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What Should You Expect from a Professional Property Management Company?

For first-time clients, it is difficult to know what you should expect as standard from a property management company. To rule out any companies that try to sell you short, it is critical that you know what you should be receiving as a minimum. 1. Expertise in Their Area There are two main types of property management companies: commercial and residential. You need to choose a company that has the appropriate knowledge for your type of property. This will ensure that you never break any laws and that your property is run efficiently. 2. On-Call Service Your residential or commercial property management company should be able to provide you with an on-call service 24 hours a day, every day of the year. If tenants suffer any problems, day or night, someone should arrive within a short time to take appropriate action. This is essential for dealing with emergencies, but it also shows tenants that they can rely on you even in less-urgent circumstances. 3. Personalized Ma
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The Differences Between Commercial and Residential Property Management

When researching property management companies, you’ll notice that they fall into two categories: commercial and residential. There are major differences between the two — and only by choosing the right one for your needs will you receive the support and services you require. Leases A lease for a residential property is usually brief, quite standardized, and easy to renew. In contrast, leases for commercial tenants are complex and may feature a variety of extension options. Only a commercial property manager is likely to understand such leases, know how to increase the price to the appropriate amount on an annual basis, and be able to help you if the tenant wants to end the contract early, which is often difficult and will depend on the termination clauses. Tenant Payments Tenants for residential properties only need to pay rent and utilities. This keeps things simple for residential property management companies . Commercial building tenants, however, are usually re
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Reasons You Shouldn’t Manage Your Investment Property Yourself

After purchasing an investment property, you’re likely looking for ways to maximize your profits. One idea you may have is to manage your property yourself instead of hiring a commercial property manager . This is never a good idea for several reasons. 1. You Have No Experience in Condominium Management Managing an investment property is far more complex than it appears on the surface. You’ll need to deal with repairs and maintenance, collect the rent, and resolve an array of tenant complaints. All this calls for experience and know-how. 2. Managing an Investment Property Is a Job Managing an investment property is at least a part-time job. In fact, if you have more than one unit, it is likely a full-time job. You’ll need to be available at any time to handle problems. If you’d rather not dedicate so much time to condominium management , you’re better off hiring a commercial property manager. 3. It’s Inconvenient Managing your property is particularly problematic i
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How to Select the Best Property Manager for Your Property

Hiring a property manager will lower your workload and give you assurance that, should any problems crop up, an experienced professional will take care of them immediately. Whether you’re looking for apartment, public housing, office, or condo property management , you need to ensure that you pick the right manager for you. 1. Gather Referrals A good place to start is asking for referrals. Ask your network, including the realtor who sold you the property, for suggestions. 2. Look for Accredited Companies Accreditation signifies that a property management company meets strict professional and ethical standards. It also shows that the company has the abilities to deal with any issue in an efficient and timely manner. 3. Seek a Company in Your Area Ideally, a property management company should already be familiar with your area. This will mean that managers are knowledgeable of your target market and how to serve your clients. 4. Find a Company with the Right Experience
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What to Ask Before Hiring a Manager for a Condo or Commercial Property

For property owners, good property management is a must-have. However, finding a good property manager (company or team) can be complicated. The hiring process should be so thorough that you hire the most reputable, capable manager. Fortunately, there are some questions that can ensure you achieve this, while streamlining your hiring process. Below is a detailed list of these questions. Questions about Marketing and Communication Before hiring a company for commercial or condo property management , you must know how they plan to communicate with you and market your property. Important questions to ask during the interview process, include: • What are your methods of communication ? Knowing how your property manager communicates is important because good communication is tantamount to good management. If you can’t reach the management team directly or if your messages aren’t answered promptly, it could cost you time and money. Hired managers should not only answer you promptly,
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The Responsibilities of a Professional Property Manager

For real estate investors, good property management could be the key to success. This is because the property manager has a diverse role with many duties – all designed to maximize the investor’s ROI (return on investment). However, to get the highest ROI and reap the greatest benefits, your property manager must perform all of their duties efficiently. These duties include: managing the tenants, performing administration and risk management tasks, handling marketing and financial matters and managing physical property (i.e. condominiums or apartment buildings). Managing the Tenants Managing tenants is one of the most important duties of a property manager. However, tenant management also involves understanding the needs of the residents. This includes, offering 24-hour customer service, prompt and emergency maintenance, timely, fair rent collection practices, property maintenance and lease management. Apartment and condominium management ; however, also includes property ma
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How You Will Benefit from a Property Management Company

Whether you want to focus your time on running your business or you just want to avoid dealing with problems, using a commercial property manager will benefit you. If you’re unsure it would be the right choice for your business, consider all the advantages using a property management company brings.   1. Find the Best Tenants :-   Property management experts are experienced in knowing what makes a good potential tenant. They know what warning signs to look out for when evaluating applications to reduce the risk of problems. For instance, there will be less chance that your property suffers damage or that you rent to a scammer. 2. Stop Wasting Time with Tenant Concerns :- The last thing you want on a busy day is to drive over to a rental property to check out a problem. However, to provide a good service to your tenants, you need to be available even for minor issues. A property management company has staff to send out for any concern. These employees also have experience han
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