No matter what type of property you own, if you do not live there, you should consider hiring a property management company to care for your investment. From duplexes to supermarket plazas, management is needed for various duties regarding properties.
When you hire a manager for your real estate, they should be licensed as a real estate agent in your state. In this way, they will know what the laws are regarding discrimination, Fair Housing, evictions, and so on. If you hire someone without this license, you are taking a chance at violating some very standard housing laws in your state. These violations could lead to significant citations and punishments.
The responsibilities your management company will have will be to check on the property periodically. Ideally, they will be a tenant, as well. For example, if you own an apartment building, the manager might be a tenant in one of your apartments. This would be the easiest way to oversee the other units. It also helps if they have some knowledge of plumbing and heating.
Management companies that handle large supermarket or retail plazas are not usually tenants at the plazas. In fact, sometimes they are out of state. But they are available to hear the complaints and take action in a timely manner. They may also collect the rents, and see that stores do not stay vacant for lengthy periods of time.
Besides collecting rents and checking on the properties, the property manager might need to handle the interviewing of new tenants, the running of credit checks, the writing up of new leases, evictions, and so forth. Any plumbing or electrical problems will also be handled by this manager, as they will need to coordinate the tenants schedule with the plumber's or electrician's schedules, so that the problem can be taken care of. The bill would go to the landlord, and the landlord pays it.
The types of properties that a management company handles vary. You could have a duplex that does not need management at all. A four unit apartment building, or larger probably does need some management presence. A large apartment complex usually has a licensed real estate agent, who is also the manager, at an office which is also located within the complex.
You may own many single family homes in one town that all need to be checked on by a manager now and then, as well as having the rents collected monthly. Or you may have many homes in various states that may need a management company hired in each state.
Discount chains may have a company that handles all of the stores statewide or nationally. Retail plazas and malls also need managing. Even if you own a warehouse and they are on a lease, you might want a management company to oversee various requests for repairs and safety updates that might be needed. Whatever type of real estate you own, property management is there to handle all of the problems that a landlord would have without one.
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Looking to own properties in a location near you? Then contact your local real estate agent or broker to manage your own land and increase your equity!
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