In property management, the agent or company has four principal responsibility areas: financial and marketing, facilities management, occupancy and tenancy, and risk management/administration. A property manager partners with the owner to maximize ROI by efficiently fulfilling the above responsibilities.
It is the manager’s responsibility to act in the owner’s best interest by keeping it occupied and properly maintained and by collecting rent on a timely basis. Many realtors considering a side career in property management have changed their minds when the scope of their duties became fully realized. Read on to learn more about the responsibilities of Property Management Companies in Sioux Falls sd.
Financial and Marketing
A Property Management Company must have a working knowledge of budgeting and operating expenses. In the course of a day, a manager must set rental rates that are dictated by the current housing market. Property managers might recommend promotions, marketing programs, or other strategies to property owners to encourage occupancy and to increase rental rates.
Occupancy/Tenancy
Property Management Companies in Sioux Falls sd must be good at understanding tenants’ needs, which is a job that does not end with a move-in. The manager has to respond to tenant requests, ensure the tenant is abiding by the release, collect rent on time, and ensure the tenant is satisfied with the property. There are also some unpleasant parts of the job; occasionally a property manager is called upon to evict a tenant for lease violation or non-payment of rent.
Management of Facilities
Property management also entails the physical management of outdoor areas and structures. Facilities management and financial responsibilities go hand in hand, as budgeting for improvements is required. It also ties in with occupancy management, as a well-kept property is instrumental in retaining a satisfied tenant.
Risk Management and Administration
Property managers must maintain meticulous records for tax and accounting purposes, and they must also retain records of tenant activities and interactions for a predetermined amount of time. Risk management and administration tie into the job’s financial function, as there are strict requirements for the disbursement of rent money to property owners.
Even if you have prior real estate experience, becoming a property manager is not a simple matter. If you are considering a career in property management, you will need to understand the job’s requirements. You will also need to be confident in your ability to fulfill all your duties with efficiency and competency.
A property manager partners with the owner to maximize ROI by efficiently fulfilling the responsibilities of Property Management Companies in Sioux Falls sd
