What is Property Management?
WHAT IS PROPERTY MANAGEMENT?
Property management involves overseeing the operations and managing the maintenance of real estate or investment properties. This can include residential, commercial and land only real estates. Property management companies will:
- Advertise the rental property
- Handle tenant inquiries
- Screen applicants
- Select suitable candidates
- Draw up a lease agreement
- Conduct a move-in inspection
- Move tenant/s into the property
- Collect rental income
- Manage and coordinate maintenance issues
- Supply owners with financial statements and any other relevant information regarding the property
Benefits of Property Management
Rental property management can be pretty complex and challenging to deal with. The issues can range from looking for tenants handling multiple tasks and various legalities to fulfil. However, here are some reasons why most investment properties are usually professionally managed by property management companies.
Renting to Trustworth Tenants
It can be challenging to ensure that your tenants abide by their tenancy obligations without hassles as a landlord. However, a trustworthy tenant will make sure that they pay their rent on time and look after your property. Finding such reliable tenants can be pretty exhaustive and time-intensive if you do it yourself. On the other hand, an experienced property manager from PIA Agent can take over the responsibilities of finding tenants, arranging a public viewing of your property, checking applications and conducting background checks of prospective tenants.
Taking Care of Contacts and Legal Issues
PIA Agent property managers ensure that the lease document that details all the responsibilities of the owner and tenant is in place. They will also brief you about your legal responsibilities as the investment property owner, such as timely repairs of issues that may potentially cause personal injury to avoid litigation. If a tenant wants to terminate their contract, our property managers will manage the process efficiently to seek new tenants at the earliest.
Keeping Track of Rental Rates
Many first time investors tend to overestimate the rental rates, which can discourage prospective tenants. Our property managers will conduct a market appraisal and provide a FREE accurate rental appraisal to determine the rental rate for your property so it can be tenanted effectively. In addition, we have a very competitive agent fees structure. Review our Property Management Fees here.
Handling Property Viewing and Marketing
Prospective tenants will want to visit and inspect your property before proceeding with the lease. To accommodate this, you will have to make yourself available during weekends, evenings, or whenever they express their interest in inspecting your property. If you cannot manage the time to address these enquiries, you may lose the opportunity to meet trustworthy tenants. At PIA Agent, our property managers will handle the marketing aspect of your property, responding to tenant queries online and will explore ways to reach out to prospective tenants.
Maintaining a Professional Relationship
It can be challenging to maintain a professional relationship with your tenants, making it difficult to manage issues between the landlord and the tenant during the tenancy period. Disputes can result in late or unpaid rent, leading to intentional damages to your property. Our property managers will act as an intermediary to settle such situations and ensure that the rent payments and property maintenance are not affected in any manner.