There may be occasions where regardless of what the remuneration of a property manager is, he is expected to carry out every responsibility that can possibly be assigned to him. Apart from being responsible for the sources of (tenants) and the income (rent) generated from the investment property, he is also responsible for the disbursement of what is earned subject to approval by the investment owner unless expressly stated otherwise in their contract.
He will give account of these disbursements at previously agreed intervals.
- Responsible for Maintenance and Repairs
Property managers are responsible for the physical management of the property, including regular maintenance and emergency repairs.
- Maintenance – They are in charge of performing preventive property maintenance to keep the property functioning in tip-top condition. For example, they are personally in charge of, or must hire someone to, exterminate, check for leaks, landscape, shovel snow and remove trash. This maintenance aims to keep current tenants happy and attract new tenants.
- Repairs – When there is an issue, the property managers must attend to it themselves or must hire someone to attend to it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.
- Responsible for Knowledge of Landlord-Tenant Law
Good property managers have a thorough knowledge of statewide and national laws regarding the proper ways to:
- Screen a tenant
- Handle security deposits
- Terminate a lease
- Evict a tenant
- Comply with property safety standards
- Responsible for Supervising
- Other Employees – If there are other employees in the property, such as a concierge or security personnel, the property manager is responsible for making sure they are doing their job. The property manager can set their salaries and even fire them.
- Vacant Properties – Property managers are often hired to look after vacant properties to make sure there has been no vandalism and to perform routine maintenance. They also make sure that contractors and other repairmen complete their tasks on time.
- Responsible for Managing the Budget/Maintaining Records
Property managers are responsible for managing the budget for the building and maintaining all pertinent records.
- Managing Budget – The manager must operate within the set budget for the building. In certain emergency situations when the occupants (tenants) or physical structure (investment property) are in danger, they may use their discretion to order repairs or likewise without concern for the budget.
- Maintaining Records – The property manager should keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs.
- Responsible for Taxes
- The property manager can assist the property owner with understanding how to file taxes for the investment property.
The property manager can also file taxes for the property.