Property Management – An Overview
Property Management, as the name indicates is the process of managing and maintaining properties that are available for rent and/or maintenance. Property Management normally involves managing and taking care of property that is owned by other party (called as the Owner / Land Lord). The property is maintained by a Property Management Company (Property Managers) – Property Management Overview.
We provide Property Management Services involving ongoing communication with the owner with regular updates along with the regular maintenance and emergency maintenance issues. The scope of work also varies with the type of property, size of the property, location and condition of the property.
A generalised list is given below:
- Representing the owner.
- Payment of Property Taxes.
- Maintenance of the amenities in the house including follow up of AMC (Annual Maintenance Contract) of the amenities with the Service Providers.
- Rental Assistance Service.
- Assess the rental value of the property.
- Advertise the Rental Properties and Marketing them through online ads, local agents, website, known sources, companies etc.
- Qualifying, screening and checking the background of the interested tenant.
- Proper Documentation of the Lease Agreement along with the amenities list.
- Rent Collection and follow up with the tenant and updating the owner.
- Tenant Management.
- Renewal of Lease Agreements.
- Inventory check when the tenant moves in or moves out of the property.
- Coordinate the Repairs & Maintenance when vacant and occupied by the tenant.
- Maintenance of accounts and finances of the property.
Apart from the above listed works, Property Management may include a list of certain specific things relating to a property that need special attention. These specific things which are the concerns of the owner are to be taken into consideration by the Property Manager and the specific things could be like gardening, landscaping, pest problems, entry of birds in the house, any other issues with the house that could be specific based on the location of the property.
As per the statistics, most of the owners who avail the Property Management Service give their property on rent. The Property Manager should be able to find tenants quickly through his Rental Assistance Service.
The tenant is to be good and reliable who will maintain the property and pay the rentals on time. Therefore an important aspect of Property Management is filtering and screening of the tenants for a smooth and tension free transaction. There should be a smooth move in and move out procedures whenever the tenant occupies and vacates the property.
Property Management Overview
A few minority of the people who look out for people to maintain the property so that whenever they visit the property it is in liveable condition. The Property Manager should take adequate steps to keep the property clean and the amenities in the house should be in working condition at any point of time so that whenever the owner visits the property it is in perfect condition to move in immediately and a happy living.
Summing it up, Property Management involves taking appropriate actions from time to time to preserve the value of the property and generate income. It includes different facets of managing a property which includes maintaining and handling all the day-to-day activities that are centered around the Property thus maintaining the property as per the goals of the ownership.