Ever wondered what a property manager does? Well you’re not alone. Property management jobs are often thought of as the same as an estate agent. While there are some similarities, both play different roles in the world of buying and selling properties. This article will cover what a property manager does on a day-to-day basis so you can see if it’s an industry you’d consider entering.
>> Read more:
What is property management?
If a landlord needs help handling the daily responsibilities of a property they are renting out, they may choose to enlist the help of a property manager. Although you have to pay for the services of a property manager, they can look after your rental property if you don’t live in the area or take care of your portfolio of properties if you own more than one. They can be hired just for one task, like collecting rent, or they could be in control of all operations at the property.
>> Read more:
It’s predicted that a quarter of UK households will rent privately by the end of 2021 (Knight Frank report), as home ownership is becoming more out of reach for people. So, with the proportion of households in the private rented sector doubling over the past decade, why not consider becoming a property manager, making a living from this high demand? We are now going to look at the six main responsibilities of a property manager.
What does a property manager do?
1. Manage rent payments
Collecting rent is one of the most common responsibilities that a landlord passes onto a property manager. To make sure there is optimal cash flow, they will set a date when the rent is collected each month and enforce late fees. Even before this stage, the property manager may be responsible for setting the rent at the right level to attract tenants, and then potentially adjusting the rent each year.
>> Read more:
2. Deal with tenants
A property manager acts as a go-between for the landlord and the tenants. Essentially the property manager becomes the first port of call for the tenants once they’ve moved in. If there are any issues, then the property manager resolves them. This removes much of the stress that can be part and parcel of being a landlord. Included in this is:
- Finding and screening tenants
- Handling leases
- Managing complaints and any emergencies
- Dealing with tenants when they move out
- Handling evictions
3. Liaise with landlords
As well as being there when tenants need them, property managers also maintain communication with landlords. It’s important that landlords are kept informed of any imminent vacancies, any issues that arise and any repairs that have been carried out.
Perhaps the most valuable role that a property manager plays is that of an advisor for the landlord. Being able to share insights and information regarding all aspects of letting a property means that a landlord doesn’t have to concern themselves with keeping up to date with industry news. This is a service that both inexperienced and busy landlords are prepared to pay for.
4. Maintain the property
- At the core of property management jobs is maintaining and repairing properties on behalf of landlords. Being on hand when a boiler breaks or a window is smashed is key to keeping tenants satisfied and safe.
- As well as repairing things when they go wrong, it’s essential that the property is maintained to a good standard. This requires a wide range of maintenance duties, both within the property and the surrounding areas. Property managers might clear gutters, mow the lawn, fix appliances and replace carpets – and everything in between.
- The role of a property manager is varied, with no two days bringing the same challenges. This can be a great career choice for aspiring entrepreneurs who like to take a hands-on approach to their job.
5. Comply with relevant laws
It’s important to know the correct ways to screen a tenant, terminate a lease, handle security deposits, follow property safety standards and evict a tenant.
The property manager is in charge of making sure employees – for instance, security personnel – do their job properly. It’s often up to them how much they get paid and whether or not they get fired.
It’s also important that property managers make sure vacant properties have not been vandalised and don’t need any maintenance. They should also ensure any repairmen are sticking to deadlines and finishing their work to a high standard.
Property management franchise opportunities
If you’re interested in property management jobs, but you want the freedom and flexibility of being your own boss, then you could invest in a franchise. This way, you can start your own business with the support of a brand that has a proven track record of success.
You don’t need to have any previous experience in the industry to run your own property management franchise. As a franchisee, you’ll receive all the training you need in return for the franchise fee. You’ll get help with all aspects of running your business and support as and when you need it.
Nicholas Humphreys Estate Agency
- One such franchise is Nicholas Humphreys Estate Agency, which was first franchised in 2012. Taking a different approach to traditional letting agents, Nicholas Humphreys introduces a unique spin on the lucrative student letting industry. For this reason, it’s one of the best franchises to buy if you want to invest in a dynamic and highly regarded company.
- The size of your business and the rate at which you grow is entirely down to you. You can choose to start a field-based franchise to keep costs to a minimum, or you can find a fixed location ideally placed to encourage customers to visit. You’ll also receive full training and be supported to launch your new estate agent franchise.
- To become a Nickolas Humphreys franchisee, you’ll need to make a minimum investment of £9,360 and a total of £31,200.
- Alternatively, you could decide to invest in a Northwood franchise. Established in 1995, this estate agency franchise specialises in providing guaranteed rent, differentiating this business in a busy marketplace.
- Where most letting agency franchises act almost as a mediator between landlords and tenants, this business is distinct in the fact that it pays the landlord a fixed rental income and takes responsibility for managing the property.The benefits that this model offers landlords includes guaranteeing an income even when a property is empty or when the tenants don't pay.
- Northwood asks for a minimum investment of £25,000.
Property management franchises - is this the next career path for me?
After reading this article, you should have a much clearer idea of what a property manager does and whether you can see yourself owning your own franchise in the real estate sector. To browse a full list of our estate agency and property franchise opportunities, click here.
Becky Martin, Point Franchise ©