Property Management is all about maintaining a real estate property’s operations, control, and maintaining its condition. It can be a residential, commercial, or land property. Property management is a system that involves the management of a property that includes processes, systems, and manpower needed to manage the life cycle of the land/building.

Properties can be managed by a person who is the owner of that property, or by a professional property manager. It’s hard to take care of everything about the property and especially those who own several properties including residential and commercial properties. So, hiring a professional firm who can manage it for you is a good idea. Many such property owners are facing property managers for their properties. Property managers are qualified and trained people who manage nearly every detail of a property.

If you are looking for a Property management company to hire, then go through this article and learn everything that you should know about such firms.

Steps taken by property management firms;

1. Agreement;

First of all, you have to do an agreement with the company that holds all the required information regarding the deal, how long it will last, t&c, price, etc. If you have any additional work you should share it with the company so that they can add it in the agreement.

2. Insurance;

Most landlords do have their insurance for their property, but if you don’t have one or expired one then they can renew it or get you a new insurance policy. It is good to take insurance for extra coverage of your property, so in case of any damage, you don’t have to pay a huge amount from your pocket at once.

3. Complete inspection;

Good property management companies conduct a thorough investigation/inspection of your property to understand what are the defects and preparing plans to manage it.

These are the initial steps that are conducted by a property management firm once you hire them. Once they are on, they take care of the whole process of advertising, renting, collecting rent, and maintenance.

Let’s understand how they do it;

Key factors of a property managment firm’s are-

• Inspection

• Repair & maintainance

• Setting the rent

• Marketing/advertising the property

• Tenant selection

• Tenancy agreement/bond

Inspection- In this phrase, the company conducts a complete inspection of landscape, roofing, tiles, paint, plumbing, wiring, wooden elements conditions, etc. They make a list of the issues that needed to get fixed, a timeline for doing the renovations & fixing, and expenses for it.

Repair & maintenance- once they get all the details, discussed the roadmap to get it done they will hire professionals to fix issues. They will make sure to get done with all the required jobs effectively.

Setting the rent- they will capitalize on your investment ensuring that you get a good return in terms of rent against your property. They make a plan to reach out to such tenants whom you would prefer within a short period by making sure you get a good rental price.

While settling rent such companies make sure;

• How many similar properties that are available close to your property and if it will affect the demand?

• Current rental factors of the same types of property and factors that may affect rental demand while they place advertising of your property

Marketing/advertising the property- they make sure to put it on such advertising platforms where there is more chance to get clicked more frequently.

Tenant selection- you just need to let the company know what types of tenant you are looking for; they will select the best tenants as per your preferences.

Tenancy agreement/bond - creating agreement/bond for tenants is their responsibility. They will put important dos and don't along with a responsive outline and make sure you won’t get into disputes later.

These are some of the basic job responsibilities of a company that is dealing with property management. If you are looking one such professional management company for your properties give a visit us.