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Property Management Terms
With a tough housing market, many property owners are turning to property management firms or real estate agencies rather than selling their residential or commercial building. With a property management company or agent, you can rent or lease your building from afar while a professional remains responsible for daily landlord duties. If you're considering this option for your property, familiarize yourself with the following terms first.
Lease - If you lease your property, rather than rent it, this gives the tenant the option of using those monthly payments toward the purchase of the home. These agreements can be may allow you to cancel and some may not.
Market rate - The market rate is the rent amount that your management company will determine for your property based on current rates. It's calculated based on similarly sized and assessed properties that are currently renting in that area.
Asset - Your property is considered a fixed asset, and if you're renting the apartment, house, or condo furnished, those are movable assets. The total of these assets is used to help determine your market rate.
Rent schedule - When you prepare your rental agreement with your property managing professional, he or she will help you create a rent schedule. This will allow you to increase your rent over time to allow for appreciation or inflation.
Fair Housing Act - There are many legal issues to consider when considering a real estate agent or management agency for your building. However, one of the most important is this act, which prevents you from discriminating against any tenant based on socioeconomic status, age, religion, race, or sexual orientation.
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If you’ve ever rented a home or office, chances are you’ve dealt with a property manager. This person is responsible for building and land maintenance.
If you lease your property from a residential company, they are responsible for providing you with this service. Whether you live in a housing development, condo or apartment, most of these will offer you grounds services.
It is in the best interest of the owner to hire a property manager, because they can make sure the tenants properly care for their accommodations. It is better for the company to offer professional services, such as pipe repair and landscaping, so that they don’t lose money on the real estate if the tenants don’t take care of their home or property.
There are also property managers for other types real estate. Commercial and industrial spaces also hire someone to be responsible for the grounds. From software companies to legal firms, companies want to make sure their clients are visiting a well maintained space. These properties are large assets to their organizations, so they must always be in top shape.
If you rent a home, building or lease an office space, you should check to see what the maintenance policy is before signing a contract. Most places have these services included in the rent, but many often will charge extra. There are also some properties that don’t offer these services at all. In these cases you will be responsible for maintaining the grounds yourself.
Having a property manager is a valuable service, and it’s a service you should look for when deciding on a space for your specific needs.