Property Management and How It Helps
Property management can be a huge help when it comes to overseeing your property. It can be used for residential, commercial, and industrial property. Property owners may not think that they need a management firm. However, there are numerous reasons for hiring a manager.
What Is Property Management
First things first, what exactly is property management? It has to do with a property manager overseeing property owned by another entity. This can be any kind of property from industrial to residential, condos to shopping malls. A property manager will act in place of the owners to preserve value while also bringing home income. Property managers also do various other things. They will help owners with budgeting, advertising, collecting rent, and building services – (the latter is where SERVPRO of Ravenswood comes in). The owners of the property will pay a fee for the services the manager provides.
It is not uncommon for a real estate broker to also act as a property manager. They are able to offer buyer and seller services, in addition to management services.
Why Should You Hire a Property Management Firm
There are a number of reasons for hiring a property management firm. If you own several rental properties it can be hard to take care of all of them on your own. In this case, a management firm would step in. They would maintain the property, collect rent, and handle tenants. This can be a good thing if you own a rental property for the sole purpose of generating income. You would be able to do this and not have to worry about the smaller details that can be a headache.
A property owner who is part of an affordable housing program may also take advantage of a management firm. Many people do this because to be in such a program you need knowledge of federal guidelines. Not everyone is well versed in these guidelines, but property management services are. These services would step in to help the property owner follow the guidelines. In addition to these services, management firms also provide maintenance, cleaning, and construction.
The exact services covered will vary depending on what type of property they are managing and how much of a fee they are getting paid.
What Are They Responsible For
Property management services have many responsibilities, but the main one is maintenance and repairs. The property must be kept in good condition. Managers must take care of physical repairs, including emergency fire and water cleanup and restoration. If your property is damaged by flooding, fire, storms, mold, or something similar your management firm will have to take care of it. This typically means hiring a company to come out, as firms tend to have a long list of available restoration and cleaning companies. SERVPRO of Ravenswood, a trusted industry leader, may just be the company they hire. We specialize in repairing damage from fires, floods, storms, and mold. Our restoration and cleaning services are available for residential properties as well as commercial properties.