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Property Management: Problems & Solutions Pt. 1
Property Management
Property management essentially involves the administration of commercial, residential or industrial properties on the behalf of the entity that owns the property. The third party (property manager) acts in the place of the owner to preserve, maintain and generate income from the unused property. It could vary from your residential space which you no longer use or was purchased in other city, a farm house on the outskirts of the town, a commercial retail space or to industrial space. The company or individual contractor responsible for taking care of the property is usually paid a fee or a percentage of rent generated by leasing your property to someone else.
Generally many real estate brokers also act as property managers maintaining lists of vacant properties in the area. Such agents not only help with the buying and selling services but are also responsible for maintaining the vacant and rented properties. They are responsible for maintaining expenses required to fix the property, periodic cleaning, construction and any other extra care that is required to keep the space intact and as a source of generating income.
Under written management agreements, the owner explicitly authorizes the property manager to carry out the above actions and any other ministerial acts that are necessary to carry out there tasks.
Common Problems and Solutions
A number of property management firms guarantee a high level of service but still customers run into problems.
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