A Short Note On Property Management Structures

A SHORT NOTE ON PROPERTY MANAGEMENT STRUCTURES

by

Cindy Roy

Many property management companies employ experienced and highly skilled maintenance staff which includes carpenters, painters, a licensed plumbers, and licensed electricians. It is said and rightly too the imagination and skill with which you manage your property today impacts its investment value tomorrow.

There are several property management companies with experienced professionals capable of expertly managing your property investment portfolio. The property management companies handle property investments in a planned manner focusing on building life-cycle maintenance and sensible utilities management. Their aim is to optimally exploit the true potential and long-term value of your properties.

Property management may be succinctly states as the operation, control, and macro-management of real estate properties. In fact, property management does encompass not only the real estate properties but also the management of personal property, equipment, tooling and all capital assets. It is a fact that many property owners are away from the place their properties are located for years together and in need of property management companies to safeguard their interests. Besides, landlords who have enormous properties find it unwieldy to handle the affairs themselves and want to entrust the work to a reliable property management company.

You must select a property management company that has structure service models eminently suited to your exact requirements. Many property management companies employ experienced and highly skilled maintenance staff which includes carpenters, painters, a licensed plumbers, and licensed electricians. Besides, the property management company s operations should conform to the ISO9001:2008 standard an international benchmark acknowledges and accepted by most property investors. The property management company will undertake to render the following services amongst others

Do screening of prospective tenants/lessees and make criminal background checks, credit check, any instances of previous eviction, employment history and rent paying capabilities and studying references.

Obtain all legal documents to protect your property rights, and tenant s/lessees rights of lease. Promptly collect rental amounts, deposits, and all applicable fees.

Inspect your property, at frequent intervals and submit reports to you regarding any damages, misuse etc.

Oversee tenant/lessee compliance to the rental/lease agreement clauses and send notices if there is any breach

Settle immediately all landlord-tenant disputes and ensure there are no rent arrears.

Maintain accounts for all rental receipts and expenses.

Maintain your property scrupulously and carry out prompt repairs to ensure that its market value does not fall.

The company should carry out all repair/renovation in a timely fashion while keeping the expenses down.

Undertake preventative maintenance after checking for smoke detectors, room heaters/air conditioners/ water heaters/sanitary fittings/electrical fittings/landscaping. lawns and backyards

Take effective steps to market your property whenever you need a tenant or want to sell any of your property.

Identify for you the right properties that come up for sale and also negotiate deals for you in a favorable manner.

The rental and property markets always fluctuate. The company should study the market and feed you information about its ups and downs.

Comply with all statutory laws, landlord/tenant issues, follow housing regulations etc

Successfully negotiate /tenancy/lease renewals prior to expiration which may include revised terms.

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