The rights and obligations of property managers

Setting Massachusetts rents and collecting rent with respect to a real estate investment sounds simple enough. But, in reality, it is a time-consuming, detail oriented job that many cannot do as a part-time project. This is why people with investments in real estate consider hiring a property manager.

As the name suggests, a property manager is a third party that manages the daily operations of a real estate transaction. Depending on the agreement between the parties, a property manager or property management can be responsible for a number of items, from setting and collecting rent to filing taxes for the property.

First, the property manager generally has an understanding of the area where the property is located and set the rent accordingly. Once set, they are responsible for setting the date it will be collected and levying fines strictly, if the date is not met.

Tenants are responsible for most aspects of dealing with them -- from advertising about vacancies and finding tenants, to going through the applications, running credit checks and screening tenants and handling leases, move-outs and evictions. This requires a comprehensive understanding of landlord tenant law. The property manager can be responsible for a number of other items as well, depending on the management agreement.

The management agreement then plays a key role in outlining the owner's rights and obligations with respect to the property manager's. To avoid legal disputes and complications down the line, it is best that everything is outlined plainly in the agreement. It may be beneficial to consult an experienced real estate lawyer for guidance in this field.

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