Regardless of whether you own one property or whether you are an institutional investor, working with a team of professional property managers who have refined property management systems in place makes the control process much easier. These systems not only benefit the localized owners, but they are of great importance if your properties are spread locally and abroad.
With the advent of the Internet and sophisticated cloud computing systems, the best property management systems offered are those that are available 24 hours every day from anywhere. Through an online portal, the owner can track the occupancy rate of properties, rents, maintenance costs, and other statistics. The online portal is aimed at keeping the owner fully abreast of personal investment performance.
What owners expect from a property manager
Owners demand a statement of affairs that provides them a full understanding of the performance of the properties. With multiple properties, most owners prefer to work with a common management company, one that can provide integration of financial performance regardless of the property location. To accomplish this, you must work with a property management company that has an office close to location of your property.
Effective systems are not only used for financial performance reporting and monitoring. There needs to be a common method employed when screening tenant applicants. The questions asked of applicants cannot reflect bias towards anything that could be considered as an infringement on an applicant’s human rights. The property manager has every right to deny an applicant if the applicant does not meet certain standards such as full-time employment or the ability to pay rent. However, the property manager cannot deny tenancy based upon race, color, religion, age, or gender. When there are systems in place to monitor the application process, suits of discrimination will be avoided.
Property management systems are also a necessity to track maintenance and repair costs. If the costs to maintain the unit becomes excessive, the owner may decide to either dispose of the property or take the property off the market for complete renovation; only records will reveal this. Complimentary to tracking maintenance and repair costs is maintenance co-ordination and routine maintenance scheduling.
Central to managing rental properties is providing systems, which allow the owner to have full access to his property’s financial performance, copies of the leases, and pictures of the property. As many owners are nonresident, they expect this information to be available to them at their time, not the time the manager is working. To accomplish this, the modern management systems are web-based, allowing the owner access from anywhere that has an Internet connection. Both the tenant and the owner are best served with a sophisticated but understandable system of reporting.
As an owner, you will want to work with a property management company that embraces property management systems as part of its corporate culture. You are assured of this when you trust Real Property Management with your assets.
