Short term Property management is defined as the managing of properties that are rented out to new tenants for short intervals. A few examples of such properties are vacation properties, homes near major tourist destinations, and Airbnbs. Therefore, if you are a manager of such property, then you will be plagued with more responsibilities than that of a regular property manager.
Being a short term property manager, you will be responsible for playing several roles. Therefore, you will have to be an excellent multitasker for keeping everything in order. Short term property management is a demanding job that will keep you always on your toes. If you are new at being a short term property manager or are still thinking about whether you want to take this up as a career, then it is best to know what all you will have to look after. You will have to follow the five principles every short term property manager should live by.
Below we have briefly discussed the top 10 tasks that short term managers need to oversee.
1. Responsible for Managing Rent
Rent management is the first and foremost responsibility that any short term property manager needs to take care of. You will have to set a margin for rent, depending on the location and market value of the property. Also, you will need to constantly be on top of all developments in the market or municipal laws so you can adjust and regulate the rent each year accordingly.
2. Managing Tenants& Related Aspects
Managing tenants is a complicated responsibility which involves various interrelated aspects. As a short term property manager, you will have to go through several steps which are as follows:
- Finding tenants: Advertising the rental and contacting potential clients
- Screening potential tenants by checking the credit history and criminal background to avoid any issues
- Handling lease: Setting lease terms and including necessary clauses
- Handling move-outs: Inspecting the property when a tenant moves out
- Process eviction: Evicting a tenant if they fail to pay rent or breach any term of the agreement
3. Tenant/Resident Relations
Tenant/Resident relations cover a range of aspects, such as enforcing occupancy policies and procedures. Being the manager, you have to investigate and effectively resolve complaints and issues to avoid big communication challenges.
4. Maintenance & Repairs of Property
You need to maintain the property to ensure that it is in mint condition by overseeing all maintenance tasks and repairs.
Property maintenance: It involves preventive measures to keep the property in the best possible condition for tenants. You must take care of all basic needs such as water leaks, broken electric switches, and trash disposal.
Repairs: If a major problem arises, you need to handle it timely and efficiently. For issues that you can’t fix yourself, you will have to acquire the services of electricians, plumbers, carpenters, and other professionals.
5. Managing Finances
Managing finances is one of the most essential and critical responsibilities of a short term property manager, which requires close attention. “Managers need to prepare and dispatch monthly statements to the landlords, so they are up to date with the running of their properties,” suggest James Brolin(Lead Researcher, King Essay).All payments and collections need to be done on time to avoid arrears.
6. Maintaining Records
“Short term property managers who are overseeing multiple properties are prone to mishandling and may miss out on important tasks,” says Amanda Patrick (Marketing Manager, Crowd Writer).In order to avoid this eventuality, you must keep a comprehensive record of all the properties and related tasks. This may include inspections, signing leases, complaints, insurance, and more.
7. Knowledge of Landlord-Tenant Law
It is imperative to have knowledge of landlord-tenant laws while managing short term properties, as any incompliance may lead to conflict between the tenant and landlord. Thus, you must have in-depth and up-to-date knowledge of local and federal laws related to property leasing.
8. Accountable for Taxes Related Issues
As a short term property manager, you need to be well-aware of all tax-related laws because you will be in charge of filing the taxes for the landlord. Also, your duties will not be just constricted to having knowledge of property laws. You will further have to calculate the taxes, file for returns, and stay up to date with any amendments in the tax laws.
9. Administrative Role
One of the multiple roles that you would have to fulfill as a short term property manager is to take on an administrative role. Administrative duties that you will have to undertake are completing all the required paperwork for new tenants, handling the petty cash, enforcing the conditions of the rental agreement, and more.
10. Staff Management
If all other things weren’t enough, you would also be required to oversee staff management. you will be in charge of appointing the help, including the maid, housekeeper, gardener, and any other necessary employee to maintain the property. you will have to place the job ads, shortlist through CVs, run background checks, train the help, evaluate their performance, and make critical decisions like giving a raise or firing an employee.
You will have to undertake these duties and more if you want to work as a short term property manager. It is a stressful task. However, it comes with a lot of authority and mostly with sizable pay.
Author Bio:
Claudia Jeffrey is currently working as a research assistant. Also, she acts as a freelance Financial Advisor for different firms like crowd writer. Claudiais passionate about writing well-research articles that educate the readers on topics related to marketing, real state, management, communication, and personal finance.
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