Property management covers a wide area, from administration of real estate property, tenant placement, to repairs and maintenance. Tenant placement commences with marketing and advertising, when the seller captures the attention of the potential client. The process metamorphosis to engagement, visiting the property and ends when the client signs the relevant paperwork, payed the remaining balance and has been handed the keys. According to the state of the property at the time of purchase, repairs and maintenance may be done. Repairs restore the property to its original state whereas maintenance sustains the property in its current condition and is always an ongoing process. Maintenance involves cleaning and painting while repairs include replacing appliances and fixing plumbing.
A property manager
The roles of a property manager vary from individual to individual. But generally, it is the responsibility of a property manager to schedule maintenance checks and conduct the repairs. As long as the property is in good condition before occupancy, the interior aspects of the property are maintained by the tenants. A good property manager ensures maintenance arrangements are done in time but a great manager handles all details concerning the running of a property from the daily tasks to monthly arrangements. They oversee vacant property ensuring they’re clean and presentable. They also take care of small homes and duplexes. Unless you want to spend every day worrying about property issues, a property manager is a good investment. Especially for an owner with multiple property, it makes complete sense to have one. If you have the right manager, you can save yourself a lot of time and resources like this article explains.
Understanding property management is the key to long-term success in real estate business. The lessons learnt by property managers in the course of their careers is the foundation stone needed for wealth building through real-estate ownership. One acquires hands-on experience by managing someone else’s property that will eventually be transferred to their own portfolio. Property management can be a fun and rewarding venture. It involves interaction with different people and if you’re a people person, it will greatly suit you. It also involves a variety of tasks and challenges and you develop diverse skills because the work touches many different areas. However property management has its cons. Apart from working long hours, one occasionally meets a difficult tenant, someone downright unpleasant and ill-mannered. This aspect of the job requires not only patience, persistence but fairness and a firm approach also.
Qualities of a great property manager
To effectively manage a property, one needs knowledge of state and local housing laws. Ignorance is no defence and violation of these laws might lead to irreparable consequences. It’s also wise to screen potential tenants for criminal background checks and credit reports. It will save you lots of trouble. Maintain frequent communication with tenants. Pay attention to their complaints and respond effectively and quickly. Make sure the property is correctly described in the advertisement to avoid misleading tenants with wrong information. It’s also important keep clear and current records of clients, tenants, deposits, lease agreements and any other pertinent information. If possible, engage the use of software and database tools. It is important to note that property that fall under commercial, industrial, residential are regulated by law.
Project management is not an easy task. One needs to interact well with all parties involved including vendors, tenants and other real estate professionals. Taking time to cultivate the necessary soft skills goes a long way in ensuring one comes out successful in this industry.