There are not too many people that realize all that a property manager is required to do or at least can do. It is the property manager that ensures that a property owner’s property is maintained in good condition and collects the rents which are due. Whilst most people may know this, what they perhaps do not realize is that professional property managers like John Hausam from Tulsa also set the rates for the rent and carry out inspections of the property whenever there is a change of tenant. The property manager will set the rent based on similar rents paid in similar buildings in the same area and by doing so ensures that the rate is not too high to get tenants and yet is not too low, affording the owner less profit on their investment. This means that a property manager needs to be familiar with the properties in the area in which they operate their managerial business. The property manager will also have to know of any maintenance engineers in the area in case of maintenance problems in the building, plus of course to carry out regular maintenance work on the property.
It is important for a property owner to know that their investment is being taken good care of as they would not want its price to drop due to poor maintenance. The property, when managed by a professional also keeps very clean as during the property manager’s inspection at change of tenancy, they will check for cleanliness, charging the outgoing tenant for professional cleaners if necessary. Those cleaning charges will of course be on top of any charges added for damages caused to the property during the tenancy.
The property mange is also responsible for the collection of rents on a regular basis and if necessary adding extra charges for late payments. From time to time the property manager may decide to increase the amount tenants pay in rent but when they do, they must always do it within the allowances usually set out by governments and local authorities. From the rent, the property manager will take out any costs for maintenance and will also usually take out their fees before placing the remained in the property owner’s account.
It is because of the regular income from rents that property investments are thought to be so good as not only does the owner make a profit when the property prices increase but also collects regular payments whilst waiting for those prices to increase. Looking after one property though can take considerable work and so managing several is almost impossible for most property investors and that too is a reason why most property investors rely on hiring professional property managers to look after their investments.
When a property owner is ready to sell their property, they may do so with tenants still in the building, in which case the current tenancy agreements will stay in place until the tenancy is due for renewal.