The property asset management services and property management companies provide the following details about how they function and what are their areas of interests and analyses.
Property evaluation and precise rental rate:
- Interior and exterior photo shoot should be taken for the purpose of documentation
- Recommendations about any repair work needed to maximize monthly rent
- According to size and type of property, the rent should be decided and also compare it with other structures located in the same vicinity.
- Client’s proper guidelines and instructions regarding pet, smoking and utilization of available facilities should be well-considered.
Market the property for rent
- Prepare home for rent by interior cleaning and maintenance clearance
Tenant selection and verification
- Verification about tenant background, his identity, monthly income, credit history, rental history, etc.
- Tenant’s requirements and criteria regarding property
- Clear the previous tenant to relocate till given timeline
Tenant Move In
- Leasing and rental agreement
- Confirmation of tenant date of arrival
- Lease guidelines, rental payment terms and required property maintenance should be well understood to the tenant
- Ensure proper execution of the agreement
- Provide signed copy of the report of inspection to the tenants for their record
- Collect security deposit and one month rent before movement
- Monthly rental receiving
- Late payment records
- Notification of late or no payments on time
- Late fee enforcement policy after two or three late payment according to owner’s wish
Expulsions on breach of agreement and legal layout
- Paperwork to notify breach of agreement due to any action
- Representing property owner in court
- Follow the court decision and perform suitable action of removing tenant from the possession of the property
Inspection of property
- Perform pre handover inspection to schedule any repair work needs, safety hazards for future deal, and detailed reasoning of breach, etc.
- Periodic reporting to the owner about the condition of the property and tenant behavior
These are some critical details only on the basis of rented properties. Property asset management companies also perform detailed analysis on buying and selling of properties and different projects assessments. Theses analysis may include;
- Property management services in deference of financial detailing
- Mortgage, insurance, HOA dues, etc. payments on behalf of counter party
- Detailed documentation of property lease and legal ownership detailing
- Historical record keeping like structure for tax payment and tax documents
- Building and property inspection before evaluation including photo shoot and structural defects
Property assets manager will broaden your horizons of asset management and give you detailed overview about investments and proposed opportunities. This is why it is highly recommended to hire services of property asset managers.