What is Property Management?
Property management is a diverse field that requires both knowledges of building and organizational skills. Property managers are responsible for the day-to-day operations of shopping malls, office buildings, hotels, and apartments. Their role is to develop financial budgets, including wages and benefits. Ensuring compliance with laws and regulations, Negotiating leases and amendments with tenants managing property. They also help to run maintenance and repair to ensure that properties are kept in good working conditions.
Key Functionality
Understanding landlord-tenant laws and regulations
To be a good property manager, you'll have to have a deep knowledge of both landlord-tenant laws. This involves understanding how to screen a tenant, evict a tenant, end a lease, and more. The better you understand these regulations, the more fair and better property manager you'll be.
Handling maintenance requests and repairs
To perform these tasks, property managers can do it themselves or hire a third party such as a plumber or electrician to handle the matter. The better a property manager keeps up with proper maintenance and repairs, the happier the tenants will be and the more attractive the property will be to future tenants. One of the main jobs a property manager can have involves making sure the property is kept up. The team must respond to maintenance requests and repairs in a timely manner. This involves handling water leaks, extermination, trash removal, and more.
Marketing properties
One of the main reasons landlords hire property managers is to help them market their property to new tenants. This involves taking photographs of the property and listing the property on various mediums such as the property listing website PropertyGuru etc. The greater the marketing job, the greater the chances are that a property will get a lot of interest.
Managing tenants
Property managers are often tasked with managing various tenants. This involves finding the right tenant for a landlord's property and screening these tenants through various background and credit checks to ensure they've selected is fulfill the tenant requirement.
Also, property managers will probably be entrusted to handle all tenant leases. They're also tasked with handling tenant emergencies, and move-in/move-out.
Managing rent
Managing the rent is one of the main responsibilities of a property manager. This involves setting a rental rate for a property. To do so, the property manager needs to assess the property, its location, and the current market. Once a tenant moves into the property, they'll be tasked with collecting rent on the property on a certain day and through their preferred channel of payment.
Challenges in property management nowadays
Vacancies
Making sure that all units are occupied is key to reducing costs and maximizing profits. While vacancies are inevitable, the key is to reduce the turnover time between tenants.
Getting Paid on Time
Residents who do not pay their rent on time: Not only is it a huge frustration for property management companies, but it also has a direct impact on cash flow. Whether the reason is that the resident simply doesn’t have the cash in the bank on the due date, or it slipped their mind, the outcome is the same – property professionals spend time hunting down the payment.
Screening Tenants
As property managers, one of the most important decisions you’ll have to make is this. Do we want to rent to this tenant? Finding the right tenant can be challenging. It’s a balancing act between the narrow timeframe to get the unit rented vs. finding the best possible tenant who will pay their rent on time and not disturb other residents
How T+ can assist with this?
With this modern technology in the market, tenancy management software will do the magic when it comes to optimizing your company. To build from scratch will take a long period of commitment plus involve a big chunk of money. Here is the list of the things you will need to look out for when you’re getting your own software from scratch:
- Profiling
- Invoice and receipt creation
- Rental tracking
- Landlord payment tracking
- Financial record management
- Accounting
- Maintenance request management
With all of these tools in the software, you will be able to run this operation perfectly for your company. T+ is a system that is ready to use at an affordable price of RM300 per month based on a subscription package. If you’re looking for your property management software, do reach out to this link for a demo. T+ Team will be ready to guide you on what the software can do.