A lot of people admit to some confusion over the terms real estate management and maintenance. The world of real estate is filled with enough jargon for a simple outsider to get confused. To add to this, these terms don’t make it any easier for you as you try to seek some clarity and information that will. There are questions that will plague you such as which real estate management firm should you opt for? What should you expect from them? How much will they really do for you? And more importantly will it work in your favour? Hiring property management services can seem to be a task as daunting as buying the property itself. So let’s proceed try to understand how the system works so you can make the appropriate choice.
-First and foremost you must understand what property maintenance entails. real estate maintenance relates to the upkeep of a rental commercial property by a property maintenance company. The services which could be classed as property maintenance include repair and operations such as maintaining furniture, electrical work, plumbing, roofing, flooring, glazing and renovation/refurbishment. start here
–Real estate management is a broader field. It involves the operation, control, and oversight of real estate. real estate property management companies care for, monitor, and are deemed accountable for the property’s condition. Their main responsibilities include property maintenance as well as a thorough screening of buyers and tenants which includes research on credit history, criminal history, rental history and ability to pay; lease contracting or accepting rent; mitigation and remediation regarding any maintenance issues, and any other property related services legally agreed to by the property owner.
-Property maintenance and management services often go hand in hand. A company may look after both at the same time or just one. Which one you choose depends mostly on your needs and requirements.
These two basic distinctions are merely the tip of iceberg when it comes to understanding the key services offered by property management firms. Madison Property Management is an example of a commercial real estate management firm that executes both functions with ease. Along with the above, most commercial property management firms also need to be skilled at participating in or initiating litigation with tenants, contractors and insurance agencies. It is a necessity for them to be up to speed with applicable municipal, county and state laws and practices and that they strive to keep up with if not race ahead of the latest developments and trends when it comes to commercial real estate.