The who, what, when and why’s of Property Management.
Who can be a Property Manager?
Although, there are no specific qualifications required to become a property manager there are some useful ones. These include a certificate in real estate, certificate in residential property management or a bachelors in property. Skills are more important in a property management role to ensure you can communicate with all types of people. Some important skills include honesty, reliability, good listening and writing skills, being able to mediate and negotiate, good organisation and good judgment.
What is a Property Manager/ Property Management?
A property manager is someone that is hired to oversee the day-to-day management of investment properties. Responsibilities include organizing repairs and maintenance, ensuring rent is paid on time, all communication with tenants and routine inspections just to name a few. Property managers act on behalf of the owner to preserve the value of the property while generating income.
When and why is Property Management needed?
Property Management is used when owners are unable to put the time and effort needed into their investment properties. Managing rental properties can be a very time consuming task and some owners have larger portfolios which require more time and attention. Others may be leaving town or the country and cannot simply manage their property(s) themselves.