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Property Management 101

The idea of property management (sometimes referred to as 3rd party management) has been around since the dawn of time. But, before property management was a job or career, a title or a company, property management has been an action that many people attended to around the land or buildings that they owned themselves or leased from someone else. Property management can mean different things to different people. For some, property management might mean keeping their own property safe, secure and pleasant to the eye. For others, property management could mean paying someone else to make sure your property is in tip top shape. Some types of properties that may need property management are; houses, condos, duplexes, town homes, apartments, shopping centers, malls, offices buildings, airports and public transportation buildings, hospitals and many more. Property management is very similar to the role of management in any business.

One important role that property management has is to act as the middle person between the tenant and the property management landlord. Property management should provide the property management landlord with a sense of security, knowing that everyday needs from the renter can be resolved without involving said property management landlord unnecessarily. Hand and hand with that security, the tenant can be assured that the property will be maintained to some set of standards which can be reviewed with the property management team before an agreement is reached. Property management is a delicate balance between pleasing the property management landlord and keeping the renter happy as well. The task of property management can prove to be harder than it sounds. Maintaining an open line of communication in property management and being able to address the needs of both property management parties will make a successful property management business. Other duties for property management but are not limited to; collecting rent, posting and showing vacancies, maintenance issues, evictions, failure to pay rent issues, harassment, and background checks on the application forms. It is very important that a profitable property management staff or team be knowledgeable in the current laws of the city, state and county concerning tenant rights vs. landlord rights. Be sure your property management team is up to date on current property management codes, and other items that will benefit your property management business. Getting caught up in property management legal matters is no way to run a property management business.

The following is the definition of property managers/property management as posted by Wikipedia on their website. Property management is a person or firm responsible for the operation of a real estate property for a fee, when the owner of the property cannot or is not interested in managing the property themselves. The property manager or the property management company has a primary responsibility to the landlord and a secondary responsibility to the tenant. Relationships the property manager or property management team have with the landlord and with the tenant are crucial in forming the expectations of both parties to the lease since both parties will seek and expect certain rights and benefits out of it. Owner’s expectations from the property manager/ property management team are to carry out the owner’s instructions, control costs and maximize revenue to maintain a stabilized cash flow as a return on capital invested, exercise control over the building to safeguard the capital invested, provide a duty of care through proper maintenance of the building, to be professional and well informed, enhance the value of the property by making improvements that will increase its market value, retain and enhance pride of ownership. The tenant’s expectations from the property manager/ property management team are the “quiet enjoyment” ‘assurance of the use and enjoyment of the premises for the intended purposes without interference from the landlord, comforta living environment properly heated, cooled and ventilated with as many amenities as possible compatible with the rental level, security and safetyto live or work in a building in which there are no inherent defects or conditions that might be hazardous to health or to property, statusaccommodation and facilities that meet social-economic and cultural standards for the tenant’s and their guest.

Property management can be a very lucrative business when handled correctly. Property management takes an organized, well communicated, and dedicated individual or staff to be able to pull off a successful property management company. Typically property management companies will charge their landlords a percentage of the gross rent collected each month. This percentage for property management fees can range from 3 to 10% depending on the property management market. Sometimes a flat fee is more appropriate when the property is a condominium or a type of cooperative complex for property management. Some states might require that property managers have a property management license or a real estate license to be able to claim the title of property manager or property management business.

A cousin to property management is facility management. Facility management is like property management but the focus is the management of buildings and services. One definition from a large facility/property management association says, “A profession that encompasses multiple disciplines to ensure functionality of the built environment by integrating people, place, process and technology.” Australians prefer the term: Commercial Services to property management, this term replaces facilities management in some organizations. Besides keeping the property up to date, commercial services can also include duties such as waste disposal, parking, security, landscaping and more.

