Have You Met The Property Manager Yet?

Technically speaking, manager and owner are two different words but most of the time

, people misunderstood these two terms. There may be a similarity between the two because sometimes one person plays both the two roles though the fact still remains that they are not absolutely the same. If you still don't get the point, then let me introduce to you, the property manager.

For most of time, owners hired somebody to oversee their property and they are what we call property managers. Sometimes owners no longer get someone to do the supervising job and make themselves the owner and the manager at the same time. Properties managed can be a residential like apartments or commercial like business offices. The roles of the manager are to find and screen renters, collect the monthly rental payment, contact repair services for the maintenance and take charge of the matters on eviction from the property.

Before someone becomes a property manager, he must first acquire a license in the real estate industry which is to be determined by the laws of the state. Anyone who wishes to be the person who supervises a property will be working under the administration of a broker. The collected rental fees should be directly deposited to the broker's trust account if not used in any property needs.

Hiring should be done under a contract to make things legal and the payment should be the percentage of the monthly gross of rents. The hired company is in charge of gathering the security or cleaning deposits. The schedule of payment shall also be enclosed in the signed contract between the two parties. If for an instance, the owner sold his property at the time of the contract, the property manager shall be awarded the fee on real estate.

Each of them has their own guidelines to follow. One of these guidelines is the "Federal Housing Guidelines" which is the standard of all transactions in this industry. This guidelines states that all transactions should be done free of any bias. No one should be discriminated with their skin color, race, nationality, sex, religion, and culture or belief. Equal rights are the keywords of the mentioned guideline and each manager shall follow accordingly. The state of the law determines the amount of security deposits and procedures of eviction shall be governed also by the existing laws. However, there is an exemption for non-residential commercial as stated in the guidelines.

Property managers specialize in two different classifications which are residential and commercial. Residential management focuses on rentals that are full-time, seasonal and on vacation rentals. On the other hand, the commercial one works on the retail and warehouse space.

by: Reynen Seville

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