If you own rental property, you’ve probably considered hiring a Property Management company to handle the maintenance, repairs, and leasing of your rental properties. While an individual agent can be helpful when dealing with tenants, such as collecting rent and repairing broken appliances, a property management company has the technological know-how necessary to meet your needs. Not only do they offer a full range of property management services, but they also can handle fair housing compliance and online marketing.
As a Property Manager, your job is to find quality renters for your rental property. Your goal is to attract good tenants while earning a profit. The Property Manager will market your rental property, advertise it in a local newspaper, on rental websites, or in online classified ads. The Property Manager will write up the lease and collect the first month’s rent, as well as any deposit. The Property Management Company will also help you with any legal issues, such as landlord-tenant relationships.
A Property Management software program will provide a comprehensive database of tenants. The software will track important lease details and tenant contact information, and can automate the leasing process from prospect to move-out. Other functions of Property Management software include maintenance management and accounting. These features help property managers maintain their properties and ensure tenants are happy. The software also allows tenants to submit work orders and assign work schedules. You can generate reports and share them with stakeholders. They will help you create budgets, analyze historical lease details, and provide financial reports.
Whether you own a rental property or just rent it out, Property Management services can be a beneficial investment. The property manager will help you develop a budget and ensure rents cover your overhead, and handle rent collection. The manager will make sure that rental rates are competitive and that local laws are followed. In addition, Property Management firms can perform preventive maintenance and even construction for you. The fee for these services is usually a percentage of the rent generated while the rental property is under their care.
The Property Management Services Ordinance, Chapter 626 of the Laws of Hong Kong, governs property management services in the city. This law also establishes the Property Management Services Authority, which will regulate the industry. PMSA will develop licensing criteria for PMCs and PMPs, and they are currently conducting a consultation process. Once approved, these criteria will be set in subsidiary legislation. However, property management companies should still be licensed by the property management authorities to provide services.
Property management is a scalable service. While some small companies will operate only a single property, others can manage many properties for several landlords. Whatever the size, property managers work to keep the properties maintained, rented, and providing excellent customer service. This is the foundation of Property Management. However, there are many advantages to using a Property Management service, and it’s definitely worth considering. If you own a rental property, it’s important to understand what you’re paying for, and find out if this service is right for you.