Hello,
In our last edition, we start our real estate discussion with ‘property management’. We choose this because we know majority of our readers are: real estate investors, property manager and would be real estate investors. This topic is basically the best place to start from. Before you give us or any other real estate broker your property to manage; we seem it fit and necessary to advice you on the HOW, WHEN, WHAT AND WHERE to do it right. For this purpose I will be sharing the topic:
Relevance of Using a Property Management Company
When a real estate investor or property owner does not want to deal with the headaches involved with leasing, tenants, or maintenance, they often hire a company or an individual to act as a property manager. Hiring such an entity involves a written contract specifying the duties and obligations of both the owner of the real property involved as well as the company or person responsible for managing it.
Companies performing those services charge a fee, typically a percentage of the monthly rent for that dwelling. In return for the agreed upon amount, they handle leasing, negotiating with prospective tenants, collecting rents, repairs, maintenance, make ready when a unit is vacated, and any other aspect involved in the day to day operations, as well as responsibility for all aspects of a tenancy going smoothly.
The most common users of a property management company are out-of-town owners of real estate. It is extremely difficult to successfully handle all aspects of management when someone is not in the same town, or at least in the near vicinity of the property in question. Logistically, it is usually not a feasible option and using a property management is highly advisable... For investors or owners who are in thsame general location of the real estate that they own, it’s advisable to use a property management company if you want to maximize profit and minimize cost / damage on your pproperty.
Use a reputable property management company. Read and understand obligations under any contract before signing. Many companies use a standard form drawn up by their own attorney. If a particular provision is not satisfactory, make certain that it is changed to something both parties are in agreement with and can sign off on.
Each property management company works somewhat differently. If there is still a mortgage on the real estate in question, be it a single home, or multi-family dwellings, make sure that mortgage payments are made in a timely manner so that credit cannot be damaged. With larger investments, such as apartment complexes, it is often best to hire an on-site management team, this is most advantage.
| Does your property bring you Profits or Problems? Relevance Bimol Property Management Services Professional screening of tenants. Professional relationship with tenants. Reduction in tenant turnover and increased occupancy rates through strict screening and constant supervision. Efficient rent collections Comprehensive expertise and knowledge of local laws and market conditions. Advertising on the Internet. Detailed records and accounting reports.(optional) Paying owner's property taxes, insurance or other payments as instructed. (optional) Handling requests for repairs and maintenance. Arranging and making payment for required repairs or maintenance work. Paying to owner or depositing to owner's account amounts received in excess of required disbursements. Providing owner with fully itemized and computerized monthly reports and year-end accounting statements. Periodic inspections of the property during lease in order to ensure proper maintenance. Arranging tenant notices and evictions when necessary. A final inspection and closing statement If all these are what you will get; wouldn’t you partner with us?
Till we meet again………… Go do right by yourself Invest wisely. Abiola Olowolagba 234-8062439904 bimolproperites@yahoo.com
www.realtyavenue.blogspot.com OR www.workathomemanuals.com/blog
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