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What is Property Management?

Posted by David on September 3, 2019
| Blog
| 0

What is Property Management? 

Property management is the overseeing of residential, commercial and/or industrial real estate, including apartments, villas, etc. It typically involves the managing of property that is owned by another party and the property manager acts on behalf of the owner to preserve the value of the property while generating income.


Why choose a Property Management Company?

When it comes to managing properties, handing the keys to the tenant does not mean that the work ends there. With a long list of things to consider before, during, and after leasing the property, will you have enough time for yourself? A lot of landlords tend to manage their investment properties themselves by collecting rent, taking care of the property, handling tenant complaints, arranging maintenance repairs etc., rather than hiring an experienced Property Management Company, as they find it to be an expense rather than an advantage. Landlords do not foresee that the management of a property could be a full time job rather than a casual oversee.

You should consider hiring a Property Management Company if the answer to any of the below is a “yes” or is relatable to you:

  1. If you own multiple rental units.
  2. If your rental units are geographically widespread.
  3. If you lack experience managing properties.
  4. If you don’t have the time to manage your properties.
  5. If you cannot be a stern Landlord or do not like confrontation.
  6. If you do not deal well with stress.
  7. If you are currently overwhelmed with your property(s).
  8. If you do not have experience to manage maintenance and repairs.
  9. If you require assistance with account and/or record keeping of your property.
  10. If you not know or understand the local rental laws.

Why choose Prestige Real Estate to manage your properties?

We will give you not one but ten reasons to choose us to manage your investments:

  1. People
    • We are hardworking, honest and dedicated to providing our customers with a second to none service.
  2. Experience
    • Property is our breadwinner and this is what we do! Therefore, we invest in experienced staff or conduct continuous ongoing training to ensure our staff are up to speed with new technology & market knowledge making us significant over our competition.
  3. Marketing
    • We market your investment on multiple portals with professional photography to ensure it receives maximum exposure.
  4. Licensed
    • We are licensed professionals always ensuring that we are in compliance with the local rules & regulations.
  5. Fees
    • We offer competitive fees and convenient payment schedules making it appealing & accommodating to our customers.
  6. Standard
    • Our standards are of high in terms of customer service and management services.
  7. Communication
    • We will always let you know about your property on a timely basis so you are updated regarding its status at all times.
  8. Resources
    • We are very resourceful in terms of experience, knowledge, staff and connections.
  9. Carefulness
    • We do all our work with accuracy and precision as we know how important it is to deal with your hard earned investment. Our attention to detail is our second nature.
  10. Brand
    • Finally, we are a brand and we are so proud of it! We have been here for several years and vision to grow professionally for the years to come.

How do you conduct an inspection on my property?

Since you have entrusted us by letting us manage your investment, we conduct the property inspections as if it were our own property. We have four scheduled inspections for your investment (subject to the type of package) which are as follows:

  1. Pre-inspection
  2. Check-in inspection
  3. Bi-annual inspection
  4. And Check-out inspection

When we conduct the inspection, we become your eyes and ears at the property. We will inspect the property both internally and externally and everything we see visually, is documented on the report along with photographs which is emailed to you each time we have been to the premises.


How to be a great Landlord?

  1. Your rent expectations should be in accordance with the market analysis & conditions.
  2. Respect your tenant and signed Tenancy Agreement.
  3. Never discriminate but always screen your tenants properly before entering into an agreement.
  4. Allow the Tenant their peace, comfort and privacy after signing of the lease.

What happens if maintenance and repairs are required?

We contact an insurance indemnified maintenance contractor to inspect & survey a maintenance repair. Upon receipt of the quote from the contractor, the quote is presented to the owner for discussion, approval and payment. In the event of the property being tenanted, then the quote will be sent either to the owner or tenant subject to the Terms & Conditions agreed as per the signed Tenancy Agreement.

 

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