Property management involves the operation, control, maintenance, and oversight of a property—usually one that’s been developed—and its long-term and day-to-day usage. It includes—but isn’t limited to—managing tenants, residents, retailers, or offices that are using the space; collecting rent; ensuring maintenance; and preventing damage to the premises.
Property management is sometimes undertaken by the owner. But more complex projects involving investors or developers usually have professional property managers take over the role of a traditional landlord. You’ll find property managers overseeing both residential and commercial properties, from whole buildings and apartment complexes to single unit houses and condominiums.
What do property managers do?
Like we’ve mentioned, property managers take care of a property on behalf of the owner, developer or investor, and take care of several more specific tasks such as:
1) Screening Tenants
Part of the reason a property manager is hired is that they’re good at identifying what makes a good tenant. Laypeople don’t see red flags when it comes to tenants, which can later lead to problems such as squatters, illicit activities, vandalism, and negligence of property. If you’re in search of an experienced property manager in NY, get in touch with KH Consultants!
It doesn’t just end there though, because, once screened, they must help tenants with leases, moving in, contracts, moving out and being available in case of emergencies, as well as other issues including facilitating the moving out process. In the most extreme cases, they even handle the eviction process. It’s a tough job!
2) Managing Rent
Managing rent is always a tricky business. The manager must be aware of local rates, property values, and other factors. After they’ve acclimatized themselves, they set the rent, collect it, and adjust it annually.
3) Repairs and Maintenance
Another demanding aspect of the job is to ensure that a property, which doesn’t even belong to you, remains in good condition. This includes being careful of tenants’ use of it, making sure appropriate repairs are carried out when needed, and taking care of the overall maintenance and utilities around the building. All of this is to make sure property value doesn’t fall over time and with use.
Property managers are required to be licensed by several states, and there’s no standard requirement across the country. Often brokers and agencies offer the service, as do consultant firms such as KH Consultants, helping you with the facilitation of your tenants and the operations regarding your property.