This article is intended to enlighten readers on the relevance of effective property management and, more so, why Estate Surveyors are the best qualified to help property owners improve the existing state of their properties.
To start with, why should property owners look to efficient management of their property?
The answer is straightforward: the efficient management of one’s property is so that the property’s life span is elongated and to maximum optimum returns on the said property with little or no outgoings on repairs or maintenance for a long period of the property’s useful life.
Properties should be treated like human beings, just as humans occasionally visit their doctors for medical checks, such as Blood pressure, holes in the teeth, heart functionality, sugar level etc. Properties are to be put through similar checks to keep them functional, useful and profitable over a long period.
Hence, every property owner needs the services of a qualified property manager, to help owner actualize his objectives and increase returns from his investment.
Who is a Qualified Property Manager?
A qualified property manager is any registered estate surveyor with ample experience in property management. He must be duly registered and recognized by the Nigerian Institution of Estate Surveyors and Valuers and must have been cleared to engage in property management practice. There are several qualified property managers around, if you need recommendations for your present city contact me.
Types of Property Management?
Several types of property can be managed such as; residential properties, commercial properties, industrial properties, and agricultural properties among others. These have their various management strategies and only an experienced property manager would know how to discern the different strategies and apply them.
Responsibilities of a Property Manager
The responsibilities of property managers are;
- Screening and selection of potential tenants
- Preparation of tenant’s documentation
- Collection of rents
- Issuance of receipts
- Filing and record keeping
- Organizing tenant-management meetings
- Periodic inspections on the property being managed
- Reviewing rents upwards
- Supervising repairs of worn out building components and faulting property parts.
- Preparation of management reports
- Management of service charge
- Eviction of bad tenants
- Entertaining queries from tenants
- Letting void apartments
- Representing landlords in Court
What Property Managers Cannot Do?
Property managers cannot do these;
- Sell their client’s property
- Mortgage their client’s property
- Use Your property for personal use
Why do you need a Property Manager?
The main reason for needing a property manager is so that your property’s life span can be extended by adequate maintenance of the various building components. Every property owner wants their property to look good, be well-kept and generate enough, continuous returns. Also, there is a need to engage a professional who would not only manage the building but also the tenants; since human management comes with its challenges and setbacks, it is only in place to consult experts to manage all aspects of the property such as the physical, sociocultural, legal etc.
You need an expert who would provide you with monthly reports about the state of your property being managed, and advise you on routine maintenance and user-demand preferences to enable you to convert to the most economically viable property and most especially on the current rental values of your property for its current use.
Do you require the service of an expert property manager, contact me today.