According to The London Management Company, the typical tenant turnover costs vary between £2,000 to £3,500, dependent on where the property is located.
As such, the focus of any property manager when maintaining a quality property is to keep the average tenant turnover rate low.
However, you can easily find yourself in trouble in your new career as you attempt to wade through the many details related to ensuring that a property is running smoothly at all times.
This article is for the London property managers looking to prepare and educate themselves before they take on their new duties.
By the end of this article, you will have learned what is expected of you and what property management entails.
What Exactly Does a Property Manager Do?
A property manager is a professional who specializes in making sure that a rental property is operated per the instructions issued by the property owner.
The goals of the owner could be to provide attractive living conditions for the tenants or to ensure that certain financial objectives are met. In some cases, they could also be both.
Owner guidance can take on a variety of forms for example:
- Individual property owners can opt to issue verbal guidance on the goals they want the manager to achieve
- Corporate owners may provide vision and mission statements for the assets
It’s upon the manager to ensure budgets are adhered to, only responsible tenants take up occupancy, the rental is well maintained, and that rent is paid on time.
Pro Tip: Entrepreneurs who have more than one property will, in most cases, want professional help in managing their investments. It’s why they choose to look up to the property managers to ensure their goals are met.
Responsibilities of a Property Manager
Property managers are tasked with handling the daily operations of both residential and commercial properties. Some of their responsibilities will include the following:
I. Managing the Budget
The landlord can task the property manager with managing the budget for all building and construction needs. This may also include maintaining all the essential records.
Once such responsibility is handed down to them, the manager needs to ensure they operate within the set limits. When certain emergencies arise, e.g., when the physical structure or tenants are in danger, the manager can use the funds available in the budget to commission repairs.
II. Screening Tenants
Screening potential tenants and managing them once they take up occupancy in the building is another responsibility of the property manager.
Depending on the agreement they have with the owner, it may be upon them to find new tenants and screen their applications. Management will also include handling all maintenance issues and managing daily complaints.
What Is Considered Property Management?
Property management is the process of managing and overseeing various residential and commercial real estate ventures.
It includes handling all the daily operations of the property, such as:
- Handling tenant complaints
- Rent collection
- Maintaining the property
The kind of responsibilities the property manager has to handle will depend on the contract they have signed with their client.
For instance, the property owner can task the property management company with a single task such as rent collection. They could also state the kind of business operations they want the firm to handle for them.
Taking up a career in property management means that your roles will not only be varied but multi-faceted as well. You have to understand from the get-go that no two days will ever be the same. The role is attractive for someone looking for a challenging profession.
It’s one that’s attractive to reliable individuals, who relate well with others, and who view themselves as natural problem solvers.