Managing Property The Right Way
Management Property refers to the operations, control and supervision of commercial, industrial and residential estates. Management property is moreover management o equipment, personal property and physical capital belongings which are obtained and used in constructing , repairing and maintaining the end products. It involves the processes that are applied in order to maximize the returns by effectively administering the property. It also encompasses the disciplines that are implemented on the property rules, regulations and rental policies.
Have an understanding of the market
For effective management property, you have to be aware of the economic times facing the country at that time. If it is during hard economic times, setting your rent too high may make you lose out. Again, setting too low may make you incur losses. Tenants are quite sensitive to prices is the prudent way to look atit.However, keep up with your financial considerations. Also consider factors like climate and geographical location
In management property, it is always important to ensure that you record, note and save everything receipts, agreements and emails, from tenants, managers, workers and tradesmen. This is very important in property management as it will spare you many headaches, confrontations, disagreements and time.
Screen the tenants
A person who practices proper management property should never rent out your house or home to anyone prior to checking their credit history, background and references. Screening and tenant selection that is done haphazardly may often result into problems. There may occur incidences whereby some tenants fail to pay their rent when some do not pay at all.
Manage your tenants
As a manager, you normally have to deal with the tenants almost on a daily. You may be the one expected to communicate to the tenants regarding rent owing, increases, problems in they are facing, noise items that require repairing and other issues which may arise. Having to receive calls every now and then can be very demanding and stressful. This is where the landlord may need to hire a Management property. They have the ability to handle any petty issues which arise, leaving the landlords free to focus on other things.
Have a tenancy agreement
The tenancy agreement is meant to create and maintain a good relationship with your tenants. In the tenancy agreement, you should clearly state how the tenants are supposed to air their grievances, rules and regulations, repair problems, payment of rent, the duration of notice the landlord should be given if one of the tenants wishes to vacate among others. Tenants should be given a copy of the agreement, be given ample time to read and understand before signing it.
Provide security and safety
Most tenants look out for premises that are secure. Ensure that safety and security measures are put in place. For example hiring a guard to be on duty day and night and having fire extinguishers installed. Install proper lighting and also maintaining a good environment that will make the tenants feel at home.
Handle repair and maintenance work
For you to keep your tenants fully satisfied, ensure that you handle their repair and maintenance issues on time and in the right way Maintenance Tasks include:
• Maintaining landscape
• Cleaning the common areas within the property
• Servicing the Airing and heating conditioning systems serviced regularly
• Regularly inspecting the electrical and plumbing items.
• Maintaining roofing, wood and other building materials.
It is important for you to Purchase liability and property insurance. An insurance that is well designed can easily protect you from lawsuits against you by your tenants for discriminating and injuries. There may also be disputes over rent, noise, repairs among others. In this case, it would be advisable to resolve the disputes. It can also protect you from risks like fire, storms, vandalism, burglary and theft.
role of management property
The most important role of management property is that of liaison between the actual property owner and the tenant. It provides a shield for the owners who want to distance themselves with the tenants. The main duties of management property include;
- The proper and total screening of an applicant's rental history, credit, ability to pay the required rent and of course criminal history.
-Contracting lease and collecting rent in accordance to the approved legal procedure of the area in which the property is located.
- Moderation regarding maintenance issues usually within the budget. This should take place with existence of prior consent of an attorney and a legal agreement by the actual owner of the property.
Sources and Citations
;Property management in real estate investment decision-making by Jaffe, Austin J Publication: Lexington, Mass. Lexington Books 1979. 172p. 54
The guide to practical property management by Buchner John Philip Publication: New York McGraw-Hill 1991. 358p 38