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Property owners often hear about property management companies and wonder what they are, in so much as how they benefit a property owner. There are many misconceptions regarding how property managers work and their responsibilities, as well as what sort of properties property management companies can be hired to maintain.

Let’s go over the ins and outs of property management and find out if it’s a service you can benefit from.

What is Property Management? 

Property management means hiring a third party as a property manager to oversee the daily responsibilities of residential, commercial, or industrial properties. Generally, the property manager will ensure the day-to-day repairs, maintenance, and upkeep are taken care of and is usually tasked with caring for investment properties.

What are the Property Manager’s Responsibilities?

The essence of property management is being delegated work that the owner or developer has no time to handle. These responsibilities can range from handling tenants to ensuring the property is properly maintained, specifically, a property manager’s job can include:

• Screening potential tenants
• Signing, drafting and renewing leases 
• Collecting rent from tenants
• Arranging for repairs for the property
• Creating and adhering to property maintenance budgets
• Preparing vacant units
• Advertising the rental property
• Handling lease agreements with tenants
• Rent adjustments
• Supervising property employees
• Handling evictions and move-out processes
• Handling tax for the property
• Ensuring property compliance with the law
• Property record keeping

While this list isn’t exhaustive, it gives a good and rounded impression of what type of responsibilities you can expect property managers to take on. 

Types of Property Management

There are four types of properties that property managers are likely to work and care for:

Residential Real Estate Property

Residential properties can fall to a property management firm usually when it’s a rental space and can include:

• Single-family homes
• Multi-family homes
• Townhouses
• Apartment buildings
• Manufactured homes
• REO properties
• Vacation rentals

Commercial Property

Commercial property is commonly associated with property management companies and can include a wide range of spaces, including:

• Co-working spaces rented by the day or hour, commonly used by freelancers and contractors
• Office properties, such as doctor’s offices or large buildings with multiple offices and levels
• Retail properties, such as malls, restaurants, gas stations, and big-box stores
• Accommodation properties, such as hotels, motels, and resorts. 

Industrial Properties

An industrial property often has more responsibilities for the property managers than the other categories due to the nature of the work performed in these spaces, such as bidding for vendors and compliance with industry codes. Some of the types of properties that fall under property management companies’ purview include:

• Distribution facilities
• Warehouses
• Food packaging plants
• Automative plants
• Steel mills

Special-Use Properties

Special use, or special purpose property, means a property that is designed for a specific use and often translates to property managers needing specific skills to successfully manage them. A special-purpose property includes:

• Schools
• Colleges and universities
• Places of worship
• Resorts
• Sports arenas
• Theaters
• Senior care centers and facilities

Benefits of Having Property Management 

No matter the type of real estate property you own, there are a host of benefits to hiring a property management company, including:

Screening out problem tenants: likely the biggest headache for any real estate owner. Due to a property manager’s experience, they have the insight to see red flags and spot good qualities in a potential tenant, making the screening process more efficient and having better quality tenants long-term.

Decreasing turnover: piggybacking off the first advantage, lower turnover means stable property income and happy tenants. 
Avoiding legal issues: an experience property manager knows the housing and landlord-tenant laws: being able to navigate them while having good relationships with lawyers who specialize in these types of disputes. Some companies will also take care of fees associated with evictions or property damage issues.

Saving money on maintenance and repair: Like being connected with lawyers, an experienced real estate property manager usually works with a maintenance company that due to their professional relationship can benefit from discounted work without losing on quality. They can also stay ahead of repairs by having the time for regular inspections, reducing emergency repair costs.

Property Management For You

Now that you understand what property management is and the common responsibilities they have, along with what type of real estate they handle; do you think you’d benefit from hiring such a company? 

Here at Goodale & Barbieri, we do just this. As one of the largest developers, property managers, and a leading real estate firm, we understand what to look for with tenants and the nuances of managing a property. Since 1937 we’ve handled properties of all sorts and currently over 4 million square feet of commercial property. Discover more about working with experienced experts by following the link below.

To learn more information about this topic, please check out Goodale & Barbieri

Our Safety and security & Alarm expert gives some pointers on Organization Safety and security: Keeping your facilities secure is one of the major concerns of all enterprise managers. Burglary is one of the most usual crimes to influence a company and the effect can be far reaching. Get in touch with -

Here`s how you can update your Company Security to keep things safe and secure this year.

Check your locks

This may seem like an apparent factor, but you `d be surprised exactly how many people overlook even the most basic of security procedures. Locks are one of the most basic safety measures, they should never be overlooked. Make sure that all locks on your premises work thoroughly.

