3 Key Responsibilities of a Property Manager by Gene Bernshtam
First off, real estate investor and developer Gene Bernshtam says that a real estate property manager is different from an asset manager. The former’s job is geared towards the daily operations/activities of the property while the latter’s is more inclined towards maximizing its value primarily for investment purposes, says Gene Bernshtam.
Property owners usually hire the services of a property manager to take care of the real estate on their behalf. Just as the asset manager is an integral player in real estate investment, so too is the property manager, but this time, in terms of maintaining the overall upkeep of the property. Gene Bernshtam shares the three key responsibilities of a property manager as follows:
From accounting to managing cash flow, the property manager ensures that all financial aspects of the property are properly managed. Budgeting, appropriating rental fees, operational expenses and such are all covered here. Also related to this responsibility is marketing the property to target the right market/tenants.
2. Tenant Management
Gene Bernshtam adds that a critical component in ensuring long-term profits is tenant management; from selection to addressing concerns, and the tenant’s behavior in terms of caring for the property while they are under the occupancy contract.
In terms of facilities, the property manager is responsible for the utility systems of the property like water and electricity, as well as the property’s outdoor area. Repairs, when needed, are expedited to prevent further damage. Ensuring that the physical property is in good condition also ensures tenant satisfaction, says Gene Bernshtam.
For a fee, says Gene Bernshtam, the property manager will take care of these and more, removing from the owner the burden of maintaining the property and ensuring tenant satisfaction.
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