Property Management Companies play a vital role in managing and maintaining all sorts of commercial, industrial and residential properties. It is not an easy task. A well-maintained property will always have a high demand in the real estate market. That is why these companies are becoming an unavoidable part of the real estate industry. It acts as a middle man between the property owner and the tenant, and takes care of the interest of both sides.
The responsibilities of these companies can be categorised into four major areas. This includes facility management, marketing and finance, tenant occupancy, and administration and maintenance.
Facility management – Main role of property Management Company is maintaining the property and maximizing the return on investments. By acting for the property owner the company do all kinds of activities including physical management of the structures and outdoor areas. The company do all kinds of outdoor and indoor alterations like landscaping, plumbing work, electrician work, roof modifications and painting works as needed. They maintain physical capital assets and do all sorts of repair and construction work as needed. All these can help in improving the value of the property.
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Marketing and finance – A Metro property management company manages the accounts and finances of real estate properties as directed by the property owner. Managing the property in a great way and by understanding the operating expenses and budget involved in it, they set appropriate rental rate or selling rate. This can help in giving the property for lease at the current market value. By adapting various advertising strategies and marketing programs, the company makes an effort to maximize the rental rates. A good company will have better knowledge of financial statements, profit & loss statements and regular financial reporting. This helps in dealing with loss making property. By designing special strategies a loss making property can be converted into a profit generating one.
Tenant occupancy – A property management company acts for the property owner to get maximum returns from a leased out property. They collect rent, update rent deeds, constantly monitor activities and make sure the tenant is satisfied with the rental services. Some companies deal with both property insurance and property taxes. They make sure all the properties have valid insurance and paid all the taxes on time. By keeping the landowner’s term and conditions on one side and tenant requirements on the other, they do all sorts of property deals with great balance and professionalism.
Administration and maintenance – Filing property maintenance and tax records are a property management company’s duty. For industrial real-estate properties they have to prepare financial reports of non-performing assets on an annual, half-yearly and quarterly basis. Apart from these they have to keep records of lease agreements, rent details, tenant details, rent-updating details etc.
A property management company acts in the best interest of the property owner. They easily understand the owner’s requirements and do according to his wish. The sudden boom in the real estate business is inviting more professionals in the property management business. It’s a good niche to grow, relish and enjoy.
I am an owner of several properties in my city. I find it difficult to maintain real estate properties, so approached a Real Estate Property Management company for assistance. I am satisfied with their service, and that provoked me to write Melbourne Real Estate property management related articles.