Check your lighting

Creative use of lighting is another great way to discourage potential robbers. Look at investing in security lights to go along with you new alarm system or set your lights on random timers to give the impression that personnel are working late.

Carry out regular checks

Even the best devices in the world is no use if it doesn`t function properly. Technology is not foolproof, so it`s crucial that you inspect your security units regularly to make sure everything is in working order. Talk to us about this -

Alarm systems

Warning devices can act as a strong deterrent to potential thieves as they don`t want to be caught out activating an alarm system. For this reason, investing in an up-to-date alarm system is one of the vital steps to boosting your safety and security.

Refresh your CCTV

CCTV has come a long way from where it first began. No longer are pictures grainy and vague, cameras will give you a crystal-clear sight of your organization buildings, ensuring that any burglars are easily recognizable. If you haven`t done so in a while, updating your CCTV systems are one of the key things to do to ensure your companies` safety.

Implement access control

Access control systems give you comprehensive control over who can and can`t go into your building. While keys can be reproduced, and locks can break, access control is much more contemporary approach to make sure your company property is fully secure.

Get advice from the experts

If you`re unsure about the best safety and security options for your business, why not get in touch with an expert? At - we know a thing or two about alarm systems and CCTV, and we`re always happy to advise on Business Security so you can take the best course of action.

Everything relentlessly changes in the world, & it affects the expense of living. As a number of folks lose contracts, the expense of goods & services little by little rises, making it difficult for those that even stay employed to keep afloat. It becomes straightforward to get off course with economic responsibilities & remaining a fantastic steward over your revenue. So in the event you are searching for answers on the way to manage your finances better, this write-up will supply 3 key points to help you improve over time. The 3 key points to be discussed are budgeting, prioritizing, & saving.

"You Must Establish a Budget"

Appropriately budgeting your finances is imperative. When doing this, keep in mind that everyone's circumstance is unique. There's no "one size fits all" method when creating a budget. Individual income & expenditures differ. So, you must establish a strategy that works for you. You already know how much income you bring in each month, just like you are aware of your monthly expenditures. Use that information to determine how much you put aside for bills & other costs each time you get paid. Be sure to include grocery, gas, shopping, & any other expenditures you pay for throughout the month. So, e.g., in the event you receive weekly paychecks, although you pay out $2,000/mo, you'll put aside $500 weekly to cover your economic responsibilities. If what you're paying out seems to be a bit overwhelming, have a look at prioritizing how much you spend on expenditures.

"Prioritize Your Spending"

Prioritizing is essential when taking control of your finances. Making wise choices & compromising also plays a part in deciding upon what's most necessary. Being aware of your economic responsibilities need to trigger you to be mindful of your spending. E.g., you may desire to go to the hair & nail salon weekly. Although, being aware of your current financial circumstance, you realise it's important to cut back on your appointments & embrace your creative gifts of styling your hair & doing your nails at home. The same applies to shopping for an outfit or a pair of shoes every week. Or you might even ditch that expensive cable bill & use your web for watching movies. You know how pricey cable television may be. So envision how much revenue you can save monthly. Once you come to this point, don't confuse settling for compromising. Bear in mind, it's about focusing on what's most necessary. & even if it appears that you've some additional revenue left over after taking care of your commitments, have a look at putting some of that revenue in savings.

"Save For the Unanticipated"

Developing a savings plan is just as valuable as budgeting & prioritizing. It would bestow you to prepare for the unpredicted. Unforeseen events can take place at any time. Whether it's losing your job, unpredicted car repairs, or a sudden medical emergency, these occurrences come when you least expect. Although being financially in a position for these circumstances makes them easier to handle the transition. Everyone has their own opinion of how much revenue to put aside each pay period. Use your discretion in determining this amount dependant upon what you can afford. Don't be discouraged if you're unable to save as much as you desire. Each amount adds up, vast or little.

Yet another point here is to be sure you're investing what you can. Investing is a sure-fire technique to grow your savings over time. Although you also need to be sure you've the correct broker, in accordance with this breakdown. Once you find the best broker, start siphoning off as much revenue as you can into an outlay account & watch your savings grow over time. Bear in mind, though, that investing requires a more long-term focus than something like putting revenue into a savings account.

Conclusion

As you apply these 3 vital points within your finances, managing your revenue will turn into less difficult. Achieving your economic objectives will take discipline. Making even the most minor changes in the starting, can aid in the progress you make. Although seeing the results of your changes will give you the motivation & determination you need to turn into a better steward over your finances.