Due diligence is one of most important factors in real estate transactions. It is necessary to look at details such as titles, zoning, survey, inspection of building, environmental inspection, financing, and existing lease. Each transaction may have its own unique set of considerations.
The owners or developers may not have the time and proficiency to attend to due diligence themselves. So, choosing a good manager to look after the property is the best option. Resortbrokers.com.au suggests selling management rights to a qualified and experienced property manager who will take care of all aspects of the real estate property.
Here are some of the important duties of a property manager:
- Apart from receiving a salary for managing the property, the manager will stay on site in the manager’s unit, so he is physically present when any issue crops up.
- His main job is to make sure the property is a safe and pleasant place for the tenants.
- He also needs to make sure every aspect of the property is running seamlessly, so the owner or the tenant need not worry about it.
- Under the Fair Housing Act, he should apply the same screening standards for everyone.
- The manager has to check that apartments do not remain vacant for long. He has to advertise the apartment, arrange a tour of the space for potential customers, do background checks on the new tenants before signing the lease. He will also have to fix a rent at a competitive rate.
- He has to manage the staff employed to do any maintenance service for the property. He is also responsible for the maintenance of the property and the apartments.
- He has to collect rent regularly. All notices and charges for late payment is his responsibility. He should also release the eviction notice should a tenant fail to settle his rents.
- It is his duty to make sure the property always adheres to the city regulation standards, the insurance policies are updated on time and all the applicable laws are followed.
Thus, looking at the range of duties of property managers, appointing an efficient manager to take care of the property would assure the owner that the “due diligence checklist” is followed.