Tue 7th Oct 2008 02:02AM
Literally residential management is the management of residential units whether it is small or big. There are number of agencies that provide management service to look after all things related to residence. Some residence is used by the owner itself. They also may be in need of the management service because in todays busy world it is not always possible to look after every minute thing of ones own property. But in most cases where one needs management of the property is where the property owner does not stay in his or her own residence but gives it out for lease. They, to avoid the direct interaction with their tenants, employ managers to look after their property.
The responsibilities that are involved in the residential management are keeping account, tax account, insurance, tax collection, rent collection etc. It is also the managers duty to listen to complaints, if there is any, from the tenant and to convey it to the owner of the property. As a manager they also have to rectify it. Another responsibility that is included in the job of residential management is the physical maintenance of the property.
There are numbers of managers who works individually and independently. They mainly look after small properties. But when the managers together make a group, they usually take care of large properties worth billions of dollars. There are number of agencies that provide residential managers but be sure that they are not fake one. Like any other service it is not also free of frauds. Before appointing one manager for your property make sure that he or she knows the trade well.
Residential management has to do lots of work such as evaluating the rent and the maximum of it you can demand for your property, payment of mortgage fees, evaluate the maintenance and mortgage fees. If your property is vacant at present it is also the managers duty to give advertisements to draw the attention of the tenant. So for a tenantless property it is the duty of residential manager to invite new tenants. If the owners are willing to sell their property residential managers evaluate the price of the property and it is also his duty to search out the buyers of the property. When they arrange for the new tenant it is their duty to gather information about the tenant. All information on whether the tenant is good or if they have any criminal report or have been reported to be troublesome should be collected by the manager. If necessary an expert manager gathers information from the old landowner about the tenant. For all these you might need to fork out a good fee, but imagine the hassles you are putting to rest.
When a tenant rents a residential place some basic facilities and amenities and fitting such as door bell, letterbox, sinks, bathtubs, basins etc are provided to them. Residential managers have to make routine check up to ensure that all things are alright and are being handled with care and no damage has been made so far. They also patiently listen the complaint of a tenant ant tries to rectify it as early as possible. All these residential management services that you get from your manager not only remove your headache but also improves your goodwill as a property owner.
The original article is located at: The Need For Residential Management