Property Management 101
The art and science of managing your property cannot be completely distilled down to a simple series of articles. Experience and real-life training are necessary. However, we can give you a map of the territory. Here are some of the major topics that anyone mastering property management will face:
Physical Security of the Property
The property manager is responsible for the physical upkeep of the premises. They must contract with appropriate professionals to repair and replace anything that is damaged, dangerous, or inappropriate to the usage of the building.
Legal Security of the Property
The property manager is responsible for maintaining the property in such a way as to prevent nuisance to the community, code violations, and premises liability lawsuits. The responsibility for insurance and taxes will ultimately rest with the property owner, but it is not uncommon for them to contract the job out to the property manager as well.
Economic Security and Profitability of the Property
The property manager is responsible for filling the building with tenants, ensuring their prompt payments, and monitoring their behavior. The property manager will often need to secure a consistent revenue stream from the property, as in the case of a commercial property manager recruiting and interviewing prospective tenants for their property. Although there are property managers whose only duty is to maintain a property and keep it free of vandalism, this form of care-taking is usually a small part of their working life.
The property manager has a responsibility to take care of themselves properly. After all, any interruption in their personal life translates to a distraction from their duties to the property and their employer. This means that they must remain within full compliance of the law at all times because there should never be any personal consequences to them for performing their job. They also have a responsibility to make sure they are compensated appropriately so that they can continue to work without interruption. The property manager should never be expected to invest their own money in the property.