What is property management?
As much as it is important to shed some light on the current changes in the market, it is also important to engage the community and teach them about the industry of property management. In this post, I will answer a number of questions related to property management in order to give the reader a greater perspective on the role and importance of property managers.
Q1. What does a property manager do?
A property manager is tasked with looking after individual properties or a group of properties such as blocks or flats on behalf of a landlord.
Q2. What are the responsibilities of a property management company?
A property management company is required to act in the best interest of the landlord in performing duties such as repairs and maintenance, routine inspections, rent collection and general communication with a tenant. Other services can include landlord and building insurance as well as tenant insurance but also health and safety compliance.
Q3. Why do you need a property manager?
Whether you are a landlord looking for someone to manage your property or a management company owned by leaseholders wishing to appoint a manager to manager their block, it is important you have the right property manager on board to keep you informed about the market and up to date about legislation.
Q4. How to distinguish a good property management company?
When looking for a good property management company make sure you check on the services that they offer, some companies can offer more services than others such as landlord or building insurance but make sure there is a variety of services on offer. Also, conduct some research on the management fee and compare them with other property management companies so you know exactly what you're paying for and the level of service you will receive. Lastly, check on the policies and procedures of a property management company as this would dictate how they will manage a rental property. Policies and procedures are designed to protect the interest of the landlord and the property manager hence its important for both parties to be aware of their responsibilities.
If you have made it this far I would like to thank you for taking the time to read this article. Also, if you have any questions related to property management or require the services of a property manager please feel free to get in touch.