What is Property Management
Property Management is to preserve and protect your real estate investment,
to secure and sustain maximum net ROI (return on investment) at a minimal
maintenance cost. The property management is also to maintain relationships
between tenants & owners management, & to help grow values &
equities in invested property through skillful management, continuous
assessments, and required improvements.
With day-to-day busy schedules, it's neither possible for landlords
to catch up with all the Texas residential leasing codes, nor to spend
time & energy to build relationships & manage communications
with tenants, taking all the pains to market the property to lease faster.
Good property management is , above all, to keep values & equities
in rental properties on long term by taking a good care of it with the
minimum expenditure. There are several hassles that Landlord has to
go though if tenant screening is not done efficiently. In addition to
that, if you are away from your property , how can you make sure that
your property is being well taken care of by the tenants ?
Property management is a big responsibility & a time-consuming
full-time job in real estate investment business. It's all about efficiently
handling tenant relations & timely communications, following up
emergency repair requests, coordinating written lease agreements , meeting
all legal requirements, thoroughly screening and qualifying perspective
tenants, evaluating properties periodically to get best rental value
through market surveys, reviewing physical condition of property time-to-time
and developing maintenance programs, collecting rents and managing security
deposits, disbursing rental expenses, preparing lease paperworks &
accounting statements for tax purposes, negotiating & resolving
delinquent tenant accounts, executing evictions, coordinating &
interfacing maintenance problems with tenant and managing repair vendors.
It's huge work that has lots of legal liabilities at every stage. Think
twice before you decide to be stressed-out by trying all these out on