What’s the first thing that comes to your mind when you think about property management? easy, managing other people’s property, right? Well, there’s actually a whole lot more that comes with being a property manager, one that can be a lucrative profession as well
Property management revolves around overseeing of properties, be it residential or commercial developments. Property managers, the individuals who represent the property management sectors, act on behalf of the property owners in preserving the value of the client’s property. At times, real estate companies may provide realtor agent services, as well as property management services, similar to Profere Property Management, a subsidiary of Oriental Realty. Property managers help owners create budgets, advertise rental properties, qualify tenants, collect rent, comply with local landlord-tenant and real estate board laws, and maintain properties. Preventive maintenance, interior, and exterior cleaning, and construction all fall within the scope of a property management company’s responsibilities.
Property owners hire property managers for various reasons. Among them are:
- Owners with various rental properties in their portfolios but lack the time or expertise to maintain the properties and deal with tenants.
- Interested in property investment and profiting from it.
- Absentee landlords such a foreign buyers or expatriates.
So how exactly can a property manager help you in managing your property?
- Managing Rent: The most common responsibility a property manager would be to collect rent on behalf of the property owner, ensuring tenants keep up with their monthly rents without the owner’s need to intervene. Some property management companies also determine rental rates to match the current market value, as well as analyse comparable properties in the area.
- Managing Tenants: Property managers are also involved in finding and screening prospective tenants, managing daily complaints and maintenance issues, while also handling tenant move outs and evictions.
- Maintenance and Repairs: Property managers are responsible for the physical management of the property, including regular maintenance and repairs. This includes performing preventative property maintenance to keep the property functioning in top condition. Therefore, should the property need any maintenance, the property managers act as the middle person and communicates with the owner, rather than tenants reporting directly it to the owner.
- landlord-tenant Law Knowledge:
Property managers require an in-depth knowledge of state and national laws in relation to the proper procedures in:
- Screening a Tenant
- Handling Security Deposits
- Terminating a Lease
- Eviction of Tenant
- Complying With Property Safety Standards
As property owners may not fully understand real estate laws, hiring a property manager would be the best solution in ensuring that owners are following the correct guidelines and laws to avoid any potential predicaments.
5. Managing Vacant Properties: While property managers are typically hired to manage leased out properties, there are also instances where they are hired to maintain vacant properties, performing routine maintenance, in doing so preserving the property’s market value. They also ensure that contractors and other repairmen are completing their work in a timely manner.
6. Keeping Records of Properties:
When you engage with a property manager, you entrust them to keep thorough records regarding the property. This should include all income and expenses; list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, record of rent collection and insurance costs. This is especially useful for property owners who invest in multiple properties, as well as foreign property investors, as the records could be easily retrieved should it be required.
Planning to keep your property in top condition without having to go through the hassle of actually doing it? Partner with Profere Property Management and we’ll gladly do it for you! Call us today at 019-275 8200 for a free consult today!