What Are the Basic Needs of Property Management?
In Hong Kong, property management professionals and property management firms (PMFs) are governed by the Property Management Services Regulations (FMSA) (section 6 of the Laws of Hong Kong) which was introduced in July last year. The Regulations cover all aspects of property management in Hong Kong, including the responsibilities of the PMPs. They include, among other things: collecting rents; ensuring that the maintenance and repairing of the property are done to a satisfactory standard; taking care of tenants; maintaining the inventory of the property and informing the customers about any renovations or alterations that have been made; and liaising with other related parties. Any breaches of the regulations can be dealt with by the court of law, if the case so requires. Any disputes between the property manager and tenant should also be resolved in court to ensure that they are settled fairly. Check out stlouispm.com to get started.
Rental fees charged are one of the main sources of profit for a property management services firm. This means that it is the property management services provider's responsibility to collect the monthly rental fee from the tenants. The amount of this fee depends on the property type and lease agreement. The overall profit that the firm makes is also determined by the number of units that it manages, its experience in the rental process and marketing of the rental process to potential tenants and the lease agreement that it has signed with the client. The longer the time period of the lease, the more profits the firm makes out of it. Also, the more units the firm manages and the wider geographical area that it covers mean that the firm makes more profits in general.
As part of its role as a property management company, the firm also organises tenant screening and pre-screening procedures and manages the eviction and refund policy. It also ensures that all relevant receipts are collected on a monthly basis and that there are no discrepancies that may arise at a later stage. In terms of marketing, the firm ensures that the marketing material is sent regularly to the tenants and this involves sending post cards and brochures to prospective tenants. The firm also organises tenant participation events and conduct open houses to improve the image of the property management company and to meet the demands of the tenants. It also organises tenant related events such as property Open Houses and property parties for which the tenant gets special treatment and it ensures that the property management company ensures that the tenant is properly taken care of. Visit this link for more info.
A property management service provider is an agency that provides various services to the landlords and the tenants. This includes tenant screening and pre-screening, collecting the rent, collecting the monthly rental, negotiating with the tenants over the rent, collecting the monthly lease dues, refund policy, maintaining the premises and many other legal issues. However, all the services that it offers are not specifically designed for the landlord but for the tenant.
As part of its role as a property management services, the firm collects rent on behalf of the tenant. This ensures that the tenant does not have to worry about paying rent. Another function of the firm is to ensure that the lease is fulfilled by the tenant and in case of any violation or breach the firm ensures that the legal issues are settled in court. The firm also ensures that the tenant returns the property at the end of the lease term and this can be done by collecting rent from the tenant.
All the aspects mentioned above are provided by different property management services. However, before selecting a property management services, the owner needs to analyse whether the firm is providing the services required or not. If the owner is planning to rent out the property, then he needs to make sure that the firm provides for all the basics. If not, then the owner would need to spend some extra money. It is also essential to choose the firm after carrying out research as there are several firms that offer good but the quality of the maintenance issues or the technicalities involved are not up to the mark and thus might cost the owner a lot of money.
Find out more about this at http://www.huffpost.com/entry/how-to-choose-a-property-management-group-part-2_b_5596211.