What duties does a property management company take on?
Commercial management, technical management and looking after owners and tenants, with a fixed contact for every matter.
Which duties a property management company takes on
A property management company takes the entire day-to-day running of your property off your hands. The duties fall into three areas: commercial management, technical management and looking after people. The difference between the first two areas is explained in the article on commercial and technical management.
Commercial management
The commercial side makes sure the figures are right and that all payments run on time and correctly. It essentially includes:
- preparing the annual statement
- payment transactions and budget monitoring
- managing reserve funds
- checking service, maintenance and insurance contracts for savings
Technical management
The technical side keeps the building in good order and preserves its value. We take care of maintenance and repairs, instruct and supervise trades, carry out regular inspections and oversee larger refurbishments from planning to sign-off. That way damage is spotted early and expensive knock-on costs are avoided.
Looking after owners and tenants
We are the fixed contact for every matter concerning the property, from damage to a question about the statement. A quick, dependable response is decisive here, because unresolved matters lead to frustration and higher costs down the line. How the statement works in detail is explained in the operating cost statement.
What makes a good management company
The difference between an average and a good management company lies in the detail: being reachable, keeping promises, acting with foresight and accounting transparently. A good management company does not wait for a problem to escalate but spots it early and resolves it calmly. That standard guides our daily work.
You can tell a good management company by the fact that the owner never hears about the vast majority of matters, because they have already been dealt with.
From emergencies to routine
The duties range from daily routine to the exceptional case. A large part of the work consists of recurring matters such as statements, payments and smaller repairs. Added to that are exceptional situations such as water damage or a change of tenant. A good management company handles both and stays calm and structured even when things get hectic.
Your advantage
The biggest advantage: you hand over responsibility without losing control. You still decide the important questions; we carry the workload. Whether that is worthwhile for you is covered in the article on when professional management pays off. Arrange a meeting and we will show you which duties we would take on for your property.