Did you know
as a property manager we have a fiduciary responsibility to the owner of the property. Fiduciary is one of those words we learn when taking the real estate exam. Fiduciary means “founded on faith or trust”. This mean as a property manager,our loyalty is to the owner of the property. We represent the owner not the tenant. We protect the owner. We look after the owner and make sure his/her property is safe. We have a responsibility of giving the owner a feeling of trust or faith in representing them. Being a member of NARPM (National Association of Residential Property Managers) has instilled in the importance of representing the owner not the tenant.
I came to property management as a residential and then commercial real estate agent. Sometimes I would represent the buyer and sometimes I would represent the seller. It changed from deal to deal. For many agents like myself, it was difficult to really understand the concept of “Representing”.
In many ways property managers are similar to attorneys,preachers and bankers. We need to keep all information confidential and put the client/owner’s best interest at heart.
We are required to follow the laws of the state the property is located and of course, the federal laws that govern.
This task is not always a defined course. Tenants do not understand why we do what we do. We are the bad guys. The tenants that are “well to do”, do not understand when we make statements like “ when we come to inspect the property we are checking to make sure the smoke detectors are in working condition, we are making sure the furnace filters are being changed, we are making sure that you are not growing pot in the basement and we are making sure you are not doing meth in the garage.” They resent the statement. We also explain that we are required to say this to everyone.
.If we only say that statement to the “not so well to do” then we are discriminating. Just because someone is well dress and speaks well does not mean they can not be doing those illegal activities. We must make all statements to all people.
Being a property manager is not as easy as it seems. It is more than just collecting the rent and paying the owners.
Professional Property Managers abide by all the laws of the land.