What Services to Expect – Property management firms can provide a broad array or a limited number of services, depending upon a client’s needs.
Management Planning. Analyze the business environment and the specific property within that environment, set out a marketing strategy, and recommend how a client’s objectives can best be fulfilled.
Financial Reporting. Record keeping and financial reporting.
Budgeting. Develop and monitor the property’s budget, which covers everything from maintenance to marketing, personnel to operations.
Maintenance Programs. Provide monthly maintenance cost monitoring and the development and implementation of preventative maintenance programs.
Market Rent Analysis. Provide an analysis of market rents and those of the competition, changes in area demographics, and anticipated absorption levels.
Marketing Programs. Develop and implement marketing programs that improve the image of properties and ensure successful leasing. A comprehensive program may include such essential marketing tools as brochures, advertisements, special events, property newsletters, videos, maps, and site signs.
Rent Collection. The collection of rent, including a record of deposits.
Lease Negotiation. Responsibility for negotiating all tenant leases and renewals.
Tenant Relations. Attentiveness to tenants’ needs and respond to their concerns immediately.
Contract Specifications. Prepare specifications for all contracted work (such as tenant improvement construction), obtain competitive bids, and supervise the projects.
Documented Procedures. Establish documented procedures to ensure compliance with governmental statutes as well as administrative regulations, ordinances, and fire, health, and safety codes.