What is Property Management?
What is Property Management?
Property Management: is the operation, control, maintenance, and oversight of real estate and the physical property. This can include residential, commercial, and land real estate.
Property Management involves the processes, systems, and manpower required in ensuring the needs of the property is utilized, maintained, managed and monitored, with accountability to the property owner by the management company.
A Property management company provides various services on behalf of a landlord from advertising the rental property, handling tenant inquiries, screening applicants, selecting suitable candidates, drawing up a lease agreement, conduct on-boarding of tenant(s) into the property and collecting rental income. The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property.
What Does a Property Management
Professional Do?
These agents take on the responsibility of managing the property, they are the middle men who liaise between Landlords and Tenants. They understand the requirements of both parties and work with both the landlords and tenants in fulfilling a service that works for all individuals. Some key functions of property management include:
Financial Management: This can be negotiating the property rental rates as well as managing the income and expenses budget associated with managing and maintaining the property and looking after taxes and insurance.
Operational Management: This entails the day-to-day running of the property. Operational property management refers to any duty that involves overseeing the general internal and external upkeep of a property.
Tenant Screening: From the management of leases to evictions, tenant screening & onboarding and taking care of complaints. An agent needs people-skills In order to keep the property owner and the property tenants happy, an effective property manager must be a strong negotiator to come to an agreement in which all parties are satisfied.
Marketing Properties: When marketing properties, vital information is made available to prospective tenants, like floor plans if available, current pictures, location of the property and proximity to local amenities, train station and schools would get people interested.
Key Skills a Property Management Professional Will Need
Whether you are looking to go into the business as a professional agent or to employ one to manage your property, these are some important skills and qualifications that will help:
Organisation Skills: Agents need to manage many tasks at once, so time-management and organisation skills will be handy. From managing paperwork to financials, physical meetings and site visits to setting up viewings and Tenant onboarding — it should run smoothly at all times.
Negotiation Skills: This is an important factor to consider, as many parties could be involved in the handing over process and management of a property. Negotiating the price, setting timelines for delivery, and managing the expectations of everyone involved is important. It is the property managers job to keep all parties on the discussions.
Accounting Skills: A person who is confident with dealing with numbers and money regularly will do well, as the job comes with not only negotiating rates but also calculating interest, percentages, overdue rent and late fees, as well as the ability to stick to an allocated budget.
Qualifications: Although many successful agents come through referrals, and with years of experience in the job some people prefer an agent with qualifications like those accredited by the Royal Institute of Chartered Surveyors (RICS) or members of various Property Association’s
Final Thoughts
When hiring a Property management agent remember to ask about any upfront fees, what the services will entail with their pricing plan and what their commission structure looks like on a long term agreement. What your role as a landlord would look like using an agent. This will help you avoid any hidden costs that may arise along the way. They should be happy to offer you a quote ahead of time and negotiate the terms before any contract is drawn up and signed.
Our team is happy to talk to you about your Property management needs, give you a visual breakdown of fees on a short or long term agreement. Roles and Responsibilities of all parties involved in managing your property. We specialise in all kinds of properties; including but not limited to residential homes, residential buildings, shared homes(HMO’s), multifunctional estates and commercial buildings.
Get in touch with us for a free quote!
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