No matter what type of property you own, if you do not live there, you should consider hiring a property management company to care for your investment. From duplexes to supermarket plazas, management is needed for various duties regarding properties.
A licensed real estate agent is a good choice, when you are seeking a property manager. They have the knowledge of the real estate laws in your state. They are trained in Fair Housing practices, discrimination, evictions, and more. Someone without a license may end up making some costly mistakes, if they do not know the laws. A commercial real estate agent is probably even better, if you have a commercial property to manage.
If you have an apartment building, the best property management you can have is someone who resides in one of your apartments. This way they are there to check on tenants, collect rents, and oversee the daily issues firsthand. Since they are already there, they can act on these issues right away. If they are skilled at plumbing and heating, this would also be a plus, and a money saver for the landlord.
There are also large management companies that handle many properties across the nation. They manage retail plazas and supermarket plazas, and they are not usually tenants in the plazas. They have the resources, however, to handle the problems as they occur. They may also draw up leases and make sure that storefronts do not stay vacant long.
Management companies may need to interview prospective tenants, run their credit checks, and write up their new leases. They are responsible for evicting tenants who do not pay rent, and they submit warnings in writing to this effect, as well. They also schedule repairs with the tenants who need them, so that it is convenient for both parties, and so that the problem is handled quickly.
A duplex may not need the services of a property manager at all, but when you get into four-unit properties and more, a property manager is probably a good idea. Large apartment complexes often employ licensed real estate agents who are also property managers, and their office is in the complex itself. This is for the mutual convenience of the tenants and the managers.
If you own a lot of properties, and they are scattered in different states, you cannot be there to manage them all. The services of a local property manager for each is a wise idea.
Larger property management companies service malls, discount chains, and more. They have the resources nationwide to handle all types of property and tenant issues. A landlord does not need to be involved in all of this. For a relatively small fee, he will welcome the services that the management company performs. Sometimes even warehouses need some kind of management on the property. Parking lots need management, and even though a restaurant may have a manager, a property manager may also be needed for the outside, and some interior building issues.
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Noton, Adriana "Property Management Is A Good Investment." Property Management Is A Good Investment. 23 Jun. 2010. uberarticles.com. 29 Dec 2014 <http://uberarticles.com/real-estate/property-management-is-a-good-investment/>.
APA Style Citation:
Noton, A (2010, June 23). Property Management Is A Good Investment. Retrieved December 29, 2014, from http://uberarticles.com/real-estate/property-management-is-a-good-investment/
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