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What are Property Management Services?
Property Management refers to a crucial aspect of property and real estate management. It involves overseeing the administration of residential, commercial, or industrial properties, and these tasks are usually done by a third party such as a property manager.
Property Management involves numerous tasks such as financial management, maintenance management, regulatory compliance, and so on, all of which become a burden for the manager to handle. Property management services help make these tasks efficient and quicker for a property manager or a property management company.
Scope of Property Management Services
- Tenant Acquisition: A property manager has to ensure that they market their properties and acquire tenants. This involves creating property listings, advertising vacancies, screening potential tenants and showing them the place.
- Rent collection: Property management services automated rent collection. Managers can send reminders and collect rent from residents online, without having to go door-to-door. This makes the process much easier, especially for a property with many residents.
- Repair management: With the aid of property management services, managers can easily keep a track of all property assets. This includes safely securing e-documents of assets, recording repair and maintenance expenses and schedules, and setting reminders for maintenance. This helps save costs and reduce asset downtime.
- Property Security: An essential for any property is to create a secure environment by adopting a reliable security system. These services rid the Community of manual record-keeping which is unreliable, and allow residents to track and allow visitors, and deliveries. The residents thus have control over their security.
- Refurbishment: Property management services also include refurbishment services. Certain property management services have databases for painters, architects, and interior designers, who can help create the ideal living space in a property.
- Legal processes: A property manager has to ensure that the property complies with all regulations and laws set up by the local authority. Property management services include ensuring all property-related documents are in order and keeping a check on any updates on housing laws, building codes and safety regulations. The manager also has to ensure that the tenant-landlord relationship complies with the regulations.
- Property Administration: Property managers can avail services to document and keep a track of property ownership. This includes leases, contracts, and insurance availed, and ensuring that these documents are regularly reviewed and renewed. The manager also has to create regular reports on property performance and expenses, which will help make better financial and managerial decisions.
Pros of Property Management Services
Frees up your time
A property manager can make use of property management services to outsource certain tasks or tasks that are time-consuming and complicated. This will allow the manager to spend time on more important tasks that are necessary for the welfare of the Community. The manager can hire companies to perform these tasks for him or can make use of softwares to automate these tasks. Property managers are usually more at ease when they make use of Property Management Services.
Quick maintenance
Property Management Services helps keep track of your assets, maintenance contracts and repair schedules. By allowing a property management company to manage your assets, the maintenance and repair of the assets can be done promptly. This will help cut down heavy maintenance or replacement costs and improve the life of assets. This reduces the manager’s burden of keeping track of several assets in the Community.
Tenant retention
A property management service can aid in ensuring everything runs smoothly in the Community. From searching and placing quality tenants, maintaining financial records, ensuring legal compliance and maintaining the property, property management services aid a property manager in performing these tasks. This leads to a quality and satisfied stay for the residents, leading to their retention.
Cons of Property Management Services
Expense
Property Management Services adds on to another expense for the Community. Property Management Services are usually charged as a percentage of the rental income or a flat fee. The property manager has to evaluate whether the expense is worth the benefit. The manager also has to ensure that the cost of the services is affordable for the community and its residents.
Services and Software go hand in hand:
Choosing a Property Management Service might ease the difficulties in property management, but with the right technology, these tasks become efficient.
Adopting the right technology will lead to the optimum use of both financial and human resources, improving the quality of the property and thereby the welfare of the residents.
Property Managers can ensure the smooth functioning of their Property with ADDA, a software that will meet all your Property Management needs. From security to accounting, administration to maintenance, ADDA’s got it all.