As every business unit in corporate world needs its business manager to run their unit. But in real estate, business unit like commercial or residential real estate are supervised by property manager. The role of property is very wide and diversified. At one time the property manager is the landlord, tenant screening agent, repairing guy and watchman for the property. Property Manager will be responsible for every activity occurring at the property which can affect its reputation or finances.
The tasks performed by property managers in Epping are as follows;
- Analyzing and Setting Rent – Property Manager must research the surrounding of its property. After getting information about the competitors in vicinity and facilities provided by tem in comparison of own property. Considering all the factors, the rent forte property will be set. But this is tricky part of job as setting rent involve many seen and unseen factors. So property manager should be vigilant wile making tis decision.
- Rent Collection- generation and collection of revenue is key task of property manager job. They must have clear picture of their financial and have updated revenue stream. As in case of any cash flow gap, property manager will be trouble.
- Rent Increment- Property manager must ensure that periodic increment must be applied to present rent. Increments will be applicable as per contract terms. But keep close eye on all tenants contract is necessary.
- Marketing of property and attracting new tenants is also part of property manager job. They are responsible for business generation. Managers will decide appropriate medium of marketing and advertisement.
- Contract and lease management must be supervised by property manager. They will decide about the terms, tenure and conditions of contract or lease
- Property maintenance and repair will be overseen by property manager. Property manager must ire competent team for this job. They are responsible for cleanliness of property. All the manageable repair jobs should be completed in time. All regulatory requirements for safety of property will be kept updated and available wen required.
- Monthly or yearly budget forecasting will be prepared by manager. They must keep close eye on expenses and must try to avoid any financial leaks. Financial stability of property is top most responsibility of property manager. If the property is not making enough revenue, then it will reflect on performance of property manager
- Property manager must document all the finance activities of the property. Customer records must be kept also. Organized property manager usually create customer profiling for future references.
- Property manager must be updated about the legal requirement for the property. They have knowledge of architecture or municipal laws applicable for their property. They must ensure no violation should occur in their property area which can end into any legal action from local authorities. Relationship wit local authorities should be maintained and regular communication is key to remain updated about any cane in rules or regulations
- Property manager assists their tenants to fill taxes for as per their lease agreement. An manager is also responsible to file taxes of its supervised property