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Property management entails a whole spectrum of activities and services that relates to a property. If you have entrusted your investment to a property management company, you have to ensure that these facilities are offered by them.
The main aspect of property management has to do with rent. A good property manager sets the correct rent for your property according to its location, amenities and type. They can increase or decrease the rates according to the market situation and demand. Rent collection and proper cash flow also fall under their responsibilities.
Advertisement is a key criterion. This includes identifying the key features that will attract tenants according to your property. Property agents may also suggest improvements and makeovers for the property to keep up with situational demands and the latest trends.
Finding good tenants is another major responsibility. Property management firms have to ensure that tenants are financially stable and decent. They also have to deal with tenant disputes and evictions if necessary.
It is the responsibility of the property managers to keep themselves abreast with the latest laws and regulations of the land. They should assist their clients in processing paperwork pertaining to registration, maintenance, lease requirements and many others. They should make sure that they have taken all the necessary precautions to safeguard the property owner from legal implications. Security deposits, terms of lease and payment of taxes are also handled by them.
In addition, general and preventive maintenance comes under their purview. They should ensure that the property is in tip-top shape and take precautionary safety measures like periodic fire alarm system testing, pest control checks, repairs and other services to maintain the property. They should likewise keep periodic checks on vacant properties to ensure there is no vandalism or misuse happening.
A thorough record should be kept on all these aspects which include income and expenses, inspections, signed leases, maintenance requests, tenant complaints, repair and maintenance costs, rent collection and insurance costs, among others.
* Property management includes vetting tenants, rent collection, maintenance
* Property managers create strategies to help diversify an investor’s portfolio
* They maintain relationships with the tenants, owners and maintenance firms
Source: Zenifer Khaleel, Special to Properties
The writer is a freelancer