HOW PROPERTY MANAGEMENT CAN HELP IN STABLE INCOME?
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WHAT IS PROPERTY MANAGEMENT? According to Investopedia, property management is managing any type of commercial, industrial, or residential real estate property. This includes an apartment complex, single houses, warehouses, retail, oďŹƒces, or shopping centers. What happens typically is that the owner of the property asks a property management company to keep an eye on their real estate for them. That means the establishments they manage are not theirs most of the time.
Taking care of the rent
Handling tenants
Maintenance and repair
RESPONSIBILITIES OF PROPERTY MANAGEMENT
01
TAKING CARE OF THE RENT 02
03
04
As a management, you are entitled to set the rate to the best level in order to attract customers.
You can also adjust the rent as time goes by.
Usually, both of these need some ďŹ nal permission from the owner.
You’ll also have to collect the rent when it is due.
HANDLING TENANTS This is the main job of a management. No matter what type of real estate you’re managing, it is your job to find and screen tenants. You must know that they are capable of paying their rent through credit check history as well as their criminal background. You’ll also be handling the lease term, moving out, and even evictions. Most of all, it is your duty to take care of complaints sent to the management as well as emergencies.
MAINTENANCE AND REPAIR The best managers preserve the estate to protect its value..
Maintenance will be
It is your duty to schedule these
important along
and ďŹ x the problems as soon as
with much-needed
possible.
repairs.
BENEFITS OF PROPERTY MANAGEMENT Many choose to establish their own property management company because it is rather easy to get into. You will only need a limited capital that you can get from 6 to 12 months of your income. When it becomes successful, it is a good way to earn a living and a stable source of revenue. Plus you can upgrade its value by succeeding as a business and sell it when the time comes that you want to retire.
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