Top responsibilities that property manager takes off the back of property owners
You might be aware or heard about property managers. But have you ever thought what are the goals and responsibilities of a property manager and how do they reduce the responsibilities of property owners? Besides this, have you ever thought how you can take advantage of the responsibilities a property manager takes in order to grow your business? Property managers in Chicago take various responsibilities at different levels in order to help grow your business.
Here are some excellent illustrations pertinent to various associations a property manager has-
Property managers in Chicago take responsibilities in various activities pertinent to the rent of the property.Have a look at responsibilities of Property managers http://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm
Allocating the rent
It is the property manager’s responsibility to fix the rent of every unit based on various conditions such as market value, competition,demand for the unit, etc.
Off course rent collection is another major role which the property manager needs to be proficient in. Now a days everything is done through online and proper records. If the tenant fails to pay the rent within first few days of the month, then a penalty will be charged as late payment fee. It is the property manager’s responsibility to collect this amount. Click here for more information about rent collection
Adjustment (increase/decrease) rent
Property manager is entitled to increase the rent by a fixed percentage every year. So this amount varies from State to State and region where the property is located.
Tenants are the customers who need to be satisfied in order to bring more business. A good and well maintained property, friendly staff, immediate attention to the service requests opened are some of the scenarios which make the tenants happy. Once the tenants are happy with your property, they would definitely invite more people to bring better business to you. Some of the responsibilities in this arena are –
Finding the right tenants – This is done by background check, collecting legal papers, signing lease agreement, screening process, credit check, etc.
Taking care of evictions – Some tenants are tremendous troublesome and noisy. Such people need to be evicted from the premises and property managers in Chicago are well experienced in this.
Handling complaints – Whether it is service request or other problems in the unit, tenants complain the property manager and want them to be fixed as soon as possible. This can be smoothly handled by the manager.
Handling move out – People move out due to various reasons and legal process and deposit clearance need to be taken care of the property managers.
Repair and maintenance
Property management companies in Chicago hire contractors for fixing and maintaining the units they work in. Contractors are to be regularly monitored for their response, performance and other tasks they work on. They also need to be paid on the agreed wages. Units with poor maintenance deteriorate soon and will not be in demand. This reduces property value and can cost you more to fix than to maintain. Managers need to supervise the contractors and get the work done.
Other responsibilities include hiring the staff, paying them, calculating budget, analyzing the market value, repair costs and maintenance, insurance expenses, rental collection and much more.