Property management is the supervision of residential or commercial real estate and involves the managing of property that is owned by someone else.
The property manager acts on behalf of the client to act as a care taker of the property while generating income. Companies who handle property management communicate with both the clients and tenants, saving time from collecting rent, handling maintenance and repairs and responding to complaints.
There are numerous reasons why an individual would need the assistance of a property manager; here are a few of those reasons.
1) If you currently own multiple properties, rental units or an apartment building, providing the same level of care towards each individually can be difficult. The more properties or apartments you own, the more you’re likely to benefit from a management company.
2) If you do not live near your property, whether you live in a different community or in another country, hiring a company to manage your property can assist with many issues that you will be unable to handle while being away.
3) If you have limited time on your hands between taking care of your family, having a social life, and having a full time job, managing a rental building added in the midst can create additional burdens that can be avoided.
4) If you have the time to manage your own property but do not have the skills required, or you are not interested in hands on management, you should consider hiring a property manager or management company.