Property Management Salt Lake City
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Property management: costs and benefits
When professional property management pays off
For many investors, dealing with real estate is not only a financial investment, but also a hobby. However, the larger the property becomes, the more the question arises: Should I hire a property manager? Michael Gwess, Regional Director of Salt Lake City Property Management, explains what management professionals do and what they cost.
Mr. Gwess, when does it pay off to put the management of your own property in the hands of professionals?
Michael Guess: “That can already pay off for a three-family house. You should think about it: Do I earn more money in my actual field of expertise in the time I would have to spend on administration? If the answer is yes, you’d be better off with an administrator. But we also have a client who takes care of his 50 apartments himself because he enjoys it so much.”
How much does property management cost?
If it is a community of apartment owners who would like to have the jointly used property managed, they should expect to pay between 20 euros and 25 euros per apartment unit per month, depending on the size of the property. Those who have a rental property managed pay an average of around 30 euros per residential unit.
However, this depends very much on the type of property – a student residence with frequent tenant changes entails higher administrative costs than a house in which the tenants stay for a long time. And a property that includes commercial space in addition to apartments makes completely different demands on the administration.
What tasks does the property manager take on?
A property manager is both an organizer and an accountant. The tasks include communication with owners, tenants, utilities and authorities, rent collection, preparing the annual statement of accounts, re-letting, handling insurance claims. In the case of new buildings, the manager also takes care of enforcing warranty claims against the property developer.
In addition, there is the technical side, which includes monitoring the structural condition, commissioning craftsmen, managing property maintenance measures and much more. In recent years, the requirements and expectations of property owners have increased more and more. Whoever commissions a professional to manage a property therefore also secures himself.
Against what, for example?
For example, against the fact that fire protection regulations are not being observed. Some owners transfer the obligation for regular maintenance of smoke detectors to their tenants. This is permitted, but I would not recommend it. A property manager performs this task more reliably than the tenants do when in doubt.
And he or she will also see to it that the heating system is up and running again when it fails on 23 December. The owner usually does not want to do this himself!
Every management of rented condominiums also includes technical property management. In addition to general administration and commercial support, it is a fixed component of management. Find out in the following which areas of responsibility the technical management of real estate covers and what else belongs to the management of rented apartments.
Large property management companies have a technical department for real estate.
Commercial and technical property management complement each other
Large property management companies have a technical department for real estate. It ensures the functionality of all technical systems of an object by means of regular checks. This includes elevator, heating, sanitary facilities, community antenna system and much more.
The property management companies can, in consultation with the owners’ association, have regular property maintenance carried out. It has the authority to conclude maintenance contracts and to terminate them in case of discrepancies. The same applies to the supply of heating oil and other operating materials. If repairs and maintenance measures are necessary, the technical property management company appoints qualified craftsmen, who are found by comparing price and performance.
The scope of duties includes the proper condition of traffic routes in or directly at the property, especially in winter conditions. For this purpose, the technical property management or department concludes appropriate contracts with external service providers. In the event of inadequate performance, the administration issues notices of termination to the service providers concerned.
In order to maintain the traffic safety required on access roads and paths, the technical property management department must also keep an eye on the tree population and have individual trees removed if necessary.
Who needs a leasing agency, manage real estate simply online.
Beyond the technical property management, the commercial aspect is of essential importance for the economic efficiency. The commercial department of a leasing agency company ensures the attractiveness of the property by constantly checking the rent level. It also controls expenditure and handles contracts with tenants.
Hiring a Leasing Agent to Manage You Property
The general housing leasing agent monitors the agreements in the rental contract of each apartment. Among other things, it can check whether the cosmetic repairs included in the rental agreement have been carried out on time and correctly. The technical property manager, on the other hand, is responsible for the maintenance of common facilities and equipment.
Of course, property managers have other duties as well, such as checking all water tanks and pipes for legionella every three years. The technical property management has the task of offering the inspectors at least three access points or tapping points. However, the general property management coordinates the appointment with the inspectors.
The landlord’s certificate for the rental agreement, which has been mandatory for two years, also falls within the scope of the property management.
Anyone who owns a property with a garden and plot knows how demanding the greenery around the house is and how much garden and plot maintenance is required to ensure that it does not look unkempt. And they also know what will have to be done if the property is rented or leased. If you are in exactly this situation, it doesn’t matter whether you own a rental apartment with garden or a freehold property with a large plot of land.
A building that has not been sufficiently cared for will reduce the sale price and demand or, in the case of a rental property, the deposit paid in the past. This should be avoided. But if you don’t have the time or simply aren’t enthusiastic about garden and property maintenance.
What does property maintenance mean?
Garden and property maintenance comprises everything that concerns the visual and cultivating enhancement of the green spaces and grounds around your property. In garden and property maintenance, we focus mainly on the preparation for rent and handover (property upgrading), but we can also organize and carry out a subscription for garden and property maintenance for you.
Building, landscape and property maintenance as an all-round complete package
With our strong garden and property care, you can rely on the fact that the green around the house, which is still in need of care, is hardly recognizable after our work. In a positive sense, of course. Takes care of everything that garden and property have to offer. Be it only the lawn, be it flower beds, be it the weeds on the terrace or trees, bushes and hedges that need pruning. A more detailed list of what we do in garden and property maintenance can be found below. In essence, you get everything from one source, do not have to organize and supervise several different companies and pay for everything together only a fairly calculated and guaranteed fixed price. This makes garden and property maintenance really fun, figuratively speaking of course.