Must Know About Property Management
Property management is serious business. Having to look after the tenants, finances, damages and what not, can be arduous, and sometimes, irritating, especially when you’re not specializing the field, or don’t have a background on it. Property manager handles virtually all of the rental business’ activities, and the entire community or chain in general. They make sure everything’s working fine, and that everybody’s happy and paying their dues. It sounds simple, but it really isn’t quite that simple.
However, property managers are not entirely on their own. After all, they are still third party entities who are basically outsiders. Thus, there’s what we so-call association management. This body is composed of members of the community (tenants) who act as officers to make sure the goals are met and that the community sustains its undisturbed condition. They keep an eye on finances and make sure the budget allocated for improvements, repairs and maintenance are accounted well, and are transparent to those who want to review it. Moreover, they organize board meetings to be attended by everyone from the neighborhood, where individuals can raise their comments, concerns, and suggestions. The association management is also responsible for hiring the property manager and will be held accountable for this person’s credibility.
They are genuinely concerned about the community for they are members of the community themselves, dedicated to protecting individual rights and the public stash. They watch over virtually all of the property manager’s activities, as well as settle conflicts between neighbors. Moreover, unlike the property manager, association managers are not compensated for their service. It’s something they do out of genuine concern. Sometimes, when circumstance gets really twisted, they could even get in trouble for trying to help. Before you decide to grab a position from the association, make sure you’re willing to through all that, or I’m telling you ahead, it’s not the job for you. Normal case scenario would be that it’s going to add to your stress, it’s going to irritate you every now and then, and you won’t get thanked for it. Not entirely true, but it’s what normally happens. It takes a strong heart and an open mind to serve the community.
Apart from association management, there’s also what we call financial management. This service provider takes care of the financials. Though the property manager’s still going to get his hands on this sector, the point is that financial managers are responsible for the workflow of finances. They ensure that rents, monthly dues and fines are collected, as well as allocate the money based on the financial itinerary agreed by the board. They are also accountable for paying bills, and preparation of financial reports during board meetings and financial statements every end of the year. All fiscal undertakings are filtered by this department. Money matter is such a delicate issue which cannot be settled over a cup of coffee. It needs an independent department to handle it. It also requires all of its activities to have a black and white copy, and not merely witnesses and verbal agreements.