Rental Property Management

The Minimum Requirements for Rental Property Management

“Rental property management” is a person or company that manages a rental property in behalf of its owner. They must be able to attract tenants, manage the rental property’s books, coordinate with contractors, foresee problems and solve them in a quick and efficient manner.
Proper Certification
If the rental property manager is working in the public sector, such as government subsidized housing or federal senior housing, he or she should have a certification from the Institute of Real Estate Management and/or the National Organization of Home Builders. If the rental property manager is working in the private sector, that certification is not necessary, but it helps establish his credibility and trustworthiness with the property owners of the rental property. However, a private rental property manager should still have a Bachelor’s degree, preferably in either business or urban development.
Day-to-Day Management
The manager manages the daily and monthly activities related to the property, such as collecting rental payments, processing documents, interacting with renters and dealing with their requests and complaints. The rental property manager must monitor all pending issues and ensures that they are taken cared of promptly and efficiently.
Accounting
This involves allocating the costs and monitoring all daily, monthly, and annual expenses. The manager must be able to look at the expenses and determine how profitable the property is and decide if improvement is necessary. The manager should also know how to use common bookkeeping software.
Marketing
The manager is responsible for attracting new tenants. The marketing method depends on the size and location of the rental property. With small properties, the manager may place a “space available” sign near the property and advertise in local newspapers and on the internet. For large properties such as commercial properties, the manager will have to approach corporate clients and market the rental property to them.
Maintenance
If the rental property develops structural, mechanical, and power problems, the manager is the one responsible for getting them fixed. The manager usually hires a repairman to do the repairs, but he should at least be aware of these problems.
The above-mentioned items are the minimum requirements, duties, and responsibilities that the rental property manager should do. They should be kept in mind by the manager when doing rental property management of properties entrusted to him by the property owner.

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