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Managing Property Interests Through 4 Key Areas

Whether you’re an occupier with different locations, or a property owner with buildings that then need managing, getting a handle on how to effectively manage these interests can be daunting, and knowing what is actually needed as a property manager.

It’s important to bear in mind that there are many areas that make up your work as a property manager. The different areas can be a lot to juggle and this article will help you to keep things clear.

First let’s clearly define Property Management. According to the dictionary property management is defined as “the management of land and buildings as a business, including keeping buildings in good condition and renting property”. So property management is the process of taking care of the daily tasks that keep the engine of your property ticking over.

Successful property management comes down to juggling all the relevant areas and keep them all running smoothly. However, there are four key areas that are relevant to your job and that you must keep on track at all times. Even if the others have a wobble you need to make sure the following 4 areas remain stable at all times.

  1. The Property

The property itself is at the heart of your operation and needs to be kept in good shape. All necessary repairs need to be carried out with the minimum of delay. Any improvements should be well-considered and executed as part of a solid plan. These are the basics of property management so don’t neglect them.

  1. The People

Make sure you include everyone that is relevant to the issues at hand, whatever they may be. Remember that these days there are lots of people involved with a property. There’s the landlord, the tenant, the letting agent as well as other relevant people that you might not need to talk with that often. These include surveyors, solicitors and accountants. As property manager it is your responsibility to keep track of all these individuals.

  1. The Payment

Keeping control of your budget is essential if you want to be successful as a property manager. Income will be from tenants and service fees from owners but there will be a lot of outgoings that you need to manage. There are service charges, utilities, insurance costs. You need to keep track of all the payments and the bank accounts that hold the money that will pay these costs.

  1. The Paperwork

Paperwork covers compliance and regulations related to the property you manage. You need to control the contracts, leases and regulatory side of things. Fire regulations, health and safety and the like are essential and are required legally so you must make sure they are all in place. Log all property management information using a clear and understandable system in order to remain in control of your paperwork.

Getting the Right Balance

Therefore when it comes to getting everything covered when you’re managing property interests, so your costs are reduced and your returns are enhanced, these four key areas all need carefully balancing.

Looking at the property through these different angles will help you quickly determine what the easy-wins are to focus on straight away, as well as the longer-term angles to be chipping away at. All to then see the property being effectively managed.

The Property Management Guide helps people easily manage their property interests, whether they’re an occupying tenant, landlord and property investor, or third-party interest like a managing agent.

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