Ever wondered what property management companies do? Are you looking to rent a property but unsure how to go about it? Then you've come to the right place! Property managers are essential to renting property, especially in large cities like Atlanta. In this blog post, we'll go over property management 101 and what property managers do, from their roles and responsibilities to the different types of property management. We'll also look at the numbers behind property management companies and what percentage they usually take for their services. Finally, we'll touch on some of the more challenging aspects of property management and how property managers deal with them.
What Are 5 Different Roles and Responsibilities of Property Managers?
Property managers often have many different roles and responsibilities, depending on the property they manage. Generally speaking, property managers are responsible for managing rental properties on behalf of landlords. This includes finding tenants, signing leases, collecting rent payments, carrying out inspections and repairs, enforcing rules, dealing with tenant disputes or complaints, and more. Additionally, property managers may be required to maintain a property’s financial records, including budgets and accounts payable/receivable. They could also be responsible for marketing a property to attract potential tenants.
What Percentage Do Most Property Managers Take?
The percentage of property management companies will depend on their services and what they charge for them. Generally, property management companies in Atlanta take between 6-10% of the property’s gross rent as their fee. This fee is taken from the property owner's rental income, not the tenant's.
What Are The Two Types Of Property Management?
There are two main types of property management: residential property management and commercial property management. Property managers usually manage rental properties such as single-family homes, condos, townhouses, and apartments. On the other hand, commercial property managers typically work in office buildings, strip malls, or other more significant commercial developments.
What Is The Most Challenging Part Of Property Management?
One of the most challenging parts of property management is dealing with tenant disputes or complaints. Property managers are responsible for addressing any issues concerning the property and ensuring the tenant’s rights are respected. They may need to mediate between tenants and landlords to resolve this. Property managers must also be knowledgeable of rental laws in their state and stay updated with changes or new regulations.
Property management is a required field requiring much knowledge and expertise. Property managers have many roles and responsibilities, from finding tenants to maintaining financial records. Property management companies usually take 6-10% of the property’s gross rent as their management fee. In addition, property management can be divided into two main types – residential and commercial property management. Finally, one of the more challenging aspects property managers need to deal with is tenant disputes and complaints. Property management can be a complicated field, but by understanding the different roles and responsibilities property managers have, their fees, and how they handle difficult situations, you can make sure your property is being managed in the best possible way.