A homeowner may provide his or her own property management, but property management is not limited to the duties of house cleaning, lawn care and landscaping, building maintenance, trash and waste disposal and interior upkeep. Property management can be all of these, and can be hired out to a professional that can provide better property management services than the homeowner can or would provide themselves. These property management services come with a price and if the homeowner is willing to pay for outside property management, the sky is the limit on what they can have managed. Some property management companies even manage home owners associations (HOAs). In this instance the property management company is the middle person between the homeowners and the land developer. Once the developer has completed his contracted tasks, the neighborhood is then turned over to the HOA. The property management company may stay on board for a fee to help the HOA. A landlord may also provide property management services himself or have it hired out to a property management company. A large company or corporation might have internal structures in place to provide property management on site or they may choose to hire an outside property management company to provide the property management services that they would need on a day to day basis. Both of these operations are a reasonable and effective way to tackle the issue of property management on a large scale.

With the world of technology growing everyday, it makes perfect sense to have applicable property management software and property management computer systems that deal with property management in place to help with property management or facility management. You can have your home wired and programmed to turn the lights on and off when entering a room. Constant temperature and humidity levels can be monitored along with major appliance functions. Watering of lawns and security systems has become high tech and available to the everyday homeowner who wants property management. Some passenger vehicles now include a “remote” that when programmed can turn the lights on, turn the TV on your favorite station and more, all from the comforts of your car. Heaven forbid you will have to walk into your dark and quite home. Home builders, architects and engineers saw the potential for using large scale property management ideas in the home. Beyond the home, large commercial properties, computer aided facility management (CAFM) has been a natural progression of the marriage between technology and facility/ property management. In the late 1980’s CAFM evolved to allow larger properties to manage their property management sites more efficiently. Most often, CAFM systems track and maintain; floor plans, LAN and telecom information, business continuity and safety information, workplace assets, employee and occupancy data, building and property information and space characteristics and usage. Being able to supervise the goings on of your with a property management company in an efficient and well structured way will help your property management bottom line.

If you need information about property management, the internet is a great place to start.

Romantic Getaway Breaks To London In 2009

October 12th, 2009 StudioFlatsInLondon No comments

Do you fancy a romantic break in London where you can do some shopping, enjoy the lights, take in a show and enjoy some of the fabulous restaurants that London has to offer with that special person in your life?

If you have the time to spare to come to London, you can rent a lovely studio apartment just off Trafalgar Square at a very reasonable price. You will be able to enjoy the privacy and intimacy of your own apartment where you will have your own fully equipped kitchen to prepare snacks and your own private bathroom. Your apartment will be your own pied-a-terre for the duration of your stay.

Close by is Embankment Station on London underground’s where you can take the tube on the District, Circle, Northern and Bakerloo lines. You will only be a minute’s walk from the River Thames where you can stroll along the Embankment and across the Jubilee Bridge to the South Bank. Along the South Bank there are a host of restaurants and places of interest to explore. The Festival Hall itself is home to a fantastic programme of music throughout the year.

Oxford Street and Regent Street are only 15 minutes walk away with their bright lights and amazing array of shops as well as the fabulous London theatres. You can go and watch a show, enjoy a musical and have a thoroughly wonderful time. Soho and Covent Garden are also within walking distance.

The London Eye is a “must do” for visitors to London. Enjoy its slow rotation whilst looking out over one of the most stunning skylines in the world.

Why not enjoy a romantic dinner for two on one of the well appointed Thames riverboat cruisers? The river is beautifully illuminated at night and you can enjoy good food and wonderful views as you sail along the river and take in its fabulous views.

If you would like a romantic getaway with your loved one in 2009, then London has everything to ensure you have a great trip.

Come To The City Of London For A Spring Weekend Break

October 12th, 2009 StudioFlatsInLondon No comments

Are you feeling fed up with the long dreary winter and desperate to start to enjoy Spring? Do you want to get away from it all and enjoy some culture? Maybe a stay in the city of London will help you beat those winter blues and recharge your batteries in one of the most vibrant cities in the world. You can enjoy the many events staged at the Barbican and visiting the West End for shopping and theatre trips.

Independent travellers to London are often surprised at how easy it is to rent a fully furnished apartment for a short break in London. Apartments are available from periods of just 1 night upwards!

