Property Management
At Build smart solution, Property management is about overseeing and controlling residential, commercial or industrial real estate (property) that is owned by others in order to achieve a set of outcomes throughout the lifecycle of the property or properties. The types of property may also include apartments, condominiums, shopping centres and so on. Much of the responsibility for achieving the required outcomes will fall to the property manager who may be an individual or an organisation and will act on behalf of the property owner.
Maintain the integrity of the building fabric:
Buildings need regular maintenance to avoid degradation of the structure and fabric which otherwise may lead to expensive remedial action to repair things like roof leaks, rotting timbers, cracking and other movement, mould and other problems which, if left unattended, can result in costly repairs. Constant, critical observation of the state of a building can ward off expensive and disruptive repairs which may bring calls for rent reductions, vacant property or refunds for tenants.
Maintain tenants:
Items associated with tenants include managing leases, screening tenants, recording and acting on complaints (e.g a broken window pane or loose roof tiles), overseeing evictions, liaising with tenants’ associations and attending meetings.
Look after financial aspects:
This can include helping owners create budgets, advertising the property for occupation, handling tenant enquiries, drawing-up leases and extensions, setting, collecting and adjusting rents and keeping records of all financial information. It may also include negotiating rents with prospective tenants as well as instigating legal action if any terms of the lease are transgressed during the tenancy.
Other Aspects
This can include overseeing duties such as dealing with estate agents, local authorities, consultants such as architects, engineers, surveyors, contractors and suppliers, supervising other property colleagues and overseeing vacant properties.