Everything you need to know about property management
What is property management?
Essentially property management is the best way to care for your real estate. This includes if you have invested in apartment buildings, condominium units, detached houses or even shopping centers and gyms. Property management involves an external company taking care of many small issues for you such as the administration or services required by the building. You can elect a business or person to act on behalf of you as a property manager. It will then be their responsibility to help protect the value of the property whilst also making efforts to make additional income too.
Additional services from your property manager
Many property managers also offer their expertise in the areas of buying and selling properties. This can help you as the investor take advantage of a whole package when it comes to selling and maintaining your buildings. If you do select a property manager to be in charge of leasing the building, you can relax as it will be them that actually list, show and advertise the rental opportunities.
If you choose to take care of the renting of the building separately, there is still a lot that a property manager can offer you. One of their responsibilities might be to collect rent on your behalf and ensure the correct payments have been made. Also, a property manager may have a role in qualifying tenants in the first place and securing deposits. An additional helpful feature of property managers is that they are usually highly skilled in all aspects of the law regarding your properties.
Business as usual
One of the most beneficial parts of employing a property manager is the fact that they will be able to take care of the smaller, everyday tasks without any effort on your part. These may be things that could be easily overlooked such as interior and exterior cleaning, waste collection and general maintenance of the property’s amenities. Since property managers often have a large range of services and contractors on their books they can offer to provide such management at a reduced cost, whilst saving time too.
Why you might hire a property manager
One of the reasons some people hire property managers is due to the high number of properties on their books. For example, some investors own over 1000 individual residences split over several sites. Maintaining each of these properties requires a huge amount of work and expertise.
Other investors may have alternative reasons for hiring a property manager. Many developers and investors may want to just have a ‘hands off’ approach when it comes to the property they own. They may not be interested in the actual running of the buildings them-self, but just keen to maximise on profits and income. In these cases, outsourcing the management of the buildings is a simple choice.
How to choose a property management service
If you are in the market of looking for a property manager yourself, you are able to easily search for property management companies and compare them online. There are many comparison websites for these services and they can be an excellent way to start your research.