Property management refers to the supervision of commercial, residential, or industrial property by a hired third-party professional. Property managers are typically responsible for the day-to-day operations of the commercial property, from interviewing tenants to arranging periodic maintenance and repairs. They are also responsible for collecting rents, managing lease agreements, and handling legal issues about property investments. Some property managers are specialized in dealing with individual investors. A management company that manages several properties can be referred to as a portfolio manager.
Property Management services offer their clients expert knowledge of property practices and regulations, allowing them to address legal and financial issues efficiently and thoroughly. For example, some manage apartment buildings, rehab properties, retail properties, and single-family residences. Apart from inspecting the building for safety and mold resistance, the manager monitors tenants and makes repairs when needed. When repairs are completed, the tenant is notified via the telephone or e-mail.
Most property management services employ some type of inspection system that verifies the condition of the property before any rent is paid. Specialized systems include Radon testing, video surveillance, and infrared imaging. If necessary, these inspections are repeated on a recurring basis. By utilizing these inspection systems, property managers have greater assurance of making responsible decisions regarding repairs to the building and maintaining satisfactory rental levels.
Many property management services will assign a repair person to a particular apartment or commercial property. This individual is responsible for addressing routine maintenance issues and ensuring that repairs are made prior to moving into an affected unit. Some repair people may be employed by the property management companies themselves where they do all of the work on an ongoing basis. For others, they will come into a building and perform a simple inspection. All repairs made by these individuals are done according to a contract between the management company and the renter.
Some property management services provide services that deal with the commercial sector. They typically work with real estate agents and attorneys who represent the renters. These professionals help them in making sure that the lease agreement is properly set up and that the legal requirements of leasing the property are met. These real estate property managers also take care of carrying out repairs and inspecting rental units. They also assist in collecting rents and collecting payments from tenants.
The majority of property management services work exclusively with property owners. A few provide direct assistance to potential tenants interested in renting units on the owner’s property. In this manner, the tenant has the renter’s insurance while also being protected from any liability coming from the property owner himself. As part of their duty, these professionals make sure to interview and collect information from each prospective tenant so that the final decision on which tenant will occupy the unit is based solely on merit.
Tenants looking for units to rent may contact property management services directly. This way, the renters are provided with information about available units as well as rental prices and terms. In addition, some property management companies also help landlords market their property so that they can attract more prospective tenants. In the end, landlords benefit from these professional services because they are able to obtain more money from their tenants.
Apart from acting as mediators between landlords and prospective tenants, these companies also ensure that landlords adhere to the lease provisions. They conduct background checks on prospective landlords as well as on behalf of the landlord. For landlords who wish to expand their business or open a new office, a property management service can be extremely helpful.