The owners of real estate who rent or lease out their properties to others often don’t have the time or expertise to successfully manage their properties. With poor management, a property can easily be neglected and the value can go downhill quickly. It takes a lot more time to bring a property back from poor management than it does to initially keep up on the maintenance. Maintenance includes preserving the physical integrity of the property, and supervising routine cleaning and repairs. Most problems that arise in rented or leased real estate is due to poor management. Through my own experience, I have found that it is much easier in the long run to keep properties in good condition. It’s important to have a sense of pride and ownership. A property owner’s best spent dollar is on keeping their real estate in tip top shape and expecting tenants to respect the property in turn. It is very easy to determine if a property is being managed properly. Often times, a simple drive by visual inspection can reveal property management problems within minutes.
Property management is so important that many real estate brokerage firms have set up separate management departments staffed with well trained professionals. In the State of California a real estate license is required to manage property for others.
Here at Terrace, we have a well-established property management division. We not only manage our client’s properties, but we manage our own portfolio of properties as well. We have long relationships with our repair and tradespeople and we get preferential pricing.
The property manager is hired to maintain the property and ensure the profitability of the owner’s investment. The property manager is someone who preserves the value of an investment property as an agent for the owners. A property manager can either deal directly with the tenants or can oversee an on-site manager. Some of the responsibilities of the property manager include securing tenants, collection of rents, hiring and supervising tradespeople, keeping proper accounts, and making reports to the owner.
A property manager should make sure that the owner has realistic income expectations and is willing to spend money on necessary maintenance. Attempting to meet impossible owner demands can endanger the manager’s abilities and reputation. Property management is a very demanding and difficult job acting as a liaison between tenants and owners. Like any other business property management is essential. Usually all parties; tenants, owners, and neighbors, are happiest with well-kept and well managed properties.
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Properties may or may not be listed by the office/agent presenting the information.