You know and believe that your hard earn real estate investment should generate ROI and increase in resale value right? This can only be achieved by keeping the Property in Good Shape and all features working at all times with the help of a Property Management Company.
What Is Property Management?
The term property management comprises of all the duties and responsibilities involved in the administration and oversight of real estate. This term is typically used in the context of managing rental properties.
A landlord may take on these tasks independently, or hire a property management company to manage properties and tenants. In some geographical locations, the state law may require a landlord to use a property management company if the owner lives far from the Real Estate Property or Apartments that they are renting out. The various elements of property management include building maintenance, financial management, working with insurance companies, and consulting with attorneys to address legal issues.
When it comes to the responsibilities associated with leasing properties, there is a tenant lifecycle that begins with attracting renters, continues with screening and retaining renters, and concludes with turning units around after tenants move out. For a quick overview of some common tasks related to this lifecycle, here is a partial list of property management responsibilities:
New Tenants: Attracting new tenants includes setting appropriate rental rates, marketing the property with high-quality photos, advertising the unit online (including on your own website if possible), and hosting open houses. Once you have potential tenants, it’s time to undertake a screening process, which may include an interview, an application, a background check, and a reference collection. You will need to give new tenants a lease and any other agreements, and, after you collect a security deposit and rent payment, you’ll provide the tenant with keys. You will copy and retain all signed documents and complete any administrative tasks in order to update tenant information and verify payments.
Current Tenants: When new tenants are going through the orientation process and signing agreements, make sure that you clearly state expectations to avoid issues later. Maintaining positive relationships with renters helps with tenant retention, which can save time and money. You should document for reference any communication or issue that arises with a tenant. Other ongoing tasks include performing routine maintenance on properties, dealing with repairs, collecting rent payments, and notifying tenants when it is time to renew a lease.
Tenant Turnaround: Hopefully, tenants will stay on top of payments and provide adequate notice when they decide to move. If not, you will have to provide warning notices to a tenant, which can ultimately lead to an eviction process. When tenants are moving out, you conduct an inspection to determine whether they are responsible for any needed repairs. Their portion of that responsibility determines the amount of their security deposit refund. As you prepare the unit for the next renters, tasks focus once again on attracting new tenants, thus, restarting the tenant lifecycle.
Management companies typically create and follow a property management policies and procedures manual in order to create consistency in business practices and establish clear guidelines for handling all of the tasks listed above, and more.
How to Find a Reliable, Efficient and Trusted Property Management Company in Lagos, Nigeria Online
We all know the importance of the internet, and it is the easiest option to find a property management company in this digital age. 80%-90% of them have their websites, portfolio, and any other related information available on the internet.
To save you time & money, we can recommend Marvelrealtor to give you the Best Property Management Services as they are one of the most reliable, trusted and efficient Property Management Company in Lagos Nigeria base on recommendation from satisfied clients, excellent customer service and are result oriented as they have always met and surpassed their clients’ expectations.
They offer Full-scale Real Estate Services from Buying, Selling, Leasing /Renting of Land, Flats, Luxury Apartments for Commercial and Residential Purposes to Real Estate Development and Property Management in Lekki, Ikoyi, Eko Atlantic, Victoria Island and Other parts of Lagos to Major cities in Nigeria with great customer review and 100% Customer Support.
Reasons You Need a Property Manager
Here are some reasons why you need a Property Management company;
They help get your home rented quickly with their marketing expertise on your side. They use multiple advertising and promotional tools to spread the word to the largest possible audience of local tenants.
Keep yourself protected against unsavory tenants who cause nonstop problems. This application process includes detailed screening, with financial & background checks. They only place great renters.
Tired of chasing after renters who don’t pay on time? A property management company accountants take the reins of your rental home. They send out annual rental bills, monthly service charges (when applicable), collect incoming funds, and follow up on late accounts. They will also collect rental fees from tenants and remit to your designated account the agreed fees.
As a Landlord, Say goodbye to the maintenance headache once and for all. The Property management company takes the burden off you, they coordinate repairs with tenants, handles work orders and invoicing, and makes certain completed work meets the internal standards.
Property Managers keep a close watch on your property’s health. They will schedule regular inspections for every home or apartment. This visit gives them the chance to make certain that everything is on the up and up behind the scenes.
Want to crunch your latest numbers? Looking to review your current expenses? The Property Management Company will send you financial reports; monthly, Bi-Annual or annual statements at any time of all income and expenses.
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Investing in the Nigeria Real Estate Industry or Buying a property in Nigeria, You definitely need to have a professional Realtor from one of the Best Real Estate Company in Lagos Nigeria to guide and protect your interest because a lot of information is required especially with the laws and regulations from the Land registry guiding buying a property and investing in the real estate industry in Nigeria.
This is the place where Marvel Realtor can come in handy. Because Marvel realtor will work effectively to give your great Return on Your Investment (ROI).
Do you need the Best Trusted, Reliable Property Management Company in Lagosto Maintain Your Real Estate in Lagos Nigeria? Feel free to contact Marvel Realtor It’s because they are always there to give you a professional property management service.