What You Need to Know About Real Estate Management

There is a great big world of real estate out there, and if you are not involved in the industry then it can be hard to distinguish between all of the different jobs out there! One job that people do not seem to know too much about is real estate management. Real Estate Managers can often be confused with real estate agents or brokers, or other professionals within the industry. However, they definitely have their own place in the real estate business and serve a specific function. If you want to know more about real estate management, this article will give you the basics.

Real Estate Management - The Basics

A real estate manger is a person who mainly oversees the management of rental properties. The manager is the liaison between the landlord and the tenant, and is basically hired by the landlord to take care of all of the jobs that they do not have the time or the inclination to bother with. A person generally invests in a rental property because they want to make money, not because they want to spend their time dealing with tenants! That is why a real estate manager is so handy. They are normally involved right from the outset - they advertise a vacancy for the property, show potential tenants around, and collect applications. They will then conduct reference checks and credit checks, and pass on a short list to the landlord, who will have the final say as to who gets the lease. If there are any further issues once the lease has been signed and the tenant moves in, the real estate manager will be the one to deal with those issues.

Real Estate Management - What Else Do They Take Care Of?

A real estate manager does not only collect rent for a living! If you have lived in a property for a fair amount of time, you will likely have experienced something going wrong. Maybe a pipe burst, maybe one of the electrical outlets stopped working, or perhaps the property was vandalized with graffiti. Any problem with the property is handled by the manager. They will inspect the damage if need be, and organize a contractor to fix the problem. A real estate manager will regularly liaise with electricians, plumbers, builders and so on that are required to fix problems or faults within the property. They would also be required to step in if any development or construction was needed on the property. A real estate manager will normally be required to carry out property checks on behalf of the landlord at regular intervals to ensure that the property is not being misused. Basically, anything you can think of that has to do with a rental property, a manager takes care of!

Real Estate Management - When Things Go Bad

It is unfortunate, but all too common, that things go wrong with rental agreements. This could be from either end. Tenants can often be careless with their rental properties, since they do not consider it to be their home. They might break cupboards, smash windows, stain the carpets, let the garden die and so on. Ensuring this is taken care of is the domain of the real estate manager. They also will have to step in if there is a late payment of rent on behalf of the tenant. Normally there is a small grace period, but generally a manager will get in contact almost immediately if the rent has not been paid on time. If the tenant leaves the property without paying, thereby breaking the lease, the manger will have to deal with the fallout from this too, ensuring that there is a new tenant in there as soon as possible.

Real Estate Management - Legal Issues

Landlords are also guilty of causing strife in a rental property. Some landlords might show up unannounced, which is not permitted by law, and a manager will have to ensure that they know they can not do this. Sometimes, a landlord will want to break a tenants lease, which they can do under certain circumstances. A manager will liaise with the tenant in regards to this sort of matter to try to come to an agreement that suits everyone. A real estate manager can also be involved in litigation in these sorts of negative circumstances. There are many facets of this type of law, but the most common things seen are eviction processes, public nuisance, failure to pay rent on time, improper use of the property and so on. In these cases it will be the real estate managers job to oversee the legal proceedings by obtaining the services of a solicitor if necessary and by taking care of any other matters that result from the litigation.

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