As a landlord, you are probably aware of the role of property management as the ultimate discipline that guides real estate businesses towards a healthy and profitable partnership with tenants. You have a reputation to uphold and it’s important that you take care of your tenants if they have any concerns. However, no man is an island. If you have way too many properties, or if your departure is unavoidable, you’ll need someone else to take over your properties for you, to make them as productive as you are, and to keep processes healthy.
You need to hire a property manager and make sure that person reflects your ideals and executes decisions that reflect yours, as if their decisions are yours too. The fundamental principle of a smooth property administration is to keep the relationship between landlord and tenants as healthy as ever. You must ensure that you have given clear mechanisms of duties and obligations, as well as payment for the service to the property manager or his company.
On the other hand, as a property manager, you must ensure that you fully understand the instructions and are aware of your duties. You have to maintain the property, collect rents, deal with tenant complaints and concerns. And your duty doesn’t end there, you might face issues that involve legal matters, so it’s best to be prepared for that as well.
If the contract involves the management of a commercial lease, the arrangement could go beyond normal contracts and duties. It’s a complicated process that involves more terms and conditions, as well as obligations. It is also safe to call renters for additional charges for security, cleaning, etc. for the building. Cleanliness and safety are very important.
There should be no worries if the instructions are clear. Tenants will know what their limits are and landlords will be able to maximize their profit even while they are away with a property manager.