Property Management

Who is a property manager?

A property manager or property management firm can be the buffer between the homeowner and the tenant. The investor, who wants to rent out his property, yet does not want to take the time finding out right tenants, collecting rent or handling tenant complaints, can hire a property manager to do those tasks.

He is typically a person who is hired to manage residential or commercial residence. His duties might include finding and screening tenants, collecting leases, organizing repairs to the residence and handling evictions. In most circumstances a property manager must be a licensed real estate professional. This is determined by state laws and the type of properties being managed.

When a certified property agent is a property manager, they work under a broker. If collected rents are not released directly to the home owners, they are transferred into the broker's account. A trust account is a special bank account set up by the broker, and money from the broker's business or personal accounts cannot be commingled with funds transferred in the trust account. Security, cleaning deposits and rents are transferred into the trust account. From that account payments can be made to the homeowner, to the broker for management fees and to make residence repairs.

When hiring a property manager, he usually signs a property management agreement. The payment a homeowner receives is typically a percentage of the gross monthly leases. Security or cleaning deposits are normally collected by the manager, and transferred into the broker's trust account, rather than given directly to the owner. Late charges that are obtained can either be paid to the homeowner, depending on the lease agreement. Some lease contracts specify that if the residence is sold during the duration of the lease agreement, the proprietor will be liable for property charges to the property manager.

Property managers must follow state rental practices and the Government  real estate recommendations. Government rules prevent discerning on the basis of color, race, national origin, religious beliefs or sex. States have specific rules that regulate the amount of permitted security deposit that can be requested, and foreclosure procedures. And these rules cannot be to non-residential commercial properties.

These people normally specialize in residential or professional properties. Within those types, there are additional specialties. In residential, a property manager might be master in full-time accommodations, seasonal accommodations or holiday accommodations. Commercial property managers might be specialized in a specific type of commercial property, such as warehouses or retail space.

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