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More and more realty owners and business organizations are turning to property management associates to manage their properties for them. A property manager can help you maximize the return on the investment of the property. The management company will maintain your property, keep it occupied with tenants, collect rents on time, maintain records and look into budget improvements.
A management property company acts as the owners partner when it comes to managing the property. They always have the owners best interest in mind. The functions performed by a property manager can be classified into the following four categories
- Financial and marketing
- Occupancy and tenants
- Facility management
- Risk management and administration
Financial And Marketing
People hire property management associates because they want an in-depth understanding of operating expenses and budgeting. They have to know what the competitive rates are in that particular area. Based on their study of the area, they set appropriate rental rates. In order to maximize occupancy and rental rates, a property manager formulates various advertising strategies, marketing programs, and special promotions.
The company is also required to provide a financial report on a regular basis. A property manager has in-depth knowledge of income tax laws, budgeting principles, writing financial statements and basically everything that has to do with the financial aspect of management.
Occupancy And Tenants
One of the main functions of management property associates is to look after the tenants. Obviously they have to ensure that there is maximum occupancy at any given point of time. They ensure that you get good tenants. This means that they do a complete tenant screening before renting out your property. The screening often involves checking the credit, income, rental reference and the co-signers.
Once the tenants move in, the property manager has to respond in a timely manner to their requests and continually assess their satisfaction. Furthermore, the manager has to also collect the rent, resolve non-payment issues, and take care of evictions.
Property management associates have to ensure the physical maintenance of the properties under their care. This means that they have to look after the landscaping, walls, electrical fittings, appliances, plumbing, roof, cooling and heating systems, and basically everything that involves the maintenance of the physical structure.
To carry out this function efficiently, property managers maintain relationships with repair companies and contractors. They ensure that those who would work on your property are qualified and the best in their field. They also ensure that you get the best for your money. They look into the budget capital expenditures and monitor the quality of all the maintenance and repair work carried out on your property.
This function of management property associates ties in with the other functions. For instance, carrying out maintenance and repair would obviously require financial expenditure. Therefore, when developing a budget they have to ensure that they allocate sufficient amount for the physical maintenance of the property.
Risk Management And Administration
Property managers have to maintain files and records in order to meet the federal, state and local government requirements. They have to maintain records relating to accounting and taxes. They also have to maintain records of tenants activities and interaction for a certain period to ensure that they have the records to back their claim if in the future there is any legal issue.
It is clear that the functions performed by management associates require in-depth knowledge of realty property management and finances. Furthermore, they need to constantly prove that they are good at what they do.
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