Property Management is to carry out the daily operation of the properties purchased for investment purposes or the properties that are desired to be invested later, to maintain the tenant-landlord relationship, and to make the owned property the most profitable for the real estate owner in a professional manner.
In particular, with this property management system, daily repairs and ongoing maintenance, security, and maintenance of properties can be easily handled.
What are the Benefits of Property Management?
Property Management is a consultancy that tries to protect the value of your property and increase it beyond preserving its value with the investments to be made and to make the most sensible investments for you. Here are the Benefits Of Using a Property Management Company.
- You don’t have to choose your tenants individually: One of the most important benefits of the property management service is that it undertakes to interview people who meet the criteria you want, thanks to the tenant screening service. Experienced property managers see hundreds of profile applications, and they try to find the most suitable tenant for you, thanks to this experienced search. In the initial procedure, an applicant is more likely to notice potential red flags when reviewing their paperwork. These so-called red flag examinations include activities that are important to the value of the home, such as paying the rent on time and taking care of the property. By using this service property management system, you can increase your chances of finding the most reliable tenant for your property.
- Being seen as a solution choice when your tenant has any problems with the house: It’s not always convenient or possible to go to the unit to inspect it yourself if something’s not like the case with your property if it’s broken or damaged, but a property manager can fix your tenants’ problems around the clock and have a service provider repair or replace the item. If you have a tenant who always has a complaint, remember that the person who needs to deal with the tenant is the property manager, so all the problems related to the house will be easily resolved while you continue your life without slowing down.
- Marketing your rental: Property managers take an active role in rental marketing, including writing rental listings for your property, taking high-quality photos of its interior and landscape, and hosting prospective tenants. Additionally, they have local real estate knowledge so they can help you set a competitive rental price. Hiring a property manager with marketing experience to market your property can help you get your property rented sooner and reduce the amount of time the home is vacant. Also, even if you plan to market your property yourself, you can set a suitable price for the market area by consulting the property managers.
- Reducing tenant turnover: Tenants are much less likely to look for a place to relocate from where they are happy, which shows us that tenants are more willing to accept reasonable rent increases. 50% of tenants choosing to stay on their current lease think their house is a good value for the price, and 40% say they like the place they rented.
- Ensuring rent is paid on time: As property management companies deduct their fees from the monthly rent, they are motivated to keep those payments flowing. Consistent rent collection is key to getting rent payments on time, and this is the main reason Property owners often use a property management company. Property managers will assist in enforcing rent policies if required payments are not made. In some cases, if tenants are consistently late or not paying their rent, the property manager will know how to deal with the situation, including giving notice of eviction if necessary.
- Saving on maintenance and repair costs: Hiring a property management company can give you discounts on maintenance services if property managers work with a regular service provider or employ in-house maintenance staff. They can make regular checks in the house and if there is a problem in your property, solutions are started to be sought before it turns into bigger problems. By the way, it will reduce the number of urgent repair bills.
Why is Property Management Important?
Good management of properties ensures a high level of safety for both property owners and tenants. As a home tenant, you are responsible for reviewing applications and preventing a lease from being secured by dubious tenants, so it’s safest to consult experts when making these decisions. Because you have a duty under the law to protect your tenants from crime and other potential domestic hazards. A good property manager should ensure that tenants are properly screened.
Property can be seen as a relatively safe investment option, especially in terms of the economy recently, it is often preferred as an investment. Hiring the services of a property manager is a move when you buy an investment property that will protect you against the difficulties of property investing often. In addition, real estate managers will work to give you the highest possible return on investment.
Who Needs a Property Manager?
If you have many properties or rental units and these properties are located far from each other, it can be frustrating for you to deal with them all alone. Also, the more rental properties you have and the more units it contains, the more likely you are to benefit from a management company. In this way, you can work with the property management company with peace of mind.
Who is Responsible for Property Management?
