Real Estate comes with the need for maintaining and managing property, which is
known in the industry as property management. Property management is a critical
aspect of a property performing to its full potential. Poorly managed properties end
up costing the owner of a property significantly in a variety of different ways. A few of
these include lost income, additional expenses, physical deterioration, and additional
exposure to lawsuits, and loss of goodwill from tenants.Many income properties sell
based on a capitalization rate, or cap rate, which is the annual net income of a
property at the time of the sale divided by the price of the property. As a result, any
loss of income or increase in expenses ultimately decreases the value of the
property itself. Realizing the importance of property management and the time and
skill required to manage properties, many property owners hire outside property
management companies.Property management encompasses a number of different
responsibilities for the manager. These typically include:
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- Marketing the property to potential tenants.
- Screening and selecting tenants.
- Negotiating leases.
- Collecting deposits and rent.
- Selecting and supervising contractors and maintenance providers.
- Accounting for and disbursing funds through a trust account.
- Tax reporting.
- Communicating with tenants.
- Handling or hiring legal counsel to handle other issues such as notices and evictions.
We are experts in property management and provide the services of property management to our valuable clients.
