New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

Thinking of hiring a property manager?

Posted by All Area Realty Services Team on Dec 5, 2019 4:50:55 PM

What is a property manager and do you need to hire one to manage your property? Most times, a landlord will hire a property manager to manage the day to day operations at the property. A property manager’s responsibilities vary but there are a few tasks that are common management responsibilities.

Property managers are responsible for everything related to the rent. They set the rent for new tenants. This helps to attract the perfect tenants. Once there are tenants, the property managers need to collect the rent. Property managers may also adjust the rent. At times, they may decrease the rent but most times, they increase the rent by certain percentages according to local laws.

If there are vacancies, then the property manager needs to find new tenants who are a good fit for the building. Part of finding new tenants is advertising the space properly and meeting the potential tenants.

Once a property manager finds a new tenant, then they need to run background checks, credit checks and getting references and proof of employment.

iStock-465260653Now that you have tenants living on your property, there will be repairs and keeping the building safe. This is where your property manager comes in. The property manager is responsible for keeping the property safe and habitable.  Your property manager will either perform routine maintenance like landscaping, trash removal, pest control or they will hire someone to perform these tasks. When it comes to repairs, the property manager must be able to do the repairs themselves or hire someone. 

When a tenant stops paying rent, the property manager needs to know the laws in order to know when to evict a tenant. Property managers also need to have knowledge of the laws in order to screen tenants, keeping security deposits, terminating leases, eviction, and compliance.

Since property managers are responsible for the day to day activities, they need to do the building’s budget and to keep meticulous records. In the budget, there will be funds for improvements, repairs and an emergency fund. Property managers may be asked to do the taxes for the building as well. The records show how well the property functions and these records should include all income, expenses and track complaints, repairs, leases and insurance costs.

Effective property managers help keep your property running smooth and will increase your profits. Contact us today to see if All Area can improve the running of your buildings. 

All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy.  With over 30 years of experience, and many clients with All Area Realty Services for decades, All Area can be trusted with taking care of your building and tenants. 

Topics: Co-Op Board, Property Management, Condo Board Association, property manager