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What To Look For In A Property Management Company

ArticleID 160  
Writer Isaac Thuku
Category Personal Article

Many may ask, “What is property management?” “What does it entail?” “Why is it necessary?” Property management is the administration of real estate. In this case, real estate is inclusive of commercial, residential and industrial property. Property management entails controlling and overseeing of real estate property. A manager is hired by a property owner to engage in the control, oversight and management of the property. the manager will then be in charge of budgeting, securing renters and rent collection as well as maintaining the property. At a small fee, the manager performs all the name duties on behalf of the property owner. Payment is preferably made as a specific percentage of the rent collected.

Managing property can be a challenging task especially if done alone. Various companies have come up to assist property owners in managing their properties. Although this takes a heavy load off the owners’ hands, caution should be exercise. The selected company should be able to perform the services you require of it. To maximize on the benefits, the following characteristics should be observed:

The property management company should be licensed to provide its services to the public. The property management company should charge fees that are within your budget. The company should offer as many services as possible with minimum costs.

The owner should enquire whether the company would be able handle the type of maintenance and repairs that may occur. Does the company have its own maintenance crew or do they outsource?

The property owner should be well aware of the level of experience and the reputation of the company before employing its services. This will offer some solace to the owner when making the decision.

The company should exhibit a high level of accountability and transparency.

Payment dates for the collected rent should be known. The manager may decide to forward the payments at the end of the specific month or at the beginning of the following month. This information is important for accounting purposes when forming the financial statements.

Other characteristics may vary depending on the owner’s needs and the property in question. What are some of the benefits of using a property management company?

It saves time for the owner. With a property management company, the property owner does not have to spend his time vetting potential tenants.

The property is well maintained and repairs done when necessary.

Collection of rent where applicable is done by the company.

Saves the owner’s money since he does not require to spend money moving from one property to another.

The property management companies offer information and professional advice to property owners.

There is increased revenue from the properties since the company has the relevant experience to maximize on effective delivery of services. This reduces costs immensely.

Hiring a property manager does not transfer property ownership. Certain responsibilities are transferred to the manager while ownership remains with the property owner. In order for property management to be effective, a property owner must work with a trustworthy property management company. The company should have qualified and professional personnel to work with their clients.

What To Look For In A Property Management Company
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