PROPERTY MANGEMENT MADE EASY – Why Today’s Landlords Have an Easy Time
Historically, buildings have existed since the civilization of the human race and are the main form of shelter for human beings. Shelter is globally recognized as one of the basic needs of a human being.
Over time, buildings have evolved from being mere shelters to become part and parcel of human existence, such that any service needed or given is somehow connected to buildings. With this growth in the built environment, the profession of property management came by.
Property management is the general oversight of day to day building activities by a contractor who acts for the property owner (landlord). Property can either be categorized as residential such as multi-dwelling apartment units, maisonettes and bungalows, commercial properties such as retail outlets and office blocks, storage facilities such as go-downs and warehouses or special properties such as factories. All these properties benefit from the services of a property manager.
The main parties in a building are the property owner (landlord) and the tenant/purchaser. A property manager is a third party, often identified and contracted by the landlord and represents the landlord to the tenants. This way the property is left in the hands of a professional property manager/property management company while the landlord focuses on their own personal projects without worry.
Let’s have a look at the major functions of a property manager;
- Marketing vacant units either for sale or letting to disposal and ensure 100% occupancy rate of the development.
- Facilitating drafting of letters of offer, tenancy agreements or lease agreements and following up until registration where necessary.
- Identifying, vetting, hiring, supervision and appraisal of service providers such as cleaners and security guards.
- Receiving repair requests from residents and in conjunction with relevant contractors, carry out such repairs in a timely manner.
- Collection of rent/ mortgage payments and service charge on behalf of the landlord.
- Service charge administration and subsequent audit of service charge accounts periodically as agreed with the property owner.
- Facilitating prompt payment of statutory bills such as land rent and rates to relevant authorities.
- Facilitating prompt payment of utility bills such as water and electricity to relevant authorities.
- Ensuring all building rules and regulations i.e. fire & safety are adhered to and relevant licenses promptly renewed where necessary.
- Keeping records of all income and expenditures and reconciling them through periodical reporting to the property owner.
- Facilitating routine maintenance of the premises to avoid physical obsolescence.
- Dealing with correspondences from tenants/purchasers.
In conclusion, a property manager makes the work of a property owner easier by running all the day to day activities of a property. If you are a property owner, whether an individual or an organization, consider hiring a property manager to do the work as you sit back and enjoy the fruits of your labour.
Get in touch with us through our website: www.avenuevaluers.co.ke or contact us at email@example.com or firstname.lastname@example.org for your property management needs. You can also view the property management scale of fees at https://www.google.com/search?q=estate+agents+scale+of+fees+kenya&oq=esta&aqs=chrome.1.69i59l3j69i57j0l2.3223j0j9&sourceid=chrome&ie=UTF-8
Written by: Elizabeth Mokamba (B. Real Estate(Hons), UoN 2018)