We all appreciate living or driving near beautiful office buildings and apartment complexes, but we rarely think about the people who maintain that beauty. The best maintained properties are often handled by property management services.
What is a property management service?
Owners, whether they own offices or homes, often hire property management services to handle the routine tasks associated with income and maintenance. Building managers accept rent payments, advertise vacancies, screen potential residents, take care of property maintenance and repair issues, and handle any issues that arise with tenants.
However, that’s not the only thing apartment and building management services do. Many developers hire a service even when a property is being built so they don’t have to get involved in the construction details. A good specialized construction service can handle cost overruns and budget challenges, as well as labor or union issues, and get the project done on time.
One of the most valuable aspects of hiring this type of service is time. The time an owner used to spend on the day-to-day details of the property can now be used to expand the business, spend precious time with family, or simply enjoy life more. Property managers are also meticulous about keeping up with changes in real estate law as it pertains to landlords and tenants. Any non-payment issues, nuisance tenants, evictions, etc. can be handled by the service instead of the landlord. The service’s accounting department relieves the owner of tax worries and collections, and the legal department can usually prevent or resolve problems before they reach the courts.
When you add up the salaries and benefits of caregivers, skilled repairmen, office staff, and accountants, property managers make a lot of sense.
When you decide to use a service, it’s important to choose one that is a member of the Building Owners & Managers Institute International, or BOMI. This organization has certified firms that have gone through the special training required to be members that conform to the high standards of the industry. Check references and Better Business Bureau ratings to ensure you get a reputable company that manages your property efficiently. Also check with the National Association of Residential Property Managers (NARPM) and the National Apartment Association (NAA).
Taking a hard look at your building or apartment management service is the best investment of your time. You can rest easy knowing your properties are well cared for and managed.
