The Responsibilities of a Property Management Company
A property management company is one of the most sought after businesses in the UAE, and most elsewhere in the world. A property management company helps landlords in taking care of the daily operations of the apartments they own. The benefit of hiring a property management company is that it lessens the burden of the landlord in taking care of the apartment.
If you are a landlord and you hire the services of a property management company, the chances are higher that you get a property manager dedicated just to serve you. The property manager is the person who will be responsible for taking care of the different needs of your apartment including budgetary requirements and maintenance. The main aim of the property manager is to ensure that the property is maintained well and also to help increase the landlord’s returns.
If you wish to hire the services of a property management company, let us discuss some of the responsibilities of a Property Management Company:
One of the top responsibilities of a property management company is to find the right tenant for the apartment. There may be a lot of people looking for apartments to rent and the property manager must select the best among the lot. The tenants should be then checked for eligibility and the terms must be set. Upon successful agreement of the terms, the tenancy document must be prepared and handled over to both the tenant and landlord. In the case of move-out and complaint, a property manager must make sure that all needs are met. A property management company with many years of experience will be able to find the ideal tenant. The property manager is also responsible for evicting the tenants if they fail to pay the rent or cause any troubles.
The expertise of property managers in analysing a property and setting the rent will halve the responsibilities of the landlords. The rent depends on the location, the size of the unit, the number of people sharing the place and so on. They also take into consideration the actual market value to set the rent. The responsibility of collecting the rent also falls upon the property manager. They also adjust the rent every year according to the changing laws.
Repair and Maintenance
If you own an apartment, it is important that you carry out maintenance on it for prolonging its life. Property managers who look after your property will hire professionals who can check whether the property needs any sort of maintenance. Property managers will always have a list of reputed electricians, plumbers and carpenters for all maintenance and repair needs.
Tax and Legal
A property manager can help the landlords in all legal matters related to the property. He will also help landlords in explaining everything related to property tax and filing the tax on their behalf.
Keeping track of the budget will be one of the hardest things to do as a landlord. A well-maintained budget is important for successful running of a property. A good budget can only be prepared after analysing all the maintenance and repair needs.
These are some of the major responsibilities of a property management company. If you require assistance in managing your property the best way, PropSpace can be of assistance to you.