Property Management Residential and Commercial
If you are thinking of investing in real estate, you ought to consider whether you should hire a property manager or manage the property yourself. If you are investing in property as a second source of income, you should consider hiring a property management (residential & commercial) firm or professional. What is a property manager? Property managers take responsibility for your property. They are responsible for the management of your property and therefore sell, lease, operate, or transfer the property on your behalf. You will therefore not have to play an active role in the management of your property. The managers will only refer to you when the need arises.
When hiring a property management (residential & commercial) company or individual, it is important to take your time to learn more about the specific responsibilities the companies or individuals will have once they are under your payroll. This will ensure that you have a great working relationship with the property managers as roles and responsibilities will be defined.
The following are some of the most important roles and responsibilities of property managers:
- One of the biggest challenges that any property manager faces is getting tenants or buyers for a property. Property managers assist property owners by marketing the property. They therefore develop market contacts on behalf of the property owners and ensure that the property is listed correctly to attract the right type of clientele.
- The property managers are also responsible for interacting with the respondents. The property managers take the people who have responded to their advertisements to view the property. They are also responsible for answering any questions that may arise concerning the property. The property owner remains completely hidden in the background as the property managers are the primary contacts concerning the property.
- The property manager is in charge of all the paperwork involving the building. They are therefore, responsible for keeping records, developing leases, dealing with title deeds and any other paperwork that may arise.
- The property manager is responsible for hiring contractors that are involved in the maintenance and management of the building. The property manager therefore must be able to source for the sub contractors and decide on the best contractor for the job.
Concerns that are raised by the tenants of the property are forwarded to the property manager. Only major concerns that cannot be solved by the manager are forwarded to the property owners. Issues that property managers handle include issues of security, maintenance, and functioning of the property.
The property manager will also be responsible for the inspection of the building. Property managers should not wait until they hear complaints to deal with issues in the building. They should take an active interest in the building and ensure that they inspect it physically on a regular basis. This will ensure that they are able to spot problems early and therefore solve them in good time.
What to look for in a Property management (residential & commercial) firm or professional
The professional you deal with should be proactive. They should do all that they can to ensure that the property is in good condition and that tenants are happy. This means anticipating needs and acting on them. Organizational skills are necessary for any property manager. They should be able to complete the tasks given to them effectively and efficiently. It is also important to ensure that they have good people skills. They should be able to listen to tenants especially when there are problems in the building.
Category: Property Management
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