A real estate portfolio manager is in charge with managing a real estate for a fee, when the owner of the property is unable to attend to such details, or simply does not want to do so. This involves in the renting out of the property, finding out the market rental price, managing rental payments, and managing the condition of the property itself.
This means that the portfolio manager needs to make sure that all rents are paid up to date and properties are in appropriate conditions after the former tenant has moved out. In the case where damages are made by the tenant, the portfolio manager has a duty to organise a repairman to fix these damages and organise for the tenant to make the necessary payments.
Since the primary responsibility of a real estate portfolio manager is the landlord of the property, it is important that he or she meets the landlord’s expectations, specifically on how efficient he performs on a task.
It is important that all real estate portfolio managers are professional and be well updated on fair housing laws and property procedures. It is also important from the client’s point of view, in this case, the landlord, that their property be maintained and improved in a way that would increase their market value and retain their ownership.
From the tenant’s perspective, it is always expected that the portfolio managers are professional enough to be able to provide tenants with the desirable accommodation, with health and safety measures checked and in place. It is also of the portfolio manager’s responsibility that the tenants understand the contents of the lease agreement.
The relationship the portfolio manager has with the landlord and with the tenant are crucial in forming the expectations of both parties to the lease since both parties will seek and expect certain rights and benefits out of it.