Homes, stores, or offices are all buildings depending upon how they are used. Real estate can generate income for businesses and investors when managed correctly; it offers a way to maintain and increase the mortgages resale value for homeowners. Property, condo and homeowner association managers help uphold and improve the investments’ worth. Property managers supervise the operation of residential and commercial property and guarantee that they produce revenue and perform as anticipated.

Many times apartment, office building, retail and industrial properties do not have the time or knowledge to properly manage the day to day operations of their establishment. As a result there becomes a need to employee either directly or by indirect means a association manager. The association manager will then manage the mortgages of the common properties and services associated with the apartments, co-ops and planned communities.

Generally, property managers handle the financial operations of the property, ensuring that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. In community associations, although homeowners pay no rent and pay their own community association managers must collect association dues. Some property managers, called asset property managers, supervise the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters.

It is the responsibility of the mortgage broker to negotiate various contracts for specialist as needed for services that are outside the scope of the maintenance staff. For example they would need to solicit bids from contractors on Janitorial, security, trash removal and various other services. Once the bids have been obtained the broker then presents the bids to the home owners. The mortgage broker also monitors the performance of the contractors to ensure that they are performing their job within the requirements of the contract. Managers have to resolve complaints and disputes from residents and tenants. Managers are responsible for all purchasing of supplies and equipment.

On site property managers are responsible for day-to-day operations for one piece of property, such as an office building, shopping center, community association, or apartment complex. To ensure that the property is safe and properly maintained, on site managers routinely inspect the grounds, facilities, and equipment to determine if repairs or maintenance are needed. They meet not only with current residents when handling requests for repairs or trying to resolve complaints.

Those who work between an on site manager and a property owner are often referred to as property managers, and they work off site. They will advertise empty properties to potential tenants through either a leasing agent or other means, and they will recommend competitive rental rates that reflect the local economy.

By: Henri Schauffler

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