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The following article was published in our article directory on May 7, 2015.
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Article Category: Real Estate
Author Name: Betty Best
Property management is the oversight, management, and operation of a certain real estate, mainly to maintain or improve its condition to maximize investment returns. The company manages the property, keeps it occupied, collects rents from tenants, makes improvements, and keeps records. In other words property management (Arlington VA) means hiring someone to do the nitty-gritty for you. |
It involves the management of both marketing and financial aspects of a property. Whoever was hired as the property manager must have a clear understanding of the designated budget and operational expenses. Before operations begin, the property manager must set the rent rates. The rates must be competitively priced but at the same time produce enough income for maintenance and profit.
The property manager may present marketing ideas for special promotions and advertising in order to keep the property occupied and to maximize the rent rates. Handling eviction cases and other tenant-related concerns also falls under property management; Arlington VA has laws with regards to the eviction process. Property managers follow these laws strictly.
Property management also involves maintenance of the facility. This entails management of the physical property indoors and outdoors. This means ensuring that the plumbing and electrical systems, as well as the appliances, are in full working condition. Maintenance of the landscaping, walls, and roof is also left in the hands of the property manager.
Given these tasks, keeping in contact with the contractor and repair companies is a must for those handling property management. Arlington VA has a lot of repair companies, so keeping in contact with the ones you know are of top quality is encouraged. This also means, overlooking the repairs and making sure that quality is not compromised.
This part of property management is related to tenant and occupancy management. Tenants should be welcomed with well-maintained facilities and environment in order to retain them as patrons. Since there are laws with regards to property management, Arlington VA has certain tenant-landlord handbooks and follows the Landlord and Tenant Act. Property managers are very much aware of these laws and they will make sure that whatever they do is legal.
Another type of management falls under the bracket of tasks involved in property management, this involves administration and risk management. This is essentially the bookkeeping aspect of the job. Keeping the files and records is part of the responsibilities.
There are certain laws that require reports and records for accounting and taxes with regards to property management. Arlington VA, for example, requires that all activities and interaction with the tenant must be recorded as well. These documents must be prepared by property mangers who understand the requirements of each specific state and federal law.
If the owner does choose to sell the property in the future, it is the responsibility of the property manager to make sure that the property will have a high selling value. Property management specialists can do this by doing renovations.
Simply put, property management is the handling of a specific property when the owner is away. The company hired to manage the property should work with the owner's best interest in mind.
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