EKO LAWYERS have wide knowledge of Law, deep experience in Property Management and operates as Property Managers for Clients. It is possible that someone may know that Property Managers exist, but might not know the scope of operations of a Property Manager. Hence, we shall herein-under proffer a definition of the term “Property Manager” and throw light on the responsibilities of a Property Manager.
A Property Manager can be defined as a company or person who is hired to handle the operations of a real estate investment. A Property Manager can manage all types of properties, for instance; residential property, commercial property and mixed-purpose property.
The responsibilities of a Property Manager may differ from one Property Owner to another due to the specific terms of the management contract or power of attorney between the Property Owner and the Property Manager in respect of a specific property; and also based on the agreed Commission payable to the Property Manager. The Property Manager’s scope of responsibilities may include the following:
RESPONSIBLE FOR RENT
Property Manager can be responsible for setting the initial rent, collecting rent from tenants and adjusting the rent.
- Setting Rent: The Property Manager knows how to set the right rent level to attract tenants to your property. The Property Manager usually has an understanding of the market where the property is located and can also use comparable properties in the area as yardstick in fixing rent.
- Collecting Rent: The Property Manager plays the role of rent collector. He ensure optimal cash flow by setting rent collection modalities, subject to the nature, terms and conditions of the tenancy or lease. As regards defaulting tenant or lessee, the Property Manager strictly enforces rent payment timetable.
- Adjusting Rent: The Property Manager can increase or decrease rent payable on the property, having in view the terms of the tenancy/lease and other prevailing circumstances.
RESPONSIBLE FOR TENANTS
The Property Manager as well manages tenants on the property. The Property Manager superintend over the process of finding the tenants who shall occupier the property, he handles complaints from the Property Owner(s), tenants and third parties. The Property Manager institutes eviction process against erring tenant with the aid of Legal Practitioners and other relevant authorities.
- Finding Tenants: A Property Manager is responsible for advertising the property when the property or any part thereof is not occupied by tenant in order to fill vacancy. A good property manager like EKO LAWYERS knows where to advertise, how to advertise and what improvements to make on the property (when necessary) to timeously attract the right tenants.
- Screening of Tenants: Property Manager screens the prospective tenants applications in order to determine the fit and proper prospective tenant for the property who shall make a good tenant. The said screening process may include criminal background checks, occupational evaluations of the prospective tenant and his/her spouse etc. Having screened thousands of tenants and lessees, EKO LAWYERS have verse knowledge on how to select the right tenants; most of the kind of people which EKO LAWYERS select are: (i) people who will pay their rent on time, (ii) People who will have a longer tenancy and (iii) People who will cause fewer or no problems.
- Drafting of Lease/Tenancy Agreement: In collaboration with the Property Owner, the Property Manager is responsible for stipulating the terms and conditions of the Lease or Tenancy Agreement in such manner that the Property Owner’s property and interest are protected. On this regards, hiring EKO LAWYERS to manage your property is an added advantage to you.
- Handling Complaints/Emergencies: It the responsibility of the Property Manager to handle complaints from Property Owner(s), tenants or third party and also handle some emergency situations.
- Tenant’s delivery up of possession: When a tenant is about delivering up possession to the Property Owner, the manager inspects the property/apartment, checks for damages on the property and determines whether the caution fee deposited by the tenant at commencement of the tenancy shall be returned to the tenant or not. After recovery of possession from the tenant, the Property Manager does maintenance works on the property (if necessary) and advertise the property with the aim of letting/leasing out the property.
- Eviction of tenant: When a tenant/lessee does not pay rent or otherwise breaches the terms of a tenancy/lease agreement, the Property Manager causes the requisite Notices to be served on the tenant or the lessee (as the case may be) and ensures that the tenant/lessee is evicted from the property.
MAINTENANCE AND REPAIRS OF THE PROPERTY
Property Manager is responsible for the physical management of the property, including regular maintenance and emergency repairs.
- Maintenance: The Property Manager is in charge of performing preventative property maintenance to keep the property tenable. Property maintenance appreciates and sustains the value of the property, also keeps current tenants happy and attract new tenants to the property.
- Repairs: When there is repair issue, the Property Manager hires someone to attend to it. EKO LAWYERS have large network of reliable plumbers, electricians, carpenters and other contractors who repair and maintain properties.
SUPERVISION OF OTHER EMPLOYEES OF THE PROPERTY OWNER
- Other Employees: If the Property Owner employs other employees in the property, such as cleaner(s) or security personnel, the Property Manager can be responsible for ensuring that the employees do their job. In some cases, the Property Manager pays salaries/wages to the said employees, discipline them and even terminate their employment (when necessary).
- Vacant Properties Protection: Property Manager can be hired to provide protective services on vacant properties against vandalism. Also, a Property Manager can be hired to ensure that contractors and repairmen timely complete their work on the property.
PAYMENT OF CHARGES AND RATES ON PROPERTY
Subject to the agreement between the Property Owner and the Property Manager, the Property Manager can pay charges, rates and taxes on the property for and on behalf of the Property Owner.
PROPERTY MANAGEMENT COMMISSION
The remuneration of Property Manager is called “Commission”; and 10% (ten percent) of the received rent is the standard commission payable property manager.
EKO LAWYERS collects maximum of 10% (ten percent) of the received rent as commission, any Property Owner who engages the services of EKO LAWYERS enjoys added advantage due to EKO LAWYERS’ thorough knowledge of States and Federal Laws and our esteemed professionalism in property management.
Entrust The Management Of Your Property On EKO LAWYERS now And Enjoy Peace of Mind.