Property management
Property management is a general term for various activities related to property ownership. Owners of private and commercial property, as well as tenants, have to deal with management. Think, for example, of maintenance or various situations a tenant may face, or when looking for a tenant. But from the resident's side, if there is a leak, you want to be able to call. All these tasks are often outsourced to companies that specialise in property management. For example, through intelligent digital systems and extensive networks in the property industry. This allows you to find tenants faster, carry out financial transactions faster and respond appropriately in case of breakdowns. Property management can in most cases be divided into three different types of management. financial or administrative management, technical management and commercial management or leasing.
What does property management involve
As an owner and also as a tenant, one often has to deal with property management
but what exactly does it mean to outsource management as an owner?
what exactly are the tasks to be outsourced and why should tenants contact the property manager instead of the owner?
contact the manager instead of the owner directly?
And for the owner also very interesting, what does outsourcing management actually cost?
In this real estate blog, we will answer all the above questions in detail,
so that as an owner and as a tenant, one knows exactly what it is like.
What does property management mean?
Financial management
Financial management: also called administrative management, consists of all financial operations involved in managing property. Examples include collecting rents, indexing rents, settling service costs, annual financial statements and sending reminders. As an owner, you would rather not have to deal with these kinds of tasks, especially if you own several units. This is generally not the core business of a property owner and hence it is often outsourced to a property management firm.
Technical management
Technical management is the term used for all maintenance aspects of the property and in doing so, acting as the point of contact for tenants.
For example, if there is a leak, it is important for the tenant to be able to call someone about this to discuss possible follow-up steps, and the property manager can then arrange for a plumber to be sent, for example. Again, it is generally the case that the owner does not want to deal with this and a property manager is called in to take care of these matters and remove these concerns.
Commercial management
Commercial management includes the tasks that fall under letting property. You can think of determining the right rent, placing advertisements, screening tenants and monitoring compliance with the lease. Again, this is an element in property management that takes a lot of time and energy if the owner were to do it himself. Also, a management company often has a good network to find tenants quickly.
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