Setting of the initial amount of rent to be charged falls on the shoulders of property managers because they know the property, how much it is worth, and what is a fair price to charge a tenant. It is also their job to collect rent payments from tenants as well as enforce late payment penalties. They also have the power to increase the rent by a fixed percentage, or decrease it when they deem it necessary. Drafting leases Property Managers are responsible for determining the length of the lease and making sure its provisions are in the owner’s best interest. This includes deciding how much of a security deposit and other cash outlays are needed.
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