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What Goes into Property Management?

What Goes into Property Management?

Property management is one of the many roles that go into the operation of a building.

A lot goes into the workings of a business or place of residence. From the idea to the plan, from the construction to the furnishing, and from the maintenance to running the business, it takes a village to accomplish and keep up with every task. This is no less true with the ownership and maintenance of a building. Sometimes, residential and commercial property owners need a company to help them manage their property or properties. This company does what is called property management. 

What Is Property Management?

A good analogy for a property management company might be a housekeeper. It is like the owner of a house hiring a housekeeper to maintain the house while he is away or too busy. In a similar way, the owners of an apartment building, condominium units, detached houses, and even shopping centers may hire a property management company to help “keep house” for them. They may not live locally to the properties they own, nor have the time or expertise. With the responsibility of maintaining a large residential or commercial property, property managers have their hands full.

Overview of Responsibilities

Property managers can also sometimes be real estate brokers, like Clagett Enterprises. They will list, show, and lease rental properties, as well as take care of the property. As for the latter part, this includes helping the owners with larger tasks and helping tenants with maintenance and other tasks. 

Determining Rent Rate

One of the tasks a property management company deals with is finding the most competitive rent rate. Property managers must be aware of the surrounding rental costs to determine a fair price. They may also suggest upgrades to the property and decide the rules on allowing pets into residential buildings.

Marketing the Property

They also must market the property to potential qualified tenants. They will make the property look as nice and neat as possible, and post ads in local areas and applicable internet sites.

Maintaining the Property

The property manager will not likely come out himself to fix the leaky faucet. However, he is in charge of hiring the necessary people to come out and maintain the property. 

Managing Tenants

This part of a property manager’s job covers many duties. The property management company is in charge of day-to-day tasks like vetting qualified tenants, moving in and moving out tenants, and collecting rent. Even within these duties are various step-by-step tasks.

Trust the Professionals at Clagett Enterprises for Your Realty Needs

If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.

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