Phoenix Property Management: Getting the Right Team
With the ability of humans to make things for themselves comes the desire to keep the thing that was made, to prevent another from claiming it. This was the origin of the concept of ownership.
One of the earliest things that humans have always sought to own is land and everything it has to offer. Oh the wars that have been fought over the right to land.
Of course the early humans were not thinking of the concept of ownership, it was just about that primal human nature of trying to protect what is yours or what you feel should belong to you. Also, as far as they were concerned, possession was proof of ownership.
How the times have changed!
In todays sophisticated world, we know that possession is only nine tenth of the law and that there are legal processes to be followed in order to establish or prove ownership.
The only thing that hasn’t changed is the interest in land and all that can be done on and with it.
It is one thing to own a property but what you do with it is an entirely different thing altogether. This is however very important to those in real estate business since it’s about being involved in a profitable venture.
So, upon the acquisition of a piece of land or an estate, the next question becomes, how is it to be managed?
Engage the services of a property manager!
This is an individual or an organization whose services are engaged to administer and see to the day to day running of an estate. Their services are usually crucial and highly sought for because in most cases, the owners of the estate, for one reason or another, are not able to be directly involved in the day to day running of the property. You can read more about this profession here.
What are their Duties
The following are some of the things to be typically expected from them
They are the ones to go about collecting rents or property fees from your tenants
They ensure that the expenses that come with the property, such as the mortgages, taxes, insurance premiums and even the maintenance costs are properly handled and paid for
They give the necessary feedback to you on the condition of the property. This will include feedback regarding issues like its financial status, the status of the lease agreements etc.
They are the ones who meet with potential tenants or those interested in the property for one reason or the other and assesses their applications
They are the ones to advertise the property to clients if there is a vacancy so as to get new tenants either to rent or to lease to
It is their duty to, from time to time, do a thorough inspection of the property in their care so as to be able to discover places that are in need of repair or equipment that need replacing. They generally ensure that the estate is in good shape
They ensure that the various services required to ensure the efficient running and maintenance of the estate are put in place. These include, handling issues like security issues or handling disputes between service providers.
Finally, they ensure that if there are violations to rental agreements or complaints regarding the property, such issues get rightly resolved.
Considering the fact that real estate is a business and that those who are into it are there to amongst other things make profits, the question now is, why engage the services of a property manager? When you factor in that they come with their own cost, the wisdom of the idea comes into question.
Here are some reasons why their services are very important
It Is More Profitable to do so: Most people think that these arrangements are costly because of the cost implications. However, the reverse is actually the case because, they help you save money, your estate is in better care and is more profitable in the long run.
They Save You from Unnecessary Wasted Time and Bother: The time you spend trying to navigate through the challenges of overseeing your estate (which is a lot of time) can be best spent on another venture or other business interests of yours. The thing is, it also comes with a whole lot of stress which can be avoided if you engage an expert who is much more adept at handling such matters.
You Get Better Tenants: This is one other benefit from engaging their services. This is only possible because they are able to get you the good tenants from a widened pool of applicants. This they can do because they are able to extensively advertise and source for tenants.
They know Relevant Laws: This is another crucial aspect of this venture that they help you with. There are laws that guide the relationship between landlords and tenants which you probably do not know about and which they will help you navigate to avoid some legal potholes.
They Act as Intermediaries between Landlords and Tenants: This work of an intermediary is very important because there is the need for a landlord to maintain a certain level of distance with the tenants. Tenants having a direct relationship with the landlord is not really a good thing. This is especially the case for the landlord who might become subjective rather than focusing on the business aspect of things.
Getting the Best Property Managers
Here are some tips to follow
Look for those with specialized experience especially in the area of real estate investment and management
Ensure that they have the requisite qualifications, certifications and licenses
It is equally important that you check their reviews online. Reputable companies like the ProEx Phoenix Property Management will always have more positive reviews online.
Before entering into the agreement, ensure that you examine the terms of the agreement
Finally, make sure that they are insured. Accidents do happen and you wouldn’t want to incur unnecessary liabilities.
Efficient management in any sphere of life will always lead to success in that endeavor. This is even more true when it concerns profitable ventures.
If you own a property, you will do well to get yourself a professional management team today.