Real estate asset managers are responsible for handling the day-to-day operations, maintenance, administration, and improvement of rental properties. Properties handled by real estate asset management Lombard professionals can be commercial, industrial, or residential in nature. Careers in real estate management are on the rise. If you are considering a rental manager for your property rental needs, here is a basic overview of the initial job responsibilities of a real estate manager.
Filling Vacant Rental Properties
Upon signing an agreement with a property owner, the rental manager begins the process of filling a vacant property with a qualified tenant. This process often begins with listing the rental property on internet websites specializing in rentals, holding open houses to show the property to members of the public, and developing print media that promotes the vacant property. Real estate asset management services often have a large word-of-mouth network of real estate agents, existing tenants, etc. that they also alert to a new property opening.
Screening Prospective Tenants
Once a potential tenant is discovered, the property manager handles background checks, investigating the tenant’s credit history, and looking for any indication of a criminal record or a history of defaulting on a leasing agreement as well as verifying income/ability to pay rent amount. Past landlords may also be contacted by the rental manager, checking to verify the prospective tenant left their previous living arrangement in good standing.
Leasing and Final Tenant Move-In
Finally, if a tenant passes background screening, the property manager handles the legwork of getting leasing documentation signed, collecting security deposits, completing an initial walk-through with the tenant, and more if necessary.
Once the initial steps of securing a qualified tenant are completed, property managers handle rent collection, maintenance requests, leasing issues, and all other aspects of keeping a rental agreement running smoothly.
