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Residential Property Management - Essay Example

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Summary to essay on topic "Residential Property Management"
Property management is a specific occupation of general management. Property management process uses specialized management knowledge in taking care of property, its environment and the facilities and cultivating a good relationship between the tenants and the landlord and also among the tenants themselves…
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Residential Property Management
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Download file "Residential Property Management" to see previous pages... Currently the Blue Skies property management is management some apartments in Highbury, however, the company lacks good management which has resulted into tenants problems and has led to poor performance of the property in terms of revenue being collected. In order to correct that a new company by the name Top-Homes Property Management has been engaged to provide the services that Blue-Skies property management were offering.
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Top-Homes Property Management Company is a local based property management located in Highbury town dealing in management of real estate properties especially apartments. The company has 10 staffs which includes 4 professionals in property management.
The types of the property that the company will be dealing are apartments and which are private property of the owners. The types of the apartment will vary according to the number of bedrooms the have. For example we have 1 bed, 2 bed and also 3 bed these apartments can accommodate 2, 4 and 6 occupants respectively. Every apartment is separately furnished and has different views depending on their locations. The apartments are located in Highbury and they consist of 10 apartments building in different compounds but along the same road.
The apartments are available for leasing or renting. ...
A property management company normally enters into a contract with its tenants and this contract stipulates various aspects of tenancy. Currently the company that is management those apartments charges a specific service fee seems to be too high for the tenants. The money collected is supposed to provide for the maintenance of the buildings and future painting and or re-carpeting of the apartments. The current management has undertaken to use an agent to carry out the management of the property. Tenants are supposed to pay their rent and service charge to the agent who in turn takes the money to the Blue skies property management company. The company subsequently deducts their commissions and other expenses and deposits the remaining net amount to the owner's account.

Management problems
The current management problems that the property management company is undergoing are both from the tenants and also from the management.
Poor quality of services
The agent that a company engages highly affects the quality of service delivery that will be delivered. To quality of the agent is very vital will encourage tenants to continue staying in those apartments or not. It has been observed that the current agents overcharges the tenants in terms of amount of service charges paid and yet offer sub-standard services. For example, the gardens are no well kept yet the service charge is always paid on time. It is important that the property management company should realize that the tenants are the most important customers and a partner. Thus, customers' problems need to be understood and solved by the property managers. (Gary & Kempner, 1999)
Insensitive to tenants
Being sensitive to the complaints of the tenants is also important as it ...Download file "Residential Property Management" to see next pagesRead More
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