Hard Boiled Creative My Blog What is Property Management?

What is Property Management?



Modern apartment buildings in a green residential area in the city.

 

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

 

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Plans designed to increase diversity and inclusion in the place of work often fail. To ensure leads to an organic inquiry: What`s in fact working? Paying attention to answers to the variety difficulty instead of on the failings was best of mind when we designed a convening. Our experts combined prominent professionals on bias, modern technology, prejudice, as well as organizational design, and also instead than chronicling the concerns that abound we asked everyone to pay attention to answering one easy question: What jobs? 


As penetrated, there is actually no silver bullet. No solitary service. Yet, in driving ourselves to think outside package as well as make use of the very best pragmatic evidence that exists, the meeting individuals identified appealing locations where financial investment, concentration, and trial and error have the ability to function as amazing motors of change Our team studied these encouraging regions and made a document, titled “What Performs? Evidence-Based Tips to Increase Variety, Equity, and also Inclusion in the Place of work. ” Right here, I highlight crucial understandings that may serve as tools for those appearing to create their offices even more assorted, much more booming spots. 


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Teenage Driving Statistics – Why GPS Tracking Matters

 

In a 2011 study conducted by Liberty Mutual Insurance and Students Against Destructive Decisions (SADD), 68% of teens said they had narrowly avoided a crash, and more than half had experienced more than one close call in the past year. More than 2,000 students in 28 high schools were surveyed for this study, which was released on June 13.

Of those who said that they had a close call, 55% blamed other drivers or the weather. However, when asked what was happening during the exact time of that close call, 30% of teens said they were speeding, 21% said they were texting and 20% said they were talking to passengers in the car.

A similar study conducted by the Children’s Hospital of Philadelphia and State Farm Insurance in April, found that when crashes occurred because of an error made by a teen, 20% of the time distracted driving was to blame (texting, mp3 players, passengers, etc.). The study also found that speeding was responsible for 21% of crashes in which teens were at fault. According to the federal Centers for Disease Control and Prevention, teens are four times more likely to get into accidents than older drivers. About 3,000 teens died in auto accidents in 2009; according to CDC estimates, roughly 350,000 were treated for injuries.

Stephen Wallace, chairman of SADD, says the idea to research close calls by teen drivers came out of focus groups. “We were hearing a lot of kids saying ‘I almost did this, I almost did that,’” Wallace says. The problem is, however, these close calls and crashes aren’t changing driving behaviors and bad habits among teens. According to the Liberty Mutual/SADD study, a little over half the teenagers surveyed said their new habits lasted only a few months or less.

GPS Tracking Devices For Teenage Drivers

 

As children gradually transition into adolescence, one of the greatest fears that parents often face is placing their teenagers behind the wheel of a car. This is a significant event in the life of both the parent and the teen, however, parents now have the tools necessary to ensure their child is responsible behind the wheel. Teen tracking using GPS technology provides a level of security from the convenience and comfort of home using a computer, smartphone or mobile tablet with internet access.

Real-Time GPS trackers can capture and transmit important GPS location data, such as time, position, and even the vehicle’s speed in a matter of seconds. GPS tracking devices, such as Tracki, Vyncs GPS, LandAirSea 54, and SpaceHawk GPS overlay the live and historical positions over high-resolution satellite images such as Google Maps. This provides a truly user-friendly and intuitive tracking experience.

And since speed is often a major concern for parents, who are the ones that pay for the insurance premiums, alerts can be sent as a text message (SMS) or email when a user-defined violation occurs. In addition to speeding alerts, location proximity alerts can also notify parents of the arrival and departure of their vehicles.

GPS vehicle trackers have also become relatively affordable over the past few years, offering a simple and logical safety solution for less than a cup of coffee per day. Teen tracking also has the potential to provide some financial benefits as well. Many insurance companies recognize GPS tracking devices as a theft recovery solution and offer a policy discount.

How Installing GPS Tracking Devices Can Help Teen Safety

 

According to recent statistics from the Illinois Department of Transportation, young drivers between the ages of 16-20 were involved in 58,392 total reported crashes in 2010. And although they account for about 8% of all licensed drivers, their involvement in crashes is considerably higher. In addition, teenagers driving at night with passengers are four to five times more likely to crash than teenagers driving during the day.

A statistical research study performed by the National Traffic Safety Administration also revealed that more than 5,000 teens are killed annually in traffic collisions, which makes it the leading cause of death for Americans between ages 15 and 20.

GPS car trackers, can be used to monitor and track the driving habits of young drivers by keeping them accountable for their whereabouts and their driving tendencies. Installing a GPS tracking device can also help reduce the risk of vehicle-related accidents, injuries, or even fatalities among young, less-experienced drivers.

While no guaranteed life-saving inventions are available in today’s market, proper monitoring and guidance can greatly reduce the risk of injuries and/or fatalities among teenage drivers. Utilizing devices such as real-time GPS trackers, can serve as a valuable preventative tool to help parents monitor one of their most cherished assets, their children.