Property management refers to the management of realty or property investments such as residential, apartment or commercial buildings. This can be designated to an individual property manager of to a property management company. Realty and property owners with single or multiple investments usually engage a property manager or property management company or firm to handle and manage the day-to-day needs of the tenants or occupants of such buildings and the maintenance of the properties.
There are a lot of Southshore property management The Myst Condo companies that are offering management services that will help the property owners get the most from their investments without the need to be physically and personally involved in the operations. A good property manager or property management company should be able to perform the basic functions expected to facilitate the smooth operation of the property investment, one of which is handling the financial aspects of the building operations such as budget planning for building maintenance (electrical, plumbing, structural, etc.), cost of building repairs, janitorial services, security services, utility (telephone, water and electrical or gas bills), and advertising and marketing expenses, among others. Any property running on realistic budget should be able to address all the basic needs and requirements of the building and the tenants.
A Southshore property management firm will also be responsible for managing the affairs of the tenants pertinent to the property. This includes the task of finding tenants for vacant units or slots of the properties, screening and verifying background and credentials of potential tenants or renters, liaising with tenants pertinent to rental issues or unit conditions, etc. Another important function of a property manager or management firm is the collection of the monthly rents from the tenants to ensure that the property yields rent consistently. This can be monitored by the property owners by requiring the property manager to submit monthly reports showing the rental collection and income and the various expenses. The property management firm can prepare such reports and submit to the building owner accordingly.
Every property needs maintenance. Hence, the property manager should also make sure that the property or building is properly and well-maintained following a regular and routine maintenance schedule. Contracts for regular maintenance may be arranged by the property manager with some independent building contractors providing the services for electrical, plumbing, painting, waterproofing, daily upkeep of common areas like hallways, gardens, parking, etc. A well maintained property will most certainly keep tenants satisfied.
A property management company can either include legal and taxes matters to their scope or the property owner can hire a separate person or firm to handle this task, usually an accounting or legal firm. What the property managers need to make sure is that the upkeep of the building complies with existing Federal and State regulations. This task also includes preparation of documents required for payment of taxes, legal permits and licenses, etc. in order to make sure that the building conforms to all legal requirements to operate.