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Businesses, investors, and home owners seek the help of management agencies in generating income and profit from their properties. The services offered by property managers can help to protect and increase the resell value of realty. It is the job of property and building managers to ensure that their investments earn their expected revenues.
Owners of apartments, office buildings, cold storage spaces, retail and industrial properties, condominiums and cooperatives prefer to let property managers manage their realty investments for them. This is because most property owners do not have the time or the expertise to manage their realty investments.
Experts In The Field
Property management agencies are proficient in the field of building management. Property managers take care of the financial operations of the property. In other words, they make sure that the tenants pay their rent on time and ensure that the mortgage payments are paid promptly. They also make sure that the taxes, insurance premiums, maintenance bills and payroll are all paid on time.
As far as community associations are concerned, the financial responsibility of property manager includes collecting association dues. Rents, taxes and mortgage payments are all handled by the members of community association themselves.
Property management agencies have to prepare financial statements for property owners and update the owners on a regular basis on various aspects of property.
Property managers are responsible for taking care of all the maintenance needs of a property. They have to negotiate contracts for various services, like repair work, painting, janitorial services, security, waste removal and grounds keeping. If the contract is to be awarded through competitive bidding, then it is the job of a property manager to solicit bids from several contractors and then advice the owner on the right bid.
Once the contracts have been awarded, it is the job of management agencies to monitor the work of the contractor. The property managers have to investigate and resolve complaints of tenants when services are not provided properly. Property managers also have to buy supplies and equipments needed for the maintenance of the property.
Should Know The Relevant Provisions
Besides providing maintenance services, property managers have to ensure that all the legislative provisions are being followed in the management of the property. For this purpose they have to be well versed in local fair housing laws, Americans and Disabilities Act, Federal Fair Housing Amendment Act and other necessary federal and state regulations.
Onsite Property Managers
Many building management companies also assign onsite property managers besides property managers. As the term suggests, onsite property managers are responsible for overseeing the daily operations of a single piece of property, such as shopping mall, apartment or office complex. Property managers, on the other hand, are responsible for a number of properties.
Onsite property managers work under the guidance of property managers. Onsite property managers are responsible for regularly inspecting the grounds, facilities and equipments of the property to ensure that everything is in working order. They meet with the tenants to handle all the complaints and requests for repair work.
As you can see, the services offered by management agencies are invaluable. They help property owners save time and effort in managing their realty. When it comes to managing your property, a good property manager acts as your business partner. He or she does everything possible to ensure that you earn from your investment. After all this is what property managers are for.
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