Managing Rental Property
If you’re new to the wonderful world of renting, it’s important to understand what your property manager is responsible for. Property managers are a third-party entity that landlords or property owners will hire to manage everyday operations at a rental property. The responsibilities vary based on the property and the terms of the management contract.
Below we have prepared a list of the most common tasks property managers are responsible for.
Allow your property manager to assist in determining the cost of rent. Your property managers are experts in the rental industry and they are up to date on current rates throughout the market. Additionally, a property management company can increase the rent by a fixed percentage based on the current market.When you work with a property management company, they are responsible for collecting the rent from the tenants. Property managers have the authority to enforce late fees as well.
Another core responsibility for property managers is to manage tenants. From finding and screening tenants to handling move-outs, property managers are responsible for all areas.Property managers are responsible for the property’s advertisement that will fill vacancies quick and with the right tenants. When a potential renter submits their application, the property manager will perform an extensive background check and credit history.
Once a tenant has been selected and approved, your property management company will handle the lease terms and ensure that the tenants have provided all of the required documentation and paid their security deposit.Inevitably, something unexpected happens at a rental property that requires attention. Property managers are responsible for maintenance requests, noise complaints, and dealing with evictions.
It is up to the property manager to maintain the property and keep it safe and habitable for tenants and the community. The property management company will complete repairs or hire a professional to do so, it is not the landlord or the tenant’s responsibility.Unless the damage is caused by the tenant.
- Understanding Vietnam Laws
A professional and reliable property management company will have an in-depth knowledge of state and national laws regarding rental properties. They are required to understand the laws for screening tenants, handle security deposits, terminate leases, evict a tenant, and comply with safety standards.
- Supervising Responsibilities
Some rental properties have additional employees to assist in managing the property. These employees can be a concierge, security personnel, maintenance worker, etc. It is up to the property manager to ensure the other employees are doing their job. Often times, property managers are hired to supervise vacant properties to make sure there hasn’t been any vandalism and perform routine maintenance.
- Manages The Budget
Property owners rely on the management company to operate within the set budget for the property. While emergency situations do occur, the property manager will need to use their best judgement when it comes to ordering repairs or any other service that is needed within the property owner’s means.
If you’re renting for the first time or this is the first time through a property management company in Ho Chi Minh City, it’s important to know who is responsible for certain aspects of the property. Apartment for Us is Ho Chi Minh City’ most trusted property management company that manages rental properties throughout Vietnam.
It’s Time To Be The Best Property Manager
You’ve decided to learn how to manage rental properties for yourself, and that is quite the achievement! Now that you know the basics of property management, the only way to become experienced at each step is to put this knowledge into action.
Remember that in its most minimalistic form, property management requires only a few simple steps:
- Buy and repair a property
- Set up a rental cost & tenant requirements
- Find tenants and rent the house to them
- Maintain the property
- Collect rent and pay taxes
Do not become overwhelmed at the thought of managing your properties. Being a landlord is rewarding work, and you can help improve your personal wealth by staying organized and alert throughout the process.
You can be a great landlord; all you have to do is try!