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Property Management – The Perfect Buffer?

Property Management has many different aspects to it. The role of a property management company is essentially to act as a point of contact between a landlord and his/her tenant. The duties are quite varied, as they can include collecting rent, carrying out credit checks for tenants, repairing problems in the property as well as advertising properties for landlords. Their role enables the landlord to take a back-bench approach, whilst still having control over his/her property. As a general rule, property management companies charge between 8 and 10%of the rent collected each month. This seems like a good deal however for both sides; the company gets paid at a good and consistent rate for their services and the landlord is able to relax in the knowledge that his property is well cared for.

As well as managing the rental income each month, property managers may also, on occasion, manage construction and maintenance on a property. If there are any parts of the property that are in need of repair or upgrading, the property manager will ensure that the landlord is aware of this and undertake the necessary work on the property. The Property manager also acts as a sort of “face” for the tenant to converse with and notify of any concerns or problems. This is beneficial to the landlord in that he/she does not have to deal directly with their tenant(s). In simple terms; the property manager acts as a buffer between the landlord and his/her tenant(s).

A property manager must also be familiar with current laws and legislation for a variety of reasons. In the instance of evictions, a tenant’s continued failure to pay and problems of harassments, it is the duty of the property manager to intervene and deal with the issue at hand. It may be necessary for them to work closely with an attorney in order to fully deal with these cases.

The role of the Property Manager is an exciting and varied role, which puts them into different situations each and every day. As such it is vital that they are able to deal with large workloads as well as provide excellent customer care in dealing with both landlords and tenants.

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