The owner of the property looks to their property management company as their partner in maximizing on their own investment. Through prudent and efficient performance in the four primary areas of responsibility, this can happen. The property manager’s focus is on the owner, and their responsibility to the owner is to keep the property occupied; the rents collected, maintain the asset and keep pertinent records. The tasks of the property manager may look simple on the surface, which is far from the truth; it is a complex business.
A property manager in Palm Beach Gardens really has four areas of direct responsibility:
Financial and marketing:
Property management in Palm Beach Gardens understands operating expense and budgets. Based on this information, and balanced by market conditions, the appropriate rent is set. To do this not only requires financial acumen; it takes in-depth knowledge of the competitive situation. To maximize occupancy, the property manager will have marketing programs developed to ensure this and to maximize rental rates. All pertinent financial information must go back to the owner, so there is a complete understanding of profit and loss statements. Tax and budget maintenance is also very important for the manager to be comfortable with.
Tenancy and occupancy:
Getting a reliable tenant is only the beginning. Keeping the tenant by understanding their needs and responding to them is of the utmost importance. However, the manager still must monitor the tenant to insure their compliance with the lease, timely rent payment and their overall satisfaction. Unfortunately, it may be necessary to evict a non-performing tenant; the manager must take this task on as well.
Facility management:
All the physical property, inside and out is the responsibility of the property manager. They must establish and maintain relationships with repair companies and various service vendors; they must wisely use the budgeted amount and monitor the quality of all work being performed on the property. Facility management has a direct impact on tenant relations as a well-maintained property keeps the tenant happy, and it ties in with finance as some major works will require setting aside capital for their completion.
Administration:
This is the “desk bound” side of the property manager’s day. All the documentation that takes place between the authorities must be met, and meticulous records must be kept for every property under their direct control. For liability purposes, all of the manager’s interactions with the tenants must be recorded, and the records kept. They are also responsible for handling security deposits, holding them in escrow and only using them for the purposes intended. Their responsibilities may extend to pay the tax, insurance premiums and mortgage.
The best professional property manager in Palm Beach Gardens FL can be found at Real Property Management – Palm Beach Gardens. Contact him today to discuss your management needs. The pros can be found at 800-365-1275
