As the years go by, it is much more common to seek the services of experts in certain areas when you want to carry out a personal project or for your business thanks to the level of specialization that they possess. When it comes to renting a property, it becomes necessary to opt for what is known as Property Management, they facilitate the process so that you do not have to take unnecessary risks.

With this concept we refer to the mediator in charge of advising on the purchase and sale of leases or assignments of a property. This means that a third party will be delegated to manage the property, whether it is a residence, commercial or industrial.

By accessing this management service, a better profitability can be guaranteed for those cases in which the owners are far away or also for those cases where the owner does not have the necessary experience and knowledge to proceed with negotiations.

Having a proper property management service will save owners a lot of time and money and help them to preserve and even increase the value of their properties. A property manager has the ability to help the owner multiply the value of their investment, as well as minimize those risks and unnecessary expenses that may occur when maintaining the property.

Property Management Functions

We know that you may not be familiar with the functions that a property manager performs, so we want to explain to you what some of their functions are. This will help you if you are considering a partnership with one of these professional companies.

To take care and preserve the interests of the owner of the property.

With this the administrator will be in charge of carrying out a search with the objective of evaluating those possible potential tenants that once the necessary documentation is carried out, they will become the new inhabitants of the property.

Manage the collection of rents and then transfer the profit to the owner.

Before carrying out the moving procedure, the property manager must take care of the accounting of all the objects that are inside the property. This is to have a better control when resolving any misunderstandings that may arise with the tenants.

Ensure that the property is in habitable conditions.

If for some reason an unfortunate event occurs where the property is damaged, the administrator will have to monitor the situation and report the incident.

Advantages of Property Management 

Increased revenues

Thanks to the experience and knowledge that he/she has, the property manager has the ability to sell or lease the property, multiplying his/her profits, which is a favorable advantage for the owner.

Network of contacts

Working in the field allows him to know those special associations when it comes to promoting or renting properties. Knowing the area where the manager is working is a key to be able to manage the rental prices and allow more people to know about the sale or rental.

Knowledge of the law

One of the most important elements is to know which are those laws that must be fulfilled at the time of selling or renting a property, besides having the capacity to instruct you on all the legal procedures that conform this activity. The last thing an owner wants is to get into legal problems, so the administrator will be the ideal ally so that everything runs smoothly.

To summarize, hiring a good property manager will give you the security and specialized attention in administrative, legal, personnel management, security, materials management, know or schedule the operation of the facilities and their maintenance, replacement or repair, in addition to maintaining fluid communication between the owner and tenants.

Vacancies

It is responsible for researching advertising sources in order to analyze and find the best-prepared tenant who can meet all the requirements of the contract. This is a fundamental part of avoiding unwanted events.

Processing applications

When it comes to security, care must be taken, so a careful and extensive background and income check is performed on each prospective tenant. These are known as credit reports, so that the landlord has an idea of the prospective buyers.

Collecting rent

Collecting rent is another of the duties of the property manager, as well as making sure that tenants comply with policies and make timely payments. The last thing a landlord wants is to have to deal with tenants who are not responsible when it comes to fulfilling their obligations, so hiring this service will avoid having to experience these bad moments.

Monthly reports

Once a tenant arrives, he/she will make a report and analysis of the current situation of the property and the corresponding payments. These reports will help the owner to have a better notion of how substantial his investment is and if he can improve some aspects to increase those profits.

Maintenance

The condition of the property is important to attract the attention of potential tenants, so analyzing the property and the possible repairs that need to be done will also be monitored by the property manager. He/she must make sure that everything is in the best possible condition.

You are probably wondering how expensive it must be to acquire this type of services. Generally the companies that operate in the market usually charge an estimated 8 to 12% of the monthly rent, but surely you will find one that handles more considerable prices with an equally satisfactory result. In the same way, you will continue improving your economy and with the peace of mind of doing things within the law.

Surely you are wondering how much you should pay to acquire these services, well in the real estate management market you will find several options, with a cost that varies from 5 to 12% of the rent. You just have to take the time to study different options to choose the one that best suits your needs and capital.