What is property management?
Property management is the operation, maintenance, and oversight of real estate property.
Real estate owners come in all shapes and sizes. From pension funds to individuals, a portfolio can consist of 10,000 commercial units or a single residential condo. Owners of real estate property employ property managers to perform a number of operational needs such as leasing, rent collection, and maintenance, as well as provide peace-of-mind.
A tenant is anyone who occupies rented land or property. It's the family next door, a local pizza shop, and your doctor's office. Tenants rely on property managers for the upkeep of the facility that houses their business or home. It is a property manager's responsibility to keep a property clean and safe, while making the process of being a tenant (i.e. paying rent) as simple as possible, enabling a tenant to dedicate 100% of their energy where it belongs, on their business or personal lives.
Why do I want a property manager?
Want to hear a secret? Property management isn't rocket science. However, it does require time, effort, planning, and know-how.
A property manager is supposed to remove the headache involved with owning real estate property. He or she will oversee the entire rental flow including marketing a property, identifying prospects, executing leases, responding to maintenance requests and tenant needs, as well as collecting rent and budgeting reserves.
Additionally, a good property manager will maximize the value of your property by finding you the right tenant, negotiating ideal terms, and keeping your facility in optimal condition.
Any other reasons to employ a property manager?
Is your investment property located in another city? state? country?
Does your company own multiple properties across the country and require a local presence?
Do you work full-time? Care for a family? Travel often?
Did you Inherit a property and have no real estate background?
Don't like accounting?
Whatever your situation may be, the right property manager can always make it better.