Property management companies are hired by property owners to manage and coordinate all day to day operations at a rental property as in real estates. Their exact responsibilities will depend on the terms of the management contract, the amount they are being paid and the type of property they are managing. They can set the right rent level so that they can attract tenants to properties, they set days for rent collection and place strict measures for handling late fees and they also can adjust the rent in compliance with the state law. Below are the various types of property management.
• Recreational property management
This type of property management, like from Manor Inc, is specifically for properties such as marinas, resorts, campsites, parks and many more. In the marina, the company would increase boat slip rentals, provide training for exceptional customer involvement and oversee site amenities. Other aspects that fall under this category include advertising and human resources.
• Commercial property management
This commonly involves the management of land or buildings that generate income which would include, but not limited to, warehouses, industrial property, retail stores and office buildings. The Manor Association include plans to add value to lease contracts, better ROI from the property, employee training, filling vacancies and ultimately, daily maintenance.
Other types of property management are mini-storage management which consists of running daily operations, determining prices and rates for customers and implementing business procedures and policies. Asset management is the other type which is a process of operating and managing physical assets. After knowing the types of property management, it is also important to know the services one should expect to be provided by the property management company one will hire. Below are the different kinds of services to expect.
• Rental property value protection
These companies provide maintenance for the property once you request them or they can subcontract the work to make sure it is completed in a timely manner and at a cost conscience rate. They ensure the job is done by trusted and experienced professionals making sure the property is always in good shape to attract customers since they love well-managed places. A person looking for a rental house will go for the well-managed one since they will receive the services they are looking for.
• Ensure tenant compliance
They ensure that the tenants adhere to the agreed rule and requirements in the tenancy agreement and they also settle tenant disputes as they arise. They ensure that tenants pay their rent as per the agreed date and enforce penalties to those who do not pay in time. They collect rent and inform you of the total expenses and income reports for your rental properties.
• Handle all legal documents
The legal documents are crucial in protecting your rights to the property being rented and the tenant’s rights to possess the property for the period he or she has leased. The documents will include other fees such as deposits as well as safeguard real estate matters through licensure like the CA Department of Real Estate does.
Those considering hiring a company to be offering property management, then this information will help them make an educated decision on which company will meet the requirements they are looking for in a property management company.