Real estate can be a lucrative business, especially if you invest in promising buildings and locations that are likely to grow in value. While it is a field with a lot of potential, it is also one that requires a structured, hands-on approach. Failing to take proper care of your real estate investment can cause you to lose money in the long run, which is why many people choose to hire a property manager, or property management service.
Property management is exactly as it sounds: the care and control of land, buildings and other physical assets. The property manager will keep all of the aforementioned in excellent condition, while also dealing with the day-to-day responsibilities of the property and ensuring that it meets investment objectives and international standards.
In this blog post, we will be covering everything that you need to know about property management, answering any questions you may have, from “what is property management?” to “how do you get into property management?”. Our blog is informed by over 10 years of experience in cross-border structures; our property structuring and management services are unmatched in the UK or Cyprus, and we want to ensure that any property decisions you make are underpinned by a wealth of knowledge from trusted industry professionals.
What Are The Types Of Property Management?
There are four main kinds of property management:
Recreational property management concerns properties that are designed for amusement or relaxation. Examples include equestrian centres, caravan parks and golf courses. A property management service would be responsible for all aspects of the recreational property, from supervising the consumer experience to marketing the various amenities.
Commercial property management is all about spaces that are used to conduct business. Examples include offices, warehouses and factories. The role of the property management service will vary depending on the purpose of the building, but can include obligations such as ensuring compliance with safety legislation and filling employee vacancies.
Self-storage property management concerns, as you would expect, self storage facilities. A property management service would oversee day-to-day operations and assume responsibility for competitive pricing and fair salaries.
Asset management refers to anything of value, and property is just one aspect of this. Once again, the role of the property management service will vary depending on what the property asset is. They may be responsible for ensuring that it is ready for sale, or that it is ready to be used for the first time.
What Exactly Does A Property Manager Do?
A property manager will take responsibility for the property. Whether it is recreational, commercial, a self-storage facility or an asset, they will undertake an overseeing role that ensures that the property is safe, legal and fit for purpose.
Some responsibilities of a property manager include:
- Overseeing property finances
- Maintaining tenants
- Organising repairs and maintenance
- Guaranteeing security
- Aligning with RICS standards
- Reporting to the property owner
Why Is RICS Important?
The Royal Institution of Chartered Surveyors, or RICS, are responsible for outlining property management standards. Your chosen property manager must comply with their regulations. They have a global reach, and their rulings are relevant in all corners of the world, including the Americas, Australasia and Europe.
Do I Need A Property Manager?
It is clear that a property manager undertakes a great deal of responsibility. If real estate isn’t your only interest, if you have a full-time career or if your area of speciality lies elsewhere, then it could be a good idea to hire a property manager, or engage a property management service. This is because you can leave the property under their control, with the assurance that they will ensure that it meets the highest possible standards.
There are so many reasons to use a property management service. If any of the following apply to you, and you can afford it, then it could be a really effective investment:
- You don’t live near your acquired real estate
- You own multiple properties
- You’re extremely busy
- You aren’t interested in administrative duties
- You don’t know the rules and regulations of real estate
- You prefer a “hands-off” approach
Not only will they offer a solution to the above pain points, but they will also prove to be hugely beneficial for the condition and longevity of the property, and the business it houses.
Why Should I Hire A Property Manager
Engaging a property management service isn’t just about need. If you don’t have to have a property manager, but can afford one, it is often a sensible choice to invest in their services. This is because the benefits of a property manager far outweigh the cost of their services; not only are they guaranteed to make your life easier, but their very role is designed to ensure that your property is in the best hands possible.
Some advantages of hiring a property management service include:
- They understand, and are up to date with, relevant property law
- They are responsible for repairs and maintenance
- They are a go-between for tenants or employees
- They are knowledgeable on relevant financial factors, such as tax and additional fees
- They will take care of the property, and everything within it
- They will deal with day-to-day stresses
- They will address and mitigate potential problems and risks
With so many advantages, it’s clear why so many people choose to invest in these services. In the long run, you’re almost guaranteed to save you money – if not help you to earn more. This means that there is only one question left to answer: how do you find a property management service?
Property Management With EQ:IQ
It is important that the property management service that you choose is a trusted provider, with a reputation for excellence and a passion for what they do. At EQ:IQ, we’re all of that and more.
We offer a comprehensive property structuring and management service. It includes: forming tax efficient property holding structures, offering property management and maintenance options, advising on local fees and taxes, and engaging in property market services, such as rental or lease agreements, and sales procedures.
In 2019 alone, EQ:IQ successfully acquired over €7 million of property for our clients. We are confident that we can provide the services you need to excel in real estate, and take your property to the next level.
If you’re interested in our services, then please don’t hesitate to get in touch. A member of our friendly and professional team will be more than happy to answer any lingering questions you may have, and to expand on how we can address your individual needs. Contact us today by completing an online form, phoning 00357 25029100 or emailing email@example.com. And if this blog has been helpful in any way, be sure to take a look at some of our other informative posts.