Successful property management is a demanding activity which requires relevant understanding, ability and appropriate technical and organizational skills as well as resources to successfully maintain and improve property value through to its obsolescence. Property management is a specialty in which real estate brokers manage homes and duplexes as well as large projects such as office and industrial complexes, shopping centers, apartment houses, and condominiums. Property management seeks to advice on the establishment of an appropriate framework within which to achieve the set out objectives of the property owner and particularly to have regard to the purpose for which the estate is held or owned.
The way U.S real estate transactions are carried out may differ from state to state. Each state in the United States has its own set of rules regarding the purchasing of the contract used, the method and ways of closing the sales and even duties and titles of the individuals involved.
Property has been increasingly recognized as a key resource which, if well managed, contributes to an organization’s success. For local authorities, property is the environment in which people work and from which services are delivered. In this sense its suitability has an impact on both employees and clients, and therefore an influence on the efficiency and effectiveness of all the organization’s activities. Tenant placement begins with advertising and showing the property, and it ends when the tenant has signed all necessary paperwork, provided all deposits and required rents, and has been handed the key to the property. Maintenance and repairs may occur prior to occupancy or during occupancy as the need arises. The difference between maintenance and repairs is that maintenance sustains the current condition of the property while repairs restore the property to its proper condition.
MAINTAINING PROPERTY VALUES OVER TIME
Properties can be a very good investment and they can be a very poor investment. It can largely depend on the decisions you make in buying your investment property. The first thing you need to make a decision on is the location of the property. If you buy a property in a good area that is well sought after you can make good capital and rental returns over the long run. If you buy poorly in an area no one wants to live in then you might have problems renting it out or only be able to rent it out to bad tenants who cause damage, and you may not get any capital gains over many years.
When you buy a property the house or the building goes down in value every year (it gets depreciated) similar to when you drive a new car out of the lot. However, it is the land that increases in value over time. As land becomes scarcer the value of land in that area will increase in value, as does land in sought after areas. If more people want to live in a particular suburb the land value will keep on increasing year after year. It comes down to the supply and demand of land and houses in a particular area. You might even get a situation where a run-down dilapidated house in a very sought after suburb sells for more than a brand new house in a less sought-after suburb nearby.
Also you need to take a remote decision on property cycle. Buying at the right time can fetch you higher rents and make some quick capital gains over a relatively short time.
TIPS FOR LANDLORDS
Being a landlord comes with a lot of demands, but it’s not as hard as you would think. Sure, there’s a lot to do, such as creating lease agreements, screening tenants, marketing rentals, and evicting poor tenants. Firstly, a landlord is concerned with maintaining and enhancing the value of the asset
But there are several tips to be a successful tenant
- Having at least a basic knowledge of the relevant law and the legal requirements imposed on residential landlords, before you start letting any property, even if you intend using a letting agent.
- Before letting, make sure that the property is in good repair like fixing leaky plumbing and replacing broken appliances. You should also get the electricity checked at regular intervals.
- Do not set too high a rent and make sure you have an enforceable lease
- There should be the use of multi-media marketing
- Make sure you get the right insurance
- Agreement with tenants through
- Let there be a signed document contract between you and the tenant
- Move-in / move-out inspections
- Always make your tenants happy
- Possession of a good behavior which is a good tool that makes tenants to stay and Chose your tenants very, very, carefully.
TIPS FOR OWNING A RESIDENTIAL AND COMMERCIAL PROPERTY
There are a sheer number of projects that you can do inside your properties. But works that involve the electrical system is best left to an expert so as not to compromise the safety and well-being of your loved ones and your property. When electrical issues are present in residential, commercial or industrial buildings, you need to call in a professional and licensed electrician.
Choosing a reliable electrician is important. To help you in your search, here are some questions you can ask your prospective power expert:
What appropriate licenses do you have?
This is the first thing you should ask because electrical work is a high-risk job. You would not want electrical jobs in your property to cause accidents or even fatalities. Appropriate licenses will prove a true professional electrician. While this varies from one state to another, you would know if your chosen electrician is qualified to do the work or not. Additionally, you would know if you need to get a permit before the electrical job commences.
Do you have insurance to cover the job?
Due to the nature of electrical works, accident may happen as a result of his work. Know that insurance will not only ensure your electrician’s safety but also take responsibility for whatever damage the job may cause to your property. Safety should be the primary concern here.
What other electrical works have you done in the past? In most cases, the variety of electrical works that your chosen professional has done will suffice. For the technical works that you require, opt for a professional who has extensive experience.
Who will work with you? When you are hiring from a firm, they usually have a roster of electricians. It is a good idea to ask who will work inside your home or office. The one you are talking to when you enquire may not be the person who will do job. So talk to the actual electrician who will perform the electrical works before hiring the firm.
Can you provide some references?
Note that quality of a company’s work and professionalism can be seen through the references they will provide. Those who have been in the business for a long time will readily show you their extensive list of past and current clients.