Property owners often hear about property management companies and wonder what they are, in so much as how they benefit a property owner. There are many misconceptions regarding how property managers work and their responsibilities, as well as what sort of properties property management companies can be hired to maintain.

Let’s go over the ins and outs of property management and find out if it’s a service you can benefit from.

What is Property Management? 

Property management means hiring a third party as a property manager to oversee the daily responsibilities of residential, commercial, or industrial properties. Generally, the property manager will ensure the day-to-day repairs, maintenance, and upkeep are taken care of and is usually tasked with caring for investment properties.

What are the Property Manager’s Responsibilities?

The essence of property management is being delegated work that the owner or developer has no time to handle. These responsibilities can range from handling tenants to ensuring the property is properly maintained, specifically, a property manager’s job can include:

• Screening potential tenants
• Signing, drafting and renewing leases 
• Collecting rent from tenants
• Arranging for repairs for the property
• Creating and adhering to property maintenance budgets
• Preparing vacant units
• Advertising the rental property
• Handling lease agreements with tenants
• Rent adjustments
• Supervising property employees
• Handling evictions and move-out processes
• Handling tax for the property
• Ensuring property compliance with the law
• Property record keeping

While this list isn’t exhaustive, it gives a good and rounded impression of what type of responsibilities you can expect property managers to take on. 

Types of Property Management

There are four types of properties that property managers are likely to work and care for:

Residential Real Estate Property

Residential properties can fall to a property management firm usually when it’s a rental space and can include:

• Single-family homes
• Multi-family homes
• Townhouses
• Apartment buildings
• Manufactured homes
• REO properties
• Vacation rentals

Commercial Property

Commercial property is commonly associated with property management companies and can include a wide range of spaces, including:

• Co-working spaces rented by the day or hour, commonly used by freelancers and contractors
• Office properties, such as doctor’s offices or large buildings with multiple offices and levels
• Retail properties, such as malls, restaurants, gas stations, and big-box stores
• Accommodation properties, such as hotels, motels, and resorts. 

Industrial Properties

An industrial property often has more responsibilities for the property managers than the other categories due to the nature of the work performed in these spaces, such as bidding for vendors and compliance with industry codes. Some of the types of properties that fall under property management companies’ purview include:

• Distribution facilities
• Warehouses
• Food packaging plants
• Automative plants
• Steel mills

Special-Use Properties

Special use, or special purpose property, means a property that is designed for a specific use and often translates to property managers needing specific skills to successfully manage them. A special-purpose property includes:

• Schools
• Colleges and universities
• Places of worship
• Resorts
• Sports arenas
• Theaters
• Senior care centers and facilities

Benefits of Having Property Management 

No matter the type of real estate property you own, there are a host of benefits to hiring a property management company, including:

Screening out problem tenants: likely the biggest headache for any real estate owner. Due to a property manager’s experience, they have the insight to see red flags and spot good qualities in a potential tenant, making the screening process more efficient and having better quality tenants long-term.

Decreasing turnover: piggybacking off the first advantage, lower turnover means stable property income and happy tenants. 
Avoiding legal issues: an experience property manager knows the housing and landlord-tenant laws: being able to navigate them while having good relationships with lawyers who specialize in these types of disputes. Some companies will also take care of fees associated with evictions or property damage issues.

Saving money on maintenance and repair: Like being connected with lawyers, an experienced real estate property manager usually works with a maintenance company that due to their professional relationship can benefit from discounted work without losing on quality. They can also stay ahead of repairs by having the time for regular inspections, reducing emergency repair costs.

Property Management For You

Now that you understand what property management is and the common responsibilities they have, along with what type of real estate they handle; do you think you’d benefit from hiring such a company? 

Here at Goodale & Barbieri, we do just this. As one of the largest developers, property managers, and a leading real estate firm, we understand what to look for with tenants and the nuances of managing a property. Since 1937 we’ve handled properties of all sorts and currently over 4 million square feet of commercial property. Discover more about working with experienced experts by following the link below.

To learn more information about this topic, please check out Property Management

Interior Design Singapore comprises of many professional interior designers who can provide you with services that suit your needs and preferences. An interior designer has an in-depth understanding of how a room or building functions and design it to fit the requirements of its users. They are well versed with the architectural and interior designing principles and have expertise in the application of such principles. The use of colors and furniture placement, space planning and arrangement of furniture are all part of their expertise.

An interior designer usually works closely with architects to devise the interior layout and has vast experience in the building field. Decorating or interior design, however, is the decorative furnishing of a room with stylish or beautiful items while still functioning within its function. The interior decorator also composes the monthly budget and as such, he or she is mandated to meet the requirements of the clients. There are many factors that are taken into consideration when a client requests for an interior design service.

The first step in deciding upon an interior design firm is to thoroughly check their credentials. Inquire about the interior designers’ accreditation. You must also check if they have received any awards for their previous work. Do not hire the first interior designer that you come across. It is important that you conduct some research and compare and contrast the rates and the services of the different interior designers before you hire one.

After checking their credentials and doing a little research online, you will have to make a pricing call. Here you have to talk to them about your requirement and give them the estimated cost range of the renovation. This is a necessary stage as the quote provided during the pricing call will determine the final cost of your project. The interior design firm will then provide you with their quotation and this will help you in finalizing your decision. The consultation call is usually done on a free-of-cost basis, where the interior designer tries to understand what your needs are and helps you to plan your renovation.

After having a discussion with the designer, it is time for you to tell him everything that you expect from the project. You have to let your interior designers know about the furniture and accessories that you are going to purchase and the colours that you want. In addition to this, you need to tell your designer about the accessories that you do not want and the colour schemes that you want for your room or the entire house. A good designer will always try to understand the requirements of his client and will try to tailor-fit the renovation so that the client gets what he requires within the allocated budget.

If you are looking for a special design for your interior, there are certain firms that specialize in this area and they can help you find what you are looking for. Interior designers who have specialisation are called specialty interior designers. There are certain companies that are specialized in commercial projects while there are others that specialise in residential projects. For instance, there are interior designers who specialise in creating a spa experience to their clients and if you are planning to revamp your bathroom then you should contact a spa interior design firm. Specialty firms have experts who have knowledge and experience in creating unique experiences and designing the spaces of all types of clientele.

In Singapore, there are many interior design firms that are offering their services to many different industries and areas. Some specialize in residential projects, some in commercial projects and others in corporate projects. This is because interior designers are required to create an inviting look in the spaces of their clients. A welcoming look ensures a positive first impression and will help to build the reputation of the company or organisation in the particular industry. With the help of an experienced interior design firm in Singapore, you can create an inviting look for your business establishment in the interior of your client’s premises.

Before making any final decision, you will need to get hold of quotations from various interior design firms in Singapore. If you are planning to make an online purchase then you will also need to acquire quotations from an electronic invoice form that contains basic information like the quotation number, quantity to be purchased and the payment terms. You will be able to understand the pricing call more clearly after obtaining several quotations. The pricing call will give you an idea of the cost variations of the items that you wish to purchase. You will be able to compare the pricing and quality of the items with the prices that have been quoted by various firms.