What Do Property Managers Do?
Property management companies and other real estate professionals’ daily duties and value can often be misunderstood. So what is a property manager and what does a property manager do? This question comes up all the time for us as property managers in red deer, Alberta.
Here are a few of our daily duties.
1. Finding Tenants
If you need to rent out your property and either has several properties needing new or replacement tenants, we help take care of this with our large in-house team and maintenance team for quick placement and repairs.
2. Tenant Evictions
Have you had a nightmare tenant or do you worry about your tenant’s misbehaviour? We handle all the legalities, unpleasantries, and enforcement of tenant evictions and standards.
3. Collecting Rent
- Setting Rent
Setting rent can be a basic but important task for any landlord and can cause problems when trying to find the right tenant. Therefore, it’s pretty common for a landlord to pass this task on to a property manager. The property manager will set a competitive rent price based on data and market trends to acquire the best tenant through surveys, public research and in-house data.
- Collecting Rent
The property manager also has a system to collect rent from tenants on a regular schedule. It’s difficult for landlords to maintain regular cash flow, so property managers set a collection date so dues are paid on time and enforce a strict late fee policy.
4. Property Inspections
Property managers are responsible for the physical management of the property so it remains in a safe habitable condition, including maintenance schedules and emergency repair policies.
5. Property Repairs
We screen and authorize repair contractors and repairmen to save you money and inspect their work to ensure quality control for any maintenance completed on time.
6. Property Budgeting
As property managers, we maintain the budget for a building and all important records. Managers have to follow the budgets and make decisions regarding emergency repairs.
How Much Does it Cost?
The cost of having a property managed can vary depending on the property type, bylaws, and agreement for things like maintenance, condo laws, or regulations. Generally, the fees can be between 8-12% of monthly rental fees.
Our property management clients are receiving marketing, management and client support every month to attract quality tenants that decide to stay longer.
Here is a video from Kris Khron to provide an explanation of how property management works.
Looking for support for your property and tenants? Let’s Chat.