ROLES OF A PROPERTY MANAGER IN THE REAL ESTATE INDUSTRY

Roles of a property manager in the real estate industry - Ikenna Lansar Aghaji is the principal partner of Lansar Aghaji & Co a firm of Estate Surveyors, Valuers and Auctioneers.

A property manager can be defined as a third-party individual or company who is employed by a property owner to handle the real estate operations regarding the property. These property managers are professionals that are fully licensed to handle all the relevant properties. They are often believed to be knowledgeable and experienced in the real estate industry. 

Over the years, there have been a lot of issues which property owners face with regards to handling their properties. It is not an easy task to handle the daily, monthly and yearly maintenance of these properties while at the same time, keeping up with the Landlord-Tenant relationship that exists. This is the reason why most property owners employ the services of professional property managers to handle their property. This way, the property owners can relax their mind over the worries involved in handling and managing a property.

The real estate industry has been adjudged to be one of the fastest rising industries in the world and also one of the best investment opportunities for investors. On this premise, it must be emphatically stated that the need for property managers cannot be overemphasized. If you are probably considering an investment in the real estate industry or probably you have a property and considering shifting the management to the property managers, it is good to take note of the vital and key roles of property managers thus –

1. Maintenance and repair of properties - Property managers are usually the go-to-guys when there is an issue with the property. They ensure that there are adequate and routine checks on the property to ensure that there is no dilapidating structure within the environment which might cause or pose any sort of harm to the tenants. This helps to keep the property in good shape and make the tenants happy to live in it. It also attracts new tenants to the building in the event that the unit is vacated. The property managers are usually in charge of calling the relevant expert to check the plumbing works, pest control, landscaping and other estate works.
2. Rental management – The property managers are charged with the responsibilities of ensuring that the rents are considerable, reviewed and paid by the tenants on time. In doing this, they consider various amenities and other surrounding circumstances. This is usually based on the type of buildings, the surrounding buildings, proximity of relevant amenities and a host of others. When there is a need to review the rent, the property managers are usually the ones that will look into it and impose same.
3. Implementation of legal and security matters – It must be noted that with properties, comes handling of the tenants. It is usually a herculean task to deal with problematic tenants. This is not strange to the fact that the law is very delicate and usually favours the tenants when it comes to such matters. In this case, the property managers have the duty to ensure that the right steps are taken in accordance with the relevant laws to ensure that any legal issue is resolved in favour of both parties. In terms of security, the property managers would be in charge of hiring the right security personnel and also screening the tenants and placing certain rules and regulations. They can terminate the tenancy of a tenant who is in default of the tenancy agreement, by following the appropriate eviction process. They also comply with the relevant safety standards.
4. Supervisory duties – The estate employees such as the security men, cleaners and others are usually supervised by the estate managers. They can also set the salary of these workers and even sack them if in default of certain terms of employment.

In conglomeration, it must be reiterated that property managers are very important to the real estate industry. They are the life-wire to the industry’s growth.  Most property owners lack the necessary expertise to handle their properties. However, the real estate property managers are certified and have the relevant experience when it comes to handling properties. They take away the stress from the property owners and in turn, deliver quality services usually at an agreed payment plan.

For the best management of properties, consult an Estate surveyor and Valuer for further assistance on handling and managing any property in line with the best international standard practice.