In most instances, property owners are not involved in the day to day running of their investment. They instead sub-contract the management function to an agent or brokers generally called property managers. Judging by the role property manager play, genuine property management entails overseeing and the general management of commercial, residential and industrial estates such as apartments, condominium units, detached houses, shopping centers, stalls etc. They are entitled to generate income and at the same time preserve value of the property. Stated below are some key things to note about property management.
It entail rent management. Collecting rent is the main responsibility of landlords. However, they can pass the role to property managers, mainly covering registered property agents and brokers. It entail subcontracting the landlord's role of collecting, setting and even adjusting rents. They collect rent at the due time, mostly after the elapse of an agreed period mostly after a month or a year, and set or adjust rents to either to match the industry requirement or to attract tenants.
Property laws. Another important aspect of genuine property management is familiarity with landlord and tenants laws either at the national or state levels. Such laws includes how to legally handle security deposits, screen tenants, evict a tenant, safety standards, disputes among other. In case of a legal suit against a property under property management, the property manager will be liable. Therefore, devolving the management function to a broker or an agent acts as a security measure towards controlling legal losses of property.
Managing tenants. Property management also entails devolving issues touching on tenants for instance finding tenants, managing move outs, screening tenants, ensuring security, handling complaints and disputes etc. To avoid disputes and also ensure tenant satisfaction, always ensure you enter into a contract with experienced and reliable property managers. They are better placed to handle both the property and tenants for better income, flow of tenants and good-shape property.
Other services. Additionally, other than the mentioned, a property management by Genuine contract covers other important aspects such as repair and maintenance of the property, paying taxes as well as meeting other legal obligations, managing vacant properties etc. This reduces the risk of being sued due to non-compliance, and also improving the condition of properties due to timely repairs and maintenance. However, the level of results achieved will be proportional to the degree of authority delegated and effectiveness of the property manager.