What is Property Management?

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pp What is Property Management?Property Management is defined as the operation, control of (usually on behalf of an owner), and oversight of commercial, industrial or residential real estate. It involves the processes, systems and work force required to manage all the acquired property including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.

It is the process of managing property  by maintaining and handling all the day-to-day activities that are centered around the piece of real estate. Property management may involve seeking out tenants to occupy the space, collecting monthly rental payment, maintaining the property, and upkeep of the grounds.

Properties that are residential will often have a caretaker that lives on the property or in the main house they are to care for. Their responsibilities include taking care of a main house along with the yard or property that surrounds it. They are also responsible for collecting rent on a rental house or unit on the property, depending on the owner’s requirements.

Property management for a commercial piece of property can be for an apartment building or house, and can include both renting out the units or house through the generation of a contract, collecting rent and taking care of the property surrounding the main building.

The only difference between property management for a retail property compared to a commercial property is that the building is normally leased for a company to use, rather than an individual.

A good property management company could be really useful to the investor or property owner who does not have time to dedicate to his or her real estate investment.

What is the Importance of Property Management?

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house in hand 300x200 What is the Importance of Property Management?At present, property management is vital in real estates. Any person who values the success of his real estate investment should know the importance of good property management. Investing in property can be highly profitable. It provides a more secure future for you and your family. Even if you do not have time to manage your own property, you can still invest or buy potential properties, you just need to hire a property manager and avail the property management services they offer.

The different types of property management services are maintaining property, renting property, buying and selling the property.

The property manager must look after the maintenance of the building. He is the one who has to make sure that all the features such as the plumbing, flooring, landscaping, walls, bathrooms, and communal areas like the swimming pool and gardens are well kept. He must also arrange for any repairs should there be any damages to a part of the property. Another great duty that a property manager must accomplish is establishing good relations with the tenants. Part of effective residential property management is ensuring the well-being and satisfaction of tenants who are the customers that generate the profits for the owner. And most importantly, he should preserve or increase the value of the investment property.

 

Do I need to hire a professional property manager?

Property manager plays a vital role in managing the property of the owner or investor who may not have the time or expertise needed for day-to-day management of his commercial or residential real estate investments.  A property owner or an investor must know how to utilise property management services to make sure that he would get the best return on his investment. He could opt to hire a professional manager who would take care of the business while he concentrates on other matters or investments.

A property manager handles all kinds of services for the property owner. He is the one who has the chief responsibilities of looking after the tenants and ensuring that the business would be well-kept and generate income for the owners. He regularly check the timely payment of dues and maintenance or repair of the property.