The 4 W’s of Property Management

 

 

When is Property Maintenance Necessary?

 

Property maintenance is an integral part of servicing a property. Maintenance can apply to leaky faucets as well as larger jobs that need to be contracted out. The important thing about property maintenance is that it must be done regularly. If not, the issue in the building can create other problems. And if a lot of tasks go undone, then eventually a building may be condemned because it is inhabitable.

 

Who does Property Management?

 

Property managers are usually hired, staff. They deal with collecting the rent for the building to give to the owner. They also have a list of maintenance staff that is approved by the owner who they hire to do work on the building. Typically, these maintenance staffs are on call, but sometimes they work full time. Often, maintaining the property means that several jobs need to be done daily. These require the technical attention of a maintenance man. For all other jobs that do not pertain to repair work, a tradesperson will be hired to fix the problem. Usually, these larger jobs need an approval of the ownership before they are performed. The owner wants to ensure that they are getting the best rate. However, since the jobs need to be done, the owner of the property may have pre-approved trades people that the property management should hire in case of any incident.

 

Where is the Management Located?

 

Property managers typically work in their office from 9 to 5. They work on site of the building if it is an apartment. In hotels, the property management may be on call, or they might also live in the hotel. One of the main features of property management services is that it is usually on call even after hours. Most property managers wear beepers or carry cell phones so that they can be reached by those working or living in the building 24-7. This is important because if a pipe bursts, then the property managers are the people who have the authority to either fix it or make the calls to get it looked at immediately. Some events in a building are emergencies that require trades or repair services to attend to them within the hour. Otherwise, the building could flood or the foundation could be destroyed. Either way, property managers are only one phone call away from the property.

 

What Buildings Need Property Management?

 

This is actually a very valid question. Not every building needs a property manager, but most offices, strip malls, malls, hotels, and apartments have one. They are important when businesses are leasing the space, because they might want a problem fixed, but they are not the ones paying for the services. So they instead have to phone the property management of their complex. Not very many people outright own the building of their business establishment because many businesses are franchised out. In each case, property management is a vital part of ensuring that a building is always being looked after, especially in the case of emergencies.