maximizing your passive income from property while seeing that its value rises gradually.
Often property management services assign managers to your property and inform you. You can stay in direct touch with them. Regular personalized interaction ensures that your property is managed and maintained the way you like. Moreover, it cuts the hassle for company, managers and owners.
Some companies may also provide you options of managers to choose from. You can choose managers after going through their details of experience and expertise.
Many NRI owners do not bother about who the manager is. They just entrust their property in the hands of an NRI property management company. Even in this scenario, their property would be assigned for supervision by a manager by the company.
There are individual property managers up for hiring as well. Their mode of functioning and range of services is the same as managers working for/under a company. They could be less reliable. Their services are cheaper too. However, directly hiring a property manager has another drawback. It would be difficult to switch the manager in the middle of the season.
Hiring property managers through property management services for NRI is always a better option. You can switch your property manager matching your need with manager’s expertise any time.
Hire Property Managers for Maintenance Tasks and Much else!
Property managers save time and energy that goes into managing property remotely with the help of relatives. Owners often gain better incomes by hiring them. They come in handy for NRIs who have multiple rental units and properties in different regions. Absentee owners benefit without having to become employer of a multitude of workers.
If you are busy with pressing responsibilities abroad, use NRI property services and make a huge difference.
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