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  • Setting Up A Property Management Agency – Part Three
    By admin on September 18, 2009 | 85 Comments85 Comments  Comments

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    • While experience does count a lot, you need to start somewhere. If interning with a property management agency before you start your own is not to your liking, then you can take a few courses in the same. The key skills you need to develop are management, accounts, PR, and marketing, which are easy to learn at whatever age you decide to. There are also a number of business packages that are available online to help you get started. By combining the best of these, it is quite possible that you could have your business up and running in months.
    • Pricing your services right is also important. And if you can offer excellent service along with that, then you are bound to be successful no matter how little experience you have. After all a good price is too tempting to refuse.

     

    Thus setting up a successful property management agency does not require long years of hard work but only the common sense and the intelligence to do it right.

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  • Setting Up A Property Management Agency – Part Two
    By admin on September 18, 2009 | 58 Comments58 Comments  Comments

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    • Before launching your property management agency , you need to figure out whether your focus is on selling properties to owners or helping landlords manage rental holdings. In both situations, you will need to network and help the landlord find new clients and interested parties. However, though selling could earn you more money, it tends to be a one-time transaction. You sell a land to someone, but you have no guarantee that they will come to you the next time they want to buy. If, however, you manage an asset, it is a long-term relationship. And if the landlord has multiple properties and is satisfied with your effectiveness, then there is the chance that you will be asked to manage the others as well.
    • When starting a property management agency you do not initially need office space and can easily work from home. You will need to figure out whether your home falls into a business or residential district in order to do this as the laws vary for both. Setting up a home office is quite easy. However, once your property management agency starts expanding and you need to hire more employees, it might be a good idea to get yourself an office space. It will not only help your efficiency but will also improve your profile in the eyes of clients.
    • Getting yourself a website, visiting cards, and using the free networking sites available on the Internet should help you start off with the publicity and marketing of your business. In fact, Marketing 2.0 is the rage today and has proved to be very successful for many. In fact, if it is not working for you, it actually means that you do not know how to use it right. Along with this, using social events to speak about your business venture might also be a good idea.

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  • Setting Up A Property Management Agency – Part One
    By admin on September 18, 2009 | 61 Comments61 Comments  Comments

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    A property management agency is not the easiest thing to set up by yourself, but there are a few tricks that could help you go far. However, it does take a lot of grit and determination right from the very onset. You should, therefore, be prepared to do a lot of spadework before you actually put your business plan into action. This is because there are a lot of things you need to consider like what is the location you want to focus on, whether you prefer working with residential or commercial landlords, and what kind of services you will be providing. Deciding on these will give you time to nurture both the selling and the management aspects of your profession, thus creating a strong and sturdy foundation.

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  • Invest Your Time Wisely
    By admin on August 29, 2009 | 4 Comments4 Comments  Comments

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    Looking to property management agencies has proven to be vital for the success of a lot of people in the field. If you are having trouble deciding what kind of career you would like to get into, property management agencies may be able to point you in the right direction. They will also be able to offer you a lot of advice when it comes to all of the things that you will have to do in order to be a huge success in the field. They will also be able to let you know if this is a good career choice for you. This is not the career for everybody. There are a lot of qualities that you will need to possess in order to be able to rise above the rest. You will not necessarily need a lot of training because you can learn a lot of what you need to know as you go.

    The first thing that you have to have when you are looking to get into the business is a desire to succeed. You have to be a self motivated individual and not afraid to work. When you are first getting started, you will have to dedicate a lot of time to make sure that you get everything the way that you want. You will also have a lot to learn, unless you already have a lot of experience in the field. A lot of times when you go to work with a company, they will give you the worst areas first. If they think that you are a valuable asset, they will give you bad areas so that you will turn them around and get them back to a high quality. It may be frustrating because as soon as you get an area looking good, they may ship you away to another area that is in bad shape. You may have to do this a few times before you are able to get the area that you want. Once you get the area that you want, they should let you stay there as long as you want. The key is to prove that you are worthy of the position before they give it to you. By earning it first, you will have a sense of entitlement about the position that you end up with. If they just gave you the good job first, you may feel that you always have something to prove.

    There is a lot of help that you can get from going to property management agencies in your area. They are there to assist you in the process of finding a good company to work for. Most property management agencies should be able to take your skills and put them to good use with an appropriate company in the area. Once you have gone to talk to them and they have placed you with a local company, the real work is just starting. When you are in the business, it is important to remember that there is no such thing as a forty hour week. This is good and bad. When you have paid your dues, you may have to work far less than forty hours. When you are just getting started, you will find that you will have to dedicate well over forty hours to get the job done. It would be wise to visit property management agencies so that you invest your time wisely.

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  • Property Management Agency Increases Value
    By admin on April 14, 2009 | 67 Comments67 Comments  Comments

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    People who have invested in apartments or buildings prefer to hire a management agency to run your realty property and to help them generate income from their property. One can invest in buildings and properties for residential purposes like, apartments or for commercial use like shops.

    However, rather than leaving property vacant only with the idea of selling it at a higher price in future it is wiser to give it out on rent and make some money from it.

    Good Demand For Rented Property
     
    Many people prefer to live in apartments these days, as the maintenance costs are low and one does not need to have a large capital. Similarly, shop spaces are also in great demand as there are many small businessmen who do not have large offices or shops to store their goods. Instead, they opt for self storage, where they can store their goods in a rented place.

    Renting out property involves many hassles and is a time consuming job. Hence, owners prefer to rely on a property management agency to take care of their properties and generate income from it, especially, if the owner is employed in some other job. It becomes practically impossible to look into the different aspects of renting out the property.

    Firstly, the apartment or shop has to be in good condition. This means that it should be well maintained and must not have any pending repair work. By hiring professionals who are in the business of managing buildings and apartments, the owner can be rest assured about the upkeep of his property.

    If required the agency manager can also suggest changes in the apartment like providing more storage facilities, so that it is more suitable for a family to live in.

    Essential To Verify The Tenants Details
     
    It is essential to advertise the property well via newspapers and internet in order to attract prospective tenants. The management agency will be responsible to show interested people around the apartment or shop and also screen them. Details like monthly salary and credit history regarding the prospective clients have to be verified. This is to ensure that they do not fail to pay their rent. The personnel of the agency are more equipped than the owner to carry out such verifications.

    Once the tenant is fixed, the agency will help to perform legal formalities like, getting the deal signed by the owner and the tenant. Its personnel will also ensure that the tenants do not violate the deal and also pay their rents on time.

    They will also attend to the complaints of the tenants. If there is any need to take legal action against some tenant for not paying rent or causing damage to the property, then the agency will contact the concerned property lawyers.

    Research Well For A Good Property Manager

    It is a good idea to use ones contacts when choosing a property management agency to manage ones properties. The fee charged by the agency should be a deciding factor and the satisfaction level that they build among their clients is equally important.

    Ask the agency manager regarding references of other clients they have worked for. Find out if they have some personnel to work on weekends. That is the time when maximum prospective tenants are expected. Also check, if there is someone available for 24 hours to handle any emergency in the apartment. It is important to convey to the agency manager that the owner permission should be taken before doing any major expense on the property.

    By hiring a reliable management agency the owners can earn from their investments in buildings and apartments without any unnecessary tension.

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  • Property Management Agencies Providing Helpful Services
    By admin on March 14, 2009 | 55 Comments55 Comments  Comments

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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.

    Maintenance Responsibilities

    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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