Property Management – Sherman Oaks – Residential and Commercial Property Managers

Residential property management

Residential property management is the management of various types of properties, such as homes, townhouses and blocks of flats. These properties are residential, meant to produce returns, using them for investment. The residential property management can be executed by employing property managers, relieving owners, of the burden of managing themselves. These services are unique to each facility. The type of management done, profits acquired and the tasks completed, is based on the contract between the owner and the property management firm.

A rental property manager has the responsibilities of finding, selecting and managing the tenants. The maintenance of the property also has to be done by the rental property manager, through housekeeping, landscapers or maintenance contractors. Other issues, which property management takes car of, is the landlord and tenant law for evictions, non-payment, harassment, reduction of pre-arranged services and public nuisance.

Commercial property management

A commercial property owner includes, multi-national corporations, to individual investors, business owners and family estates. The commercial tenant range can be equally diverse whether it is retail, office, warehouse or industrial businesses, mom and pop operations or national chains. Yet the relationships between any and all of these tenant and landlord situations can be managed successfully, by one jack-of-all real estate trades: the commercial property management firm.

While on the surface commercial property management would seem straightforward. The lease is drawn up, a tenant moves in and runs their business, the landlord collects the rent each month, There are numerous operational, legal, financial and human relations details to manage, on an ongoing basis. Physical management of the property alone, particularly in cases where there is a large common area, in a multi-tenant building, will include everything from maintenance, plumbing repairs, landscaping, garbage removal and fire systems. The property manager and various service individuals, either in-house or contracted out, are responsible for maintaining the landlord’s real estate investment. At the same time, ensuring they also provide the tenants, with a trouble-free environment, in which to operate there business.

Multi services provided

All of these services, of course, come at a price, in the form of operating costs, which are most usually paid by tenants in the additional rent component of their monthly rental payments. The property management fee also forms part of these costs, so although the landlord hires the property manager, it could be argued that the tenants, ought to pay for the best management they can afford.

The physical management of the building is only one small part of the services normally provided by a commercial property management firm. A few on-going elements of commercial property management, is the collection of rent, lease administration, compliance with safety and municipal regulations, regular financial reporting to the landlord and review of annual real estate assessments. An astute property manager, acting as an intermediary between the tenant and landlord can greatly improve the circumstances for both parties. The business owner is able to run his operation more effectively, and the property owner can realize a return on his real estate investment, with minimal direct involvement or oversight.

From: http://www.pmmproperties.co.za/