THE SCOPE OF WORK:
COUNSEL AND FINDING A TENANT
An experienced manager is an invaluable aid at the stage of buying an apartment (location, layout of the apartment, legal aspects), its finish (rationalization of cost, design for the selected target group of tenants) and finally – last but not least – the search for, evaluation and verification of tenants.An unreliable tenant is the largest stress source and the greatest risk forevery landlord. Thanks to the commitment of the manager, who works with professional intermediaries, and represents only the interests of the owner, this risk is greatly minimized. A good manager is one who has already experienced a lot in their career. They also have another asset to bring to the table – a professional lease contract template.
CONTROL AND CARE
Preparation of a detailed protocol at the handover of the premises, as well as ensuring the receipt of the necessary documentsfrom the tenant, allows to avoid later misunderstandings and trouble. Clearly defining the obligations of both parties, determining the date of transfer of the premises, inspection visits and coordination of necessary repairs, the organization of the possible purchases of additional equipment – all those issues are comprehensively dealt with by the manager of the property, entirely removing these problems from the owner’s concern.
SETTLEMENTS
In addition tocaring about the condition of the property, the most important duty of the manager is to control the financial affairs. Care for the timely payment by the tenant facilitates effective planning of cash flows on the side of the owner. Withtheirfinger on the pulse, the manager is able to respond quickly to delays and possible problems and nip them in the bud. This in turn shows the tenant that the monthly rent should not be filed under the “may be late” category.The manager also regulates all payments attributable to the property owner. Fees to the housing cooperative, property tax, utilities. It is the responsibility of the manager that these costs were settled on time and in the correct amount.
INSURANCE
One of the basic principles of investing is that before we start a financial expansion, we should protect the assets that we already have. Therefore, premises insurance is a necessity. With insurance, in case of any damage or destruction, the property manager will process the damage application to the insurer and the supervise the repairs. As a professional, having taken care of a lot of real estate in their work, they are able to negotiate with the insurer, not only for a favorable rate, but also for a wider than the standard scope of the policy.
CONTACT COORDINATION
The estate manager is the first person to contact for tenants, real estate administrators, suppliers, media or telecommunications services. In case of any failure, necessity to make repairs or make the premises available for a chimney inspection, the responsibilityof the manager is to coordinate all the participants, so that the necessary actions run smoothly and fall within the deadline.
PROFITS FROM MANAGEMENT
The property management company takes over not only the most important, but basically all the duties of the landlord. Using its comprehensive professional services not only saves valuable time, but alsoprovides the necessary comfort and safety. The manager – thanks to constant cooperation with reliable subcontractors – is able to organize the repairs, cleaning or renovations faster than the owner, who has only a web browser at their disposal. This means that all necessary arrangements will be cheaper and without the risk of employing a specialist straight from a nightmare.
FEATURES OF A GOOD MANAGER
A good manager also pays attention to building a good relationship between the landlord and the tenant. It is obvious that their interests are largely divergent, which often generates conflicts. The manager acts as a buffer, and thanks to their experience and understanding of the interests of both sides, they may act as a professional negotiator to help reach an agreement. This in turn allows to build long-term relationships – the extension of the lease agreement with the current, tested and proven tenant is still the safest and cheapest option for the landlord.