Real Estate is the basis of contemporary business. Without it all business would come to a complete standstill. You may have heard about real estate agents, brokerages, property managers, real estate managers or even real estate moguls but do you know what each one does exactly? Property Management is without a doubt, the foundation of contemporary business. If you own a real estate property and if you want to manage it efficiently you need to appoint a Property Manager who can manage your property for you.
Property Managers are experts in all aspects related to management of real estate properties. They help their clients find apartments to rent, take care of rental issues such as rent payment collection, rent collection frequency, property maintenance, security, advertising, etc. The real estate property managers also help their clients locate potential tenants, oversee rent collection and rental issues.
The real estate property management firms provide a wide range of services to property owners. They offer marketing strategy, building analysis, tenant screening, tenant improvements, property financing, landlord finance, etc. The property owners can also go for financing options like commercial mortgage banking or commercial real estate loan funding. They even help the landlords with the preparation of property tax documents and state income tax returns. On the part of the property owner, the property managers help him in collecting rents, preparing lease agreements, collecting tenant dues, collecting late fees, repairing damage, etc. For the landlord, he can formulate a rental strategy, conduct negotiations with the tenants, develop a marketing strategy and develop a leasing contract.
A property manager not only acts as a counselor between the tenant and the property owner, but he also acts as a counselor between the landlord and tenant. As a property manager, he has to handle various kinds of complicated issues like tenant conflicts, tenant evictions, property maintenance, rent collections, property financing, risk management, etc. The property manager’s role is just not limited to these issues but includes many other important functions. In this context, it is significant to mention that a real estate management company has three key leaders, namely, the General Manager, the Manager of Finance and the Assistant Manager.
The General Manager is in charge of overall operations including rent collections, property maintenance, tenant relations, tenant finance, etc. The Assistant Manager is responsible for such things as rent collections, tenant complaints, leasing and property management details, etc. All the three have to coordinate and co-ordinate all the activities undertaken by them. Some of the well known property management companies include Century 21, Management Corp., Century 21 Management Co. and Greenhouse Properties.
There are many other ways of looking for how to start a property management company. One can contact any real estate broker or agent for this purpose. Or one can check out the Internet, which has many valuable resources on this. However, one should be careful while choosing the company as there are many fraudulent companies on the Internet as well.