Real estate management can be done by the real estate owners as well as by the expert real estate managers with whom it has an agreement. The responsibilities of these real estate managers are collecting the rent on time for the landlord, maintenance of the property’s condition for tenants such as making some emergency repairs, putting smoke alarms, checking drains, etc, and doing paperwork.
What is a Property Management License?
Property management is the control of the property by the property manager on behalf of the owner. Of course, the person inspecting a property needs an expert license.
Property development and management license provides you with the best service by giving many courses such as Business and intangible asset valuation, Land production, housing economics and policies, Housing finance, and securitization to people who will specialize in this business field.
What are the Responsibilities of Property Management Companies?
This service, which is preferred by homeowners with busy lives, is provided by Property Management Companies to ensure the best protection of your real estate. Below are the responsibilities of property management companies.
- Rent collection
- Move-out inspections
- Targeted marketing
- Tenant move-in and inspection
- Toutine property inspections
- Tenant communications and complaints
How is Property Management Done?
Property management companies relieve the burden of property owners by taking on a variety of tasks. Landlords pay such companies to handle both routines and emergencies. The full list of what will be transferred to the management company will be disclosed in a contract, as well as the payment terms so that these companies will only be responsible for managing the work that needs to be done. Companies can use their staff to do the job or use different experts for the projects that need to be done. For example, a real estate company might employ a handyman for your home who does minor repairs, mows the lawn, and sweeps the entryway and hallways. However, for larger repairs, or to prepare the house for a new tenant, they may hire a professional carpenter, plumber, or cleaning crew. This agreement does not mean that the owner cannot know what is going on with the property. It means that you will direct the company according to your needs and your job will be easier.
How to Invest and Manage Property in Turkey?
Many people who want to buy property in the Turkish real estate market and invest in real estate are not sure how to proceed, some of the investors want to invest individually, while the rest state that the process is difficult, so they do not want to deal with real estate investment management. It allows you to easily invest in real estate in Turkey by agreeing with the company.
Turkey is the second-largest reforming country among OECD countries since 1997, following the restrictions on foreign investments, thus offering a business-friendly environment to foreign investors. Due to very competitive investment conditions, it offers market space with equal treatment to all investors from all over the world. Thanks to life-oriented real estate, it offers you various fund supports depending on the business you want to establish, as well as benefits such as residence and citizenship in Turkey.
Because Turkey has a large number of workers and a young population, it is possible to easily find what you want in your real estate and business investments, when recruiting workers, or in your search for tenants.
What should be Considered while Performing Property Management?
A property manager’s responsibilities usually include:
- Researching potential tenants
- Drafting, signing, and renewing lease agreements on behalf of the owners, making a complete presentation to the landlord with all remaining paperwork
- collect the rent on time
- Taking care of the property, including landscaping and snow removal
- Necessary repairs to real estate
- Establishing and adhering to budgets for property maintenance
Which Technologies are Used while Performing Property Management?
A lot of technology equipment is used during property management. For example, most simply, before putting the house up for market sale, photos of the rooms and the view of the house are taken to try to attract the attention of the target audience. If the candidates come later according to certain criteria, they are scanned through the property manager or special software, so that you are offered the best service.
Other steps to be taken for the maintenance of the house, are aimed to get the service that is suitable for you and your tenants by e-mailing the necessary companies or contacting various technology branches. There is also property management software to track all the information you to know all the details about your property!
Does Realty Group Provide Property Management Services?
Realty Group as a realty expert is here to help you to provide Property management services. To get to know all the services they are giving to clients, check the services category on our website.
The service they are currently giving Property management is can be understood with the list below:
- If you wish, we try to provide the most appropriate support to our investors with our investment management services by reselling or renting your properties.
- Not only does it provide the right tenant for your property, but it also keeps track of all necessary matters on your behalf.
- It prepares projects that give investors a rental guarantee or resale guarantee immediately after purchasing the property.
- It guides your budget in the most convenient way for you.