People who have have multiple real estate properties often resort to this kind of service. It is vital for property owners to be aware of the range of the services that a property management company can provide.
In a nutshell, property management comprise of maintenance & repairs, tenant placement and the day to day administration of the real property.
The task begins with tenant placement. This may include promotions and/or advertisement of the vacant property. It ends when the tenant has signed all the necessary papers, provided deposits and advance rental and the tenant has been handed all the keys to the property.
Property Maintenance and Repairs
Maintenance and repairs may happen even before the actual occupancy up to the actual occupancy of the tenant. Let us first define what property maintenance entails. This refers to the ongoing care of the property. This can include:
* yard or garden work
* cleaning of common area, if any
It is the property manager’s job to schedule and monitor maintenance of the rented property. Maintenance work inside the rented property is normally made in between rentals. This can include appliance upgrades and painting.
Repairs, on the other hand, include activity like replacing broken appliances or fixing a leaky pipe.When the need for repairs happen during occupancy, it is the property management company who arranges repair services with accredited vendors and scheduling this with the tenant.
Day to Day Administration
Administration of a property consists also of assuring that compliance with government regulations, reporting and monitoring of financial transactions and doing liaison work between tenants, site personnel and the property owner.
The extent of a property management service depend on the size or the number of properties to be managed. It is important to hire a company that has experience in a variety of properties – from stand alone apartment to complexes.