In real estate and rental management in Roseville, the individual manager or the company has four major concerns and areas of responsibility:
- Marketing and finance
- Occupancy and tenancy
- The facility
- Administration and risk management
The property manager is the owner’s surrogate and partners with the owner in maximizing the return of the owner’s investment in the property. The property manager acts in the owner’s best interests in maintaining the property, keeping it occupied, collecting the rent, and keeping records.
Marketing and Finance:
Rental management in Roseville requires an understanding of operating expenses and budgets. With these issues in mind and a full understanding of the local market, competitive rental rates are set. A firm understanding of the local market is required to avoid setting the rent either too high or too low; neither one is good for the owner. To maximize occupancy, the property manager will set in motion marketing programs, special promotions, and other creative advertising strategies. Regular upkeep and production of financial statements, profit/loss statements, tax data, and budget variances are important tools for the manager and important reports to the owner.
Occupancy and Tenancy:
Maintaining the property to maximum occupancy is a function of understanding the needs of the tenant and responding to them. The marketing activities will find the tenant. However, once the tenant has taken up residence, they have to answer their requests, make sure they are acting in accordance with the terms of the lease, collect the rent, and assess their satisfaction. The property manager knows that a happy tenant will show greater respect for the property, pay rent on time, and probably stay longer. The unfortunate part of tenant relations is having to arrange for an eviction for violations of the terms of tenancy.
Facility Management:
On the flip side of the human element of the tenant, is the management of the building and surrounding grounds. The physical property consists of the roof, the basement, landscaping, appliances, electrical, plumbing, and much more. The task of the property manager is to keep the infrastructure in good working order and well maintained. They will arrange for and maintain working relationships with service companies and contractors, monitor performance, and provide it all in accordance with the budget. There may be some major capital expenditures, and they will have to be budgeted for. Excellent maintenance and upkeep are important for tenant retention.
Admin and Risk Management:
Federal, State and Local governments have some jurisdiction over the management of investment properties. These agencies require certain reports be made. Along with all the financial records, the maintenance of all documents is of paramount importance. Any tenant/landlord interactions must be recorded in the event there is a contentious issue involving a liability claim. Prompt passage of this information to the owner is of utmost important.
Professional rental management in Roseville is the focus of Real Property Management – Sac Metro, Roseville office.
