Who are Property Management Experts?
According to real estate industry experts, property management is one of the fastest growing careers in the next ten years. About 36% of the property management professionals today are working for developers, real-estate brokers or real-estate agents.
Industry estimates that by the year 2016, about 375,000 property management professionals will be employed full-time. The current estimated annual salary for a full-time property management professional is $43,000. This figure is set to grow multifold by the year 2016.
The range of services that a property management expert offers varies from expert to expert. A reputed property management expert usually offers the complete range of property management services for all of your properties.
Property experts have the ability to offer professional services in the area of property management to property owners and management companies in the areas of risk management, property and asset evaluation, leasing formalities, etc. By doing so, the property experts considerably enhance and improve their own skills in the field of property investments.
Usually the property management expert acts as a bridge between the landlord and the tenant. However most property management experts undertake responsibilities in the following aspects of property management:
• Advertising your unoccupied property for suitable occupancy
• Sourcing appropriate tenants for your properties
• Undertaking site-review visits along with potential tenants
• Screening and validating potential tenants
• Preparing and Renewal of tenancy agreements
• Collection of rent deposits and rents on a periodic basis
• Repair management and maintenance
• Re-letting the property immediately after lease expiry
• Dealing with the legal aspects of all property management related matters
Property management experts are required by individual landlords, developers and real estate brokers all alike to help them by keeping the residents happy and by making the properties fully profitable. The landlords and real estate brokers also expect the property management experts to manage the maintenance of each of the properties, to carry out repairs of the said properties on a regular basis, to attend to customer complaints on a daily basis, to regulate and monitor collection of rents and other deposits, execution of lease agreements and other formalities required by the law, to screen and verify the tenants and landlords credentials, etc.
Most property management experts usually charge a percentage of the total rental income as their fees. However this varies a lot depending upon the number of properties and the size of these properties that he is required to manage apart from the kind of services that you want him to do for you. These charges vary anywhere between 5 to 10 percent of the total rental income.
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