What is Property Management? PART ONE
Property Management is the overseeing of Residential, Industrial or Commercial Real Estate. This can include apartments, houses or shop fronts etc. Property Management is a way to allow property owners to share the burden of maintaining their investment. This is in order to get and maintain the best return possible.
Property managers are responsible for setting rent, collecting rent, screening tenants, property maintenance, managing budgets, advertising the property and so much more.
Rent is one of the most obvious tasks a Landlord will pass onto a Property Manager. The rent is compared to properties in the area, relevant laws, age of the building, size of the house, who it is suited for. The Property owner Collates this information to set a fair rent and also gain the best possible return.
There is also the responsibility of collecting the rent, this is something that can be difficult. Many landlords like the fact this can be passed on to someone else. Property Managers try to keep a timely and often automatic payment structure and strict late fees to ensure consistent income for property owners. Property Managers also hold the right to increase the rent yearly according the Residential Tenancies Act
The unpredictability of tenants can be a hindrance for prospective landlords. Property Managers are able to take the brunt of this responsibility. As a Property Manager it is their responsibility to find tenants through advertising of the property.
Once tenants apply it is also the responsibility of the Property Manager to screen those tenants by credit checks, criminal background checks, extensive application forms and checking of references provided.
Property Managers are also often the first point of call when there are complaints,emergencies and evictions. It is then their responsibility to check for damages and go through the process of determining what portion of the bond will be refunded and also the preparing and repairing of the property in order to get new tenants in.
The eviction process can come from very trying situations which can result in very emotional people. When terms and conditions of a lease are breached an eviction notice is given. The Property Manager must handle this correctly and lawfully.
It is the Property Managers job to ensure the upkeep of the property owners’ investment. One, for the continuation of a positive return on investment. Two, for the functioning and condition of the property for the tenants. Regular inspections, keeping standards high and fixing minor issues efficiently before they develop into something costlier are undertaken to ensure this.
Budget and records.
Managing the budget and records is vital, Landlords allow a certain budget which a Property Manager must stick within where possible. Maintenance on investment properties often requires money, where possible it is always a priority to inform the owners of repair work and costs.
Maintaining records is also important for any future reference if need be. This includes signed leases, income and expenses, costs of repairs, maintenance requests and complaints, rent collection, inspection dates and results anything that relates to the property should be thoroughly recorded by the property manager.
A property manager tries to keep the downtime of a property as low as possible, however there are times when properties are vacant. As a property manager, part of the job is to ensure the maintenance is all up to date as well as ensuring the property is safe. Supervision over contractors and developments is also the responsibility of property managers.
Our property management team stay informed and up to date of relevant laws. Property Manager fully understands the rent and eviction process to ensure appropriate actions are undertaken. This includes rules around screening tenants, security deposits and letting fees as well as general safety requirements.
For all your Property Management needs, Contact us at goodGround
022 355 4221
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