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

11 Tips For Hiring A High Quality Movering Company

With millions of relocations every year in the USA, it’s a minor wonder that a lot of them go smoothly, with no concerns whatsoever. Hiring top quality relocations is a must, obviously.

However despite having many smooth steps, frauds or substandard techniques do happen. It remains in your passion to be notified concerning every action in the process.

Learn more: Dose Moving Highest Rated

Right here are 11 methods to hire the best moving company:

Moving supply

A reputable relocating firm will certainly take inventory of all your possessions and also establish the mass as well as weight of your action either face to face or through a virtual study. The estimator needs to be comprehensive and also examine all of your storage places such as cupboards, cabinets, garages as well as bookcases. A large component of the mover’s price is based on the weight of your things and also the area your goods take up in the truck. Make sure you understand this price quote and that it is as precise as feasible.

Obtain a detailed walk-through

An estimator that executes a fast walk-through without noting what you intend to move is going to be off the mark. An excellent estimator will certainly ask questions concerning what you prepare to extract from your current house to your following residence. So, make sure you are prepared to inform the estimator which things you do not desire on the vehicle– the items you prepare to give away, give away to a charity, market in a garage sale, or leave behind for the new proprietors.

Don’t pay a huge down payment

Reliable movers will not demand money or a large deposit before moving. You need to only pay upon delivery. If you pay ahead of time, you have no control over when you will see your personal belongings once more. When you do pay, utilize a bank card to aid safeguard you from feasible deceitful task.

Stay clear of relocating firms with a name switch

Some business stay clear of being analyzed by the Better Business Bureau by doing business under a range of names. Make certain the business has a local address and information regarding licensing and insurance coverage. Their employees should address the phone with the complete name of the business.Find out if there are any other names the business “”operates as,”” as well as their state and government license numbers. Browse online to see if there are problems regarding the company. To figure out more concerning the company’s history, call the customer issues hotline at the Federal Electric Motor Carrier Safety Management, 888-368-7238.

Obtain recommendations on movers

If your loved ones don’t have recommendations, get a listing of trustworthy movers from associations such as the American Relocating and also Storage Association and also state organizations of movers.Ask any type of moving company you consult with for referrals. Tell them you desire a listing of 3 consumers from your area who have actually relocated the past 3 months. Call those clients and also ask straight concerns concerning their experiences.

Prevent packing costs

If you pack your personal belongings yourself, the moving company usually isn’t in charge of damage to them. Nonetheless, if you have your moving company do the packaging, you may pay inflated costs for boxes and packaging products, not to mention time as well as labor. If you make a decision to have the moving companies pack, inquire about the packers’ experience. A lot of packers take care, yet you want to stay clear of the possibility of obtaining a person who tosses whatever they can into a box and then secures it up with little respect for damage.

Be cautious of extra costs

Do you live in a two-story home or are you relocating right into one? Moving to or from a 10th-floor home? If so, you’ll likely be billed extra for the moving companies’ needing to bargain staircases and also elevators. Have a narrow road that will not fit a relocating van? Anticipate a surcharge for the transfer of your personal belongings to a smaller sized truck for delivery. Ensure to ask your moving company concerning any kind of extra fees that may relate to your situation.

Prevent a blank moving contract

Never authorize a blank contract. Get absolutely everything in composing. The mover’s quote and also any kind of added fees need to be listed, along with your pick-up and also delivery dates.Read your contract and ensure every one of your items are noted. If your laptop isn’t labeled on the stock form you sign prior to the vehicle driver leaves, you can’t expect it to be in the box when he arrives. You can’t file a claim for something that does not show up on the inventory list.

Don’t approve the “ensured” quote

There are three kinds of moving agreements:

A non-binding price quote on your contract means the company can not call for settlement greater than 10% over the initial quote. Any type of overages have to by paid within one month of distribution.
A non-binding to exceed estimate on your contract guarantees that you will not need to spend for any type of overages to the initial quote. The estimate is the maximum you’ll be needed to pay for any kind of services made.
A binding price quote on your agreement is meant to be an ensured rate for the relocation and all bonus and solutions. If you request extra solutions (such as unpacking), any type of additional charges have to be paid within thirty day of delivery.

Record any kind of issues

You have nine months to report any problems to the moving firm and also submit an insurance coverage case. So if you’re opening boxes a year later as well as discover shards of glass, you run out luck.On relocating day, attempt to open each box and also sift via it to look for damage.

Keep in mind any issues on the moving company’s copy of the bill of lading before authorizing it.

Your mover has thirty days to acknowledge receipt of your claim. Within 120 days of obtaining it, he has to refute your insurance claim or make an offer to pay.

Moving insurance policy and also assessment security

All relocating firms are required to think liability for the value of the goods they transfer. Nevertheless, there are 2 different levels of responsibility. You require to be aware of the charges that apply and also the amount of defense provided by each level.

Complete (Replacement) Worth Defense:

This is the most detailed strategy offered for the defense of your goods. Unless you choose the Different Level of Obligation explained listed below, your shipment will certainly be carried under your mover’s Complete (Replacement) Worth Protection level of obligation. With this plan, whenever a write-up is shed, destroyed or harmed while in your mover’s protection, the mover has the alternative to either:
Fix the short article to the degree needed to restore it to the very same condition as when it was gotten by your mover, or pay you for the price of fixings.

Change the article with a write-up of like kind and also high quality, or pay you for the price of replacement.

Under this option, moving companies are allowed to restrict their liability for loss or damage to short articles of phenomenal value, unless you particularly list these articles on the shipping papers. A short article of phenomenal worth is any thing whose value exceeds $100 per extra pound (for instance, precious jewelry, cutlery, china, furs, antiques, carpets as well as electronics). Ask your mover for a full description of this constraint prior to your relocation. It’s your responsibility to study this provision meticulously as well as make the needed affirmation.

Different Degree of Responsibility:

This no-cost alternative is one of the most economical security readily available, but it gives just very little protection. Under this option, the moving company presumes obligation for no more than 60 cents per pound, per post. Loss or damage cases are worked out based upon the extra pound weight of the post multiplied by 60 cents. For example, if a 10-pound stereo component valued at $1,000 were shed or damaged, the mover would be liable for no greater than $6 (10 extra pounds x 60 cents). There is no added charge for this very little protection, however you should sign a certain statement on the expense of lading agreeing to it. If you do not select this alternative degree of obligation, your delivery will certainly be carried at the full (replacement) value level of obligation and also you will certainly be examined the applicable assessment charge.