We all appreciate living in or driving by beautiful office buildings and apartment complexes but we rarely give a thought to the people that maintain that beauty. The best maintained properties are usually taken care of by property management services.
What is a Property Management Service?
Landlords, whether they own office space or living space, often hire property management services to take over the routine duties associated with income and maintenance. Building manangers accept rent payments, advertise vacancies, screen potential residents, take care of the property’s maintenance and repair issues and handle any issues that arise with the tenants.
That’s not the only thing apartment and building management services do, however. Many developers hire a service even as a property is being built so that they don’t have to be involved in the construction details. A good service specializing in construction can handle cost overruns and budget challenges as well as issues with workers or unions and getting the project done on time.
One of the most valuable aspects of engaging this type of service is time. The time a property owner used to spend involved in the everyday details of ownership can now be used to expand the business, spend precious time with family or just enjoy life more. Property managers are also meticulous in keeping up with changes in real estate law as regards to landlords and tenants. Any issues with non-payment, nuisance tenants, evictions, etc., can be handled by the service instead of the landlord. The service’s accounting department relieves the owner of tax worries and collections and the legal department can usually prevent or resolve issues before they reach a court.
When the wages and benefits of caretakers, skilled repairmen, office personnel and accountants are added up, a property managers make a lot of sense.
When you decide to use a service it’s important to choose one that is a member of the Building Owners & Managers Institute International, or BOMI. This organization has certified firms that have gone through the special training required to be members that conform to high industry standards. Check references as well as Better Business Bureau ratings will ensure you get a reputable company that will manage your property efficiently. Also check with the National Association of Residential Property Managers (NARPM) and the National Apartment Association (NAA).
Screening your building or apartment management service thoroughly is the best investment of your time. You’ll be able to have peace of mind knowing your properties are well cared for and managed.