- By Daniel Smith
- Published 04/25/2012
Leaving a commercial property vacant means a waste of resources. If you were planning to let the property on lease, but finding it difficult to handle the different tasks associated with this, you need to choose a property asset management company for these. What are the responsibilities that these companies handle when renting a property? Here is a look at the things they would take care of for you.
Marketing the property – Implementing the right marketing strategies is necessary to ensure that potential tenants know about the availability of the property on lease. Placing advertisements in the newspapers and on websites makes sure that people are aware of the rental property. Putting up ‘to let’ signs on the property may also work as an effective strategy.
Selecting the tenants – Tenancy application processing is the next task associated with renting the property. The management company verifies the information that the applicant submits. For this, they may have to conduct credit checks, verify employment details, check personal references, and so on. It may also be necessary to conduct a reference check from the previous landlord or property manager.
Drafting property condition reports – Before a tenant moves into the property, the property manager needs to create a report documenting the condition of the exteriors and interiors of the building. The tenant needs to study this report and agree to the points mentioned in this document in writing. This ensures that there are no problems regarding the property condition when the tenant vacates.
Drafting tenancy agreements – It is the responsibility of the property manager to create the tenancy agreements. These need to include all terms and conditions regarding the tenancy of the property. The essential points that need to be included in these documents are the lease period, deposit and rent details, lease termination details, repair and maintenance details, and so on.
Collecting rental payments – At times, a property owner may not avail all the services a property management company offers. Instead, they opt for specific services. However, one thing that most owners avail is the rent collection service. In most cases, the property owner does not have the time necessary to collect rental payments. Often, they also want to avoid the hassles that may arise with regard to rent collection.
Handling repair and maintenance – The property management company conducts routine checks and inspections of the property to ensure that any necessity for repair or maintenance does not go unnoticed. This also helps to ensure that the tenants are adhering to the terms and conditions regarding the maintenance of the property. Necessary repair and maintenance work may be handled by the company with the proprietor’s permission.
Vacating the tenants – Whether you want to vacate the property and sell it off, or the tenants leave after the end of the lease period, the management company handles the processing. If you were selling it off, a property valuation may be necessary. Moreover, marketing of the property may also be necessary. The management company may be capable of offering the same services for the property owner as well.
Daniel Smith has worked as property consultant in Irelandand specialises in offering real estate advice. He provides tips and suggestions for individuals and businesses looking for the right properties as well as for understanding property related responsibilities, like the ones a fixed charge receiver handles. Whether you need to find rental residential property or a shop for sale, he suggests you to visit http://www.lisney.com/ for more details.