Property Management is the control and oversight of a Real Estate. Its accountability, monitoring and care. Having a good property manager for your property investment can help to attract and keep good tenants. Majority of landlords expect their property manager to receive rents on their behalf, find reliable tenants, maintain properties, deal with tenancy related disputes and sort out any issues at the end of a given tenancy period.
A property manager is the property owner’s partner in the management of his investment through the efficient performance of their responsibilities. The property management company act in the best interest of the owner to maintain the property, keep it occupied with tenants, collect rents, budget for improvements, maintain records among other tasks.
Below are brief explanations about the importance of hiring a property management company:
- Marketing and financials of Real Estate: Property and Tenancy management involves a firm knowledge of the area and competitive rental processes. The property manager may design a marketing strategy by offering special promotions and other advertising strategies in order to maximize occupancy and rental rates. More so, periodical financial reporting to the owners is required. Understanding financial statements, profit and loss, tax policies, government policies and budgeting are all very important task of a property manager.
- Tenancy and Occupancy: Understanding the necessary needs of the tenants is paramount. Making available all incentives to get them moved in after securing payment is the beginning. The property manager must respond to their requests, monitor their activities as regards the lease requirements, collect rent in a timely manner, and continually assess the tenants’ satisfaction periodically. The task of evicting violators and defaulters is also one of the important tasks of a property manager.
- Facility Management: Property manager is also charged with the responsibility of managing the structures. Maintenance and monitoring of Landscapes, electrical, plumbing, roofing, walls, appliances, of property and much more are also part of the property manager’s tasks. The property manager must maintain a relationship with the contractors and repair companies, budgets capital expenditures, and monitor the quality of all repairs and maintenance.
- Administration: For several clear and unforeseen reasons, all activities and tenant interaction must be recorded and maintained for specified periods. Everything related to financial functions, income and expenses, rent dues and the likes be documented. In most cases, handling and recording of funds paid by tenants for disbursement to owners are also recorded by the property manager.
Property management ought to be a cakewalk activity which anyone should be able to effectively implement. However, this is not the case because properties are not the only thing that is being managed. The occupants are the most important element and there has never been a specie that is more difficult to manage right from inception than them. With a property management firm like LANSAR AGHAJI & CO, your worries about how to effectively manage your property should be next to zero as we have been in this industry for a good while and yes, our “people skills” is top-notch.
LANSAR AGHAJI & CO is deeply involved in Property Management, Valuation of all types, Auctioneering, preparation of master plans of various sites and developments and advising generally on urban renewal and redevelopment among other related tasks.
We have offices in different parts of Nigeria to offer you professional services. You can reach us on +2348037082245 or www.lansaraghajiandco.com for more information.