What is Property Management?

As a property management company, perhaps one of the most common questions we hear is “What is property management?” It’s a good question and you might well be asking it yourself, so let’s look at it from both a general perspective and the view of Living Properties.

Property Management: The Basics

A property manager or property management company is someone who manages a property on behalf of the owner. What that entails and to what extent depends on both the property type and the agreement between the property manager and the owner.

For residential properties, a property management company will generally take care of most of the details normally managed by the landlord: collection of rent, repair orders, property maintenance, eviction notices, and more. This can be for individual units or multiple units, with prices reflecting the amount of work covered and the number of properties managed.

Commercial properties require a different set of skills and that is where an experienced property management firm comes in handy. The management team will often be responsible for collecting rent from tenants, negotiating contracts with those who carry out regular work at the property such as snow removal and waste collection, repairs and maintenance, negotiating insurance coverage, managing tenant relations, accounting, and more.

Finally, there are condominiums that require the assistance of an expert property management company for tasks such as collection of expenses, building maintenance, accounting, enforcement of condominium rules and regulations, supervision of on-site staff including superintendents, preparation of status certificates for the condominium, and more.

In short, a property manager takes the hassle out of owning a property, regardless of whether it is a residential property, commercial property or condominium. Further more, with a qualified staff like the one at Living Properties, an owner can get peace of mind from knowing that their property is being managed in the best and most efficient way.

Your Property, Your Investment, Your Wealth

At Living Properties, there is an additional way in which we view the properties we manage. We understand that, for the majority of owners, their properties are their investments; often the largest investment they will ever make. In a way, that makes us wealth managers as well as property managers. Just like a traditional wealth manager, we manage our clients’ investments and try to optimize them for the best return; both in the short-term and with long-term growth. We take care of your assets, trying to ensure you get an optimal return. We protect its value and, in doing so, how you to accumulate equity over the long term.

With interest rates low, traditional investments such as bonds have lost appeal with many people, who see the solid reruns of real estate as a better way to see their net worth grow. We’re here to help that happen and will use our expertise to do that.

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