You have acquired a real estate property, how do you ensure it remains in the best condition?, through maintenance. Whether you own a small or big property, maintenance is a must as long as it remains in your holding.
Property management is not just to keep the property in good condition, it ensures compliance with environmental regulations that can lead to losing the property. However, this task can be handled by those called ‘property managers’, if you do not have the time as the property owner.
In this blog post, we discuss property management in real estate and the various aspects of it.
What Is Property Management?
Simply put, property management is the act of maintaining a property to keep it in good condition. It is the day-to-day maintenance activities of residential, commercial or infrastructural real estate property.
The primary purpose of property management is to enhance the quality and maintain the functional purpose of the property.
Types Of Property Management
Residential Property Management: This refers to maintenance of properties that are mainly for living purposes such as flats, apartments, mansions and so on. It helps to ensure that the living spaces including bathrooms, bedroom, living room, etc. remains safe for the residents’ usage.
Commercial Property Management: Just as the word states ‘Commerce’ as in business. This refers to maintaining real estate properties used for business purposes such as offices, retail outlets, hotels, malls, gas stations, etc.
Industrial Property Management: This involves regular upkeep of industrial facilities such as manufacturing buildings, warehouses, machinery facilities, and so on. This type of property maintenance requires great effort because of the complex nature of the activities it is used for.
Special Purpose Property Management: This type of property management is reserved for building facilities that are categorized into the three (3) listed above. They include buildings for school, church, mosque, cinemas, and so on.
Benefits Of Property Management
Increases Property Value: Proper management of property will ensure it remains in good condition which makes it a valued property in the market.
Prevent Costly Damage: Regular maintenance of a property will prevent any long term damage to it, which might otherwise have led to huge repair costs.
Quality/Investment Assurance: Regular maintenance of property gives you peace of mind knowing that it is in good condition and that your investment is secured.
Prevent Regulatory Problem: In compliance with some environmental regulatories, all properties must be maintained to avoid takeover by the authority. Property maintenance prevents issues like wall cracks, falling roofs, and most importantly building collapse.
Who Is A Property Manager?
A property manager is an individual with the right to oversee all issues concerning the assigned property and its regular maintenance. Property managers act on behalf of the owner and take decisions to ensure the property remains a protected investment.
Roles Of A Property Manager.
Property Maintenance: To conduct regular inspection on the property and carry out repairs when needed.
Tenancy Management: Oversee every aspect to tenancy including rent or lease agreement and collection, manage complaints, issue eviction notice, and also supervise usage.
Legal And Regulatory Compliance: Keep up with all property regulations compliance from the local, state and federal government and ensure it is adhered to.
Marketing Property: Put the property on the market for lease, rent, to attract potential tenants with the best rental value.
Liaison Officer: Act as the middle man between the property owner and the tenants.
Conclusion
At Sterling Homes Limited, we are not just about selling properties, we understand that your property is more than just an asset, it is an investment. This is why we always provide tips on property ownership to ensure our property investors maximize the full potential of their property.
You can visit our website at Sterling Homes Limited to read up on other helpful real estate content. You can also check out affordable property listing available for sales.