A property manager is a real estate expert hired by the owner of a property to manage any and all tasks related to the property and to renting the property to tenants. These professionals and specialized companies usually handle any aspect from advertising the property and finding renters for it to negotiating and establishing the amount of the rent and from collecting the rent to regular property maintenance and emergency repairs, including repairs and maintenance for all the major systems and components of the property. Here are the tasks and processes handled and overseen by property managers in more detail.
How Does It Work?
Property managers are hired by the property owners to handle all the daily and regular tasks related to the rental property and to the relationship with the tenants. The managers are in charge of administrative tasks and paperwork, such as maintaining the rental property records and collecting the rent established by the property owner as well as of managing vacancies by advertising the property on channels previously agreed upon with the property owner to find new tenants. The people or businesses interested in becoming the property’s tenants are screened by the property manager to ensure that they will pay the rent and that they will take proper care of their rental. Depending on the decisions made by the property owners and on the service range offered by the property manager, the managers might also be in charge of the bookkeeping and financial records related to the property as well as for handling bad paying tenants, even evictions.
The other major area of activities handled by Denver property management companies is property maintenance and repairs. Rental properties need to be in an excellent state of repair at all time and they need to comply with all the applicable laws, regulations and building codes. Property managers possess extensive knowledge of all these rules and they perform repair and maintenance activities based on a schedule, either through their own specialized teams or through properly licensed and insured subcontractors. The managers are also in charge of emergency repairs, usually requested by the tenants.
Types of Property Managers
Some property managers have the knowledge to handle residential as well as commercial properties, while others specialize in just one of these fields. The managers qualified to handle residential properties can further specialize to undertake the activities that come with single-family homes, multi-family homes, larger residential building or vacation rentals, while those who provide commercial property management services might specialize in a specific type of buildings, such as office buildings or shopping centers.
While the tasks related to both types of properties are essentially the same – they both involve administrative tasks, tasks related to tenants and occupancy and repair and maintenance activities –, the two types of activities are different in terms of the volume of work. Most residential properties do not require the permanent presence of the property manager or of its teams on the premises, but larger commercial facilities usually need to be managed on-site, the continuous availability of specialized staff being necessary.