Property management companies are available to take the hassles out of home ownership. Most property management companies charge a monthly fee to cover general maintenance, security and upkeep costs. These companies are a highly fragmented group, particularly in the residential market, as they provide a high degree of service to a broad array of customers. Their commercial property counterparts tend to have more dominance of their market (and greater income volatility), and are beginning to move into the international arena through mergers and acquisitions.
Property management companies come under the purview of the Companies Act under which they are constituted. This implies that these companies have to comply with the provisions of company law. These companies have the ability to handle various legal matters that a property might face. While property management companies specialize in managing and handling various property related issues, it is true also that many of them are rather small and basic in nature. Some of them may also be in a time warp and may not have woken up to the benefits of modern technology like e-mail.
One of the important services that property management companies offer relate to client interface. This includes marketing properties and screening the response they get in order to short list suitable residents. Apart from the maintenance and upkeep of property they also ensure that agreements are signed properly and renewed in a timely and lawful manner. The company has in-house staff and supports its executives in a collaborative manner. The main aim of such a company is to ensure that the project is made commercially viable and its value is enhanced too. The company has certain limits that are imposed in the form of building codes, commercial business practices and also affirmative action provisions.
Residential property management companies thus aid in saving considerable costs necessary to cover the court fees involved in evicting a problem tenant. Residents want to know more than the information included in typical real estate listings, which usually are nothing more than a sea of abbreviations (for example: w/d, hw fl, d/w, a/c). Potential residents want to know about the character of the building, see detailed floor plans, and information about the unit’s location.
When it comes to taking fees to let out property on behalf of the landlord, the property management company has to be associated with a licensed Real Estate Agent. But if the company just takes a cut from the monthly rent, this provision will not be applicable. Property managers have to look at various aspects of interior and exterior of buildings, electrical fittings and systems too. A wide variety of buildings, commercial complexes, houses, apartments and also villas come under the purview of property management companies.
Basic accounting services can also be provided. Most full service property management companies will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month.
Ateeya Manzoor is a Managing Director of Mayfair Management Group. She is a skilled strategic and risk manager and has worked on projects in the technology, legal, hospitality, property development, engineering, oil and gas and professional development industries.
Through her keen eye, Ateeya’s core gift is to convert and fully realize potential. She has a unique ability to see things when others may not. Her talent is to anchor in businesses requiring structure or a fresh perspective. Clients value her vision and unrelenting commitment to delivering tangible results.
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