Ever wondered what exactly a property manager does? We've compiled a list of 10 essential tasks that every property manager should handle. Whether you're a building owner or a tenant, understanding these responsibilities will surely help you streamline your property management experience with us. There are probably a few things that you may not have thought of that we take care of for our clients (that not all property managers do!), to keep their lives as stress free as possible. Check it out below!
- Property Maintenance – From minor repairs to major upkeep, property managers arrange and oversee maintenance tasks, like building repairs, regular inspections and preventative maintenance, leaving property owners worry-free and tenants comfortable in their space.
- Paperwork & Financials – We handle all the paperwork, including drafting leases, renewals, and enforcing the terms and conditions, protecting both owners and tenants. We will set up insurance & manage property taxes (advocate to keep them low/fair). Efficiently collecting rent from tenants and handling financial matters are also key responsibilities. Property managers must enforce lease agreements, track rent payments, and take appropriate actions in case of late payments or delinquencies.
- Marketing and Property Promotion – At Adelin Properties, we start with a market analysis to understand what is trending and try to predict what may come. It is important for us to understand what people want from an office space, or that we need to build more industrial space in the area so that we can advertise buildings or spaces for lease appropriately.
- To maintain low vacancy rates, property managers need to actively market and promote the property. This includes using various marketing channels, creating appealing listings, and showcasing the property's unique features.
- Staying Updated with Real Estate Trends – A competent property manager should continuously educate themselves about industry trends, market conditions, and new regulations. Staying informed allows them to make informed decisions and provide the best service to property owners and tenants alike.
- Lease Compliance & Conflict Resolution – Making sure the Landlord, the Tenant, and other building occupants are following the building rules. From property disputes to tenant grievances, a property manager acts as a mediator, resolving conflicts professionally and maintaining a harmonious living environment (you don’t want to let the noisy neighbour frustrate the entire building).
- Stay Up-to-Date with Regulations – Your property manager should be well-versed in local rental laws, ensuring your property remains compliant with all legal requirements.They should ensure that leases are legally compliant and that the property adheres to all necessary regulations and safety standards. Advocacy and legal are a big part of making sure we are aware of what is going on in government (all levels) to ensure that changes don’t impact your building (like property taxes) or regulations about tree cutting/building additions.
- Consumption & Sustainability – The environment is super important to us and we want to make sure we do our part to make choices in products and procedures to reduce our footprint. This means finding ways to reduce costs when it comes to things like contractor services, or reducing consumption; do we really think it's necessary to wash the windows on a high rise building every single week?
- Life and Safety is a Big Deal – We spend a lot of time maintaining and repairing safety systems like fire alarms, sprinklers, plumbing, electrical, emergency lights, fire extinguishers, muster points etc. We also review and update security procedures like emergency or alarm calls, and work with tenants and building owners to ensure locks, cameras, gates and guards are all up to standard.
- Space Planning – Both in the building as a whole, making sure we have a good mix of tenants, and in the space for lease, determining what is needed and how the space should be laid out. If needed, we will also help hire a construction team to make any layout changes/ upgrades to the space. This also includes accessibility needs - we are always looking for ways to make the building more user friendly.
- Tenant Appreciation – Adelin Properties knows that we would not be where we are today without our fabulous clients! We try to put on a few events each year to show our appreciation and say thank you to each and everyone for putting their trust in us to sell or lease their spaces.
If you're a property owner looking to simplify your management responsibilities or a tenant seeking a hassle-free renting experience, a dedicated property manager can make all the difference!
Contact us today to find out how our experienced property management team at Adelin Properties can help you achieve peace of mind and maximize the potential of your property!
