Do you need someone to help you preserve and increase the value of your real estate investment? Well, you need a residential property manager. His job is to manage all day to day financial operations of your property and real estate, even to find and place qualified tenants you may need, and to ensure that your property is always in the best working order.
What are the duties of a residential property manager?
His duties include marketing, tenant relations, he is facilities management, he needs to do financial reports and has to have steady relations with owners and tenants. What does all of this mean?
A residential property manager has to have a quality marketing campaign regarding properties he takes care of, in order to be able to find qualified tenants and show the property to every prospective tenant. A manager needs to develop rental agreements, collect rent and deposit, select qualified tenant, enforce terms of a rental agreement, resolve any complaints, and if it becomes necessary to oversee eviction proceedings.
A manager also needs to schedule all repairs and regular maintenance of the real estate, negotiate a contract with vendors, he needs to resolve every and all emergencies and issues, and he needs to regularly and personally inspect property so he can be sure everything is in the best working order. Not to mention his job is to keep all the financial records and creates daily, monthly, or yearly financial report for the owner.
What are the skills and knowledge needed for this job?
To be a great residential property manager a person has to be closely familiar with all applicable federal, state and local regulations and laws. They are responsible for everything so they have to have the knowledge needed to manage property the way that is beneficial for the owner.
That is why this manager has to have communication skills that are strong, regarding business and interpersonal communication. He needs to know in what way to approach different types of persons with different jobs and titles, he needs to know how to address issues in a correct manner, and how to smooth out any potential misunderstandings and problems.
With that, he also has to have a really high level of organization. There is a lot to do on day to day and monthly basis and the manager has to have complete control through this process. He also has to have a great attention to detail. Most importantly, your manager has to have the knowledge and competence with the management software, he has to function properly in this digital age.