Keeping Up Potential Property with Property Management

If you own property, you may want to have it properly managed in order to enhance your investment by keeping the property well maintained. Property managers oversee business and residential properties, making sure that day-to-day maintenance is carried out. They may also handle the financial operations of the property by collecting the rent, paying taxes and insurance premiums, maintenance bills, etc. A property manager can be hired directly by the owner of the property or contracted through a property management firm.  If the property you own is a business or an apartment complex, the property manager will handle all contracts dealing with janitorial, security, grounds keeping, trash removal and other services. They purchase all the necessary supplies and equipment that is needed to maintain the property and contract for special repairs. They also manage complaints from tenants and rectify problems as they arise.

To be a good property manager takes more than just maintenance skills and the ability to collect and pay bills. A good property manager must also be on top of current legislation dealing with fair housing and disabilities. They must know discrimination laws and local, State and Federal regulations and building codes.

Onsite managers routinely inspections the grounds in and around the property and check any equipment on the grounds that might need maintenance or repairs. They may meet with residents and prospective residents to discuss rental issues or show vacant apartments or office space. They are usually responsible for making sure terms of a rental agreement are met and will keep records of income and expenditures on the property - regularly submitting expense reports to the owner(s).  There are also property managers who live onsite and act as a liaison between the owner and the onsite manager if there is one.  They frequently handle the marketing of vacant offices or apartments by hiring a leasing agent, as well as handle all the marketing and advertising associated with the rental.

A property manager should be a college graduate with a degree in business administration, accounting, finance, real estate or public administration. Many owners require that a property manager have some onsite management experience. If the property manager is managing a public housing subsidized by the Federal Government, they must be certified. In most states, a property manager for an association does not have to be certified, but many property managers will obtain a license, because it signifies a formal recognition of their status in the profession. 

ABOUT THE AUTHOR: 

Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles.  For more information, visit his website at http://www.westsangabrielvalleyrealestate.com