You can stay just 150 metres from the Barbican centre in a simple studio apartment with its own fully equipped kitchen and bathroom for well under a hundred pounds a night. Included in the price are linen, towels, broadband internet access, TV, HiFi, direct phone, in-room safe. You will have the flexibility of being able to prepare your own snacks and meals whilst enjoying your own private home from home in London.

The Barbican is Europe’s largest multi-arts and conference venue and presents a huge range of art, music, theatre, dance and educational events. It is also home to the world-renowned London Symphony Orchestra.

Offering an unparalleled programme of film festivals, the Barbican shows a whole host of movies from an eclectic mix of independent directors from around the world.

There are many superb concerts or events at the Barbican Centre. Leading musicians and soloists from all over the world in both classical and contemporary music perform regularly at the Barbican. In classical music, world-famous artists such as Cecilia Bartoli, Simon Rattle, the Vienna Philharmonic Orchestra, Evgeny Kissin, Maxim Vengerov, Alfred Brendel, Bernard Haitink, Mstislav Rostropovich, Midori, Amsterdam Concertgebouw Orchestra, Yo-Yo Ma have been enjoyed by visitors to the centre in recent times. In contemporary music the best artists in jazz, country, folk, world, roots, rock, soul and contemporary classical music from around the world are proud to perform there.

The restaurants at the Barbican Centre are popular with visitors and serve an excellent selection of meals, both at lunchtime and in the evenings.

The Barbican is also the perfect location for business travellers to the City of London. Corporate executives on assignment in London enjoy living in the hub of the business and artistic centre of the city. Partners are often happy to come along and enjoy the arts, as well as having the opportunity to hop on the tube at nearby Barbican Station and travel in to the West End for shopping. Everyday life in London offers so much to the visitor with its pubs, olde English backstreets and amazing array of shops and quality restaurants.

One of London’s greatest landmarks within walking distance is the fabulous St Paul’s Cathedral. You can climb to the top and enjoy magnificent birds eye views of one of the most amazing cities in the world.

If you are a lover of Shakespeare you can visit the remarkable Globe Theatre nearby at Southwark which also offers an impressive calendar of events throughout the year which include theatrical performances and lovely concerts.

You can stroll along to St Katherine’s Dock and watch the fascinating comings and goings at the fabulous marina full of sailing boats whilst enjoying a meal in one of the many waterside restaurants.

Engineering enthusiasts love to visit Tower Bridge and watch as this fabulous old Victorian icon opens to allow tall ships to pass through on their way up the Thames. Again, you can enjoy stunning views along the river from its walkways. In recent years, it has become an impressive London venue and it is now even possible to get married on Tower Bridge!

Whatever your taste, a stay in the Barbican area of London will offer you excellent entertainment and sightseeing opportunities. As well as the arts and culture, you can enjoy fantastic shopping in Oxford Street and Regent Street with the West End just a short distance away on the tube.

How To Choose A Short Term Rental Apartment In London

October 11th, 2009 StudioFlatsInLondon No comments

Before you make your reservation, there are a number of points you need to consider.

1. Select the area you require. Would you like to stay close to where you are working to minimise journey time? Or would you like to live in an area with bustling nightlife and restaurants nearby for your relaxation? Do you need to be very close to the London Underground?

2. What size accommodation do you need? Do you need space in your apartment to entertain clients or will you be using your apartment solely for eating/sleeping? You need to decide whether to rent a studio, one bedroom or possibly two or three bedroom apartment. A studio apartment may well be suitable for you if you are simply looking for accommodation in which to live, sleep and eat. If you wish to entertain clients or friends in your apartment then a one bedroom apartment will be a better option. For the international family in London on assignment there are currently some very good deals for 2+ bedroom accommodation.

3. Luxury or economy? There is such a wide range of furnished accommodation available. Behind the majestic Victorian facades of many London streets, there are the most superbly appointed contemporary apartments with every last luxury. Flatscreen TVs, state of the art sound systems, concierge services are but a few of the facilities available at the top of the range of the market. At the lower end of the market, accommodation is more basic but nevertheless all serviced apartments come with a fully fitted kitchen/kitchenette and bathroom, as well as TV, linen and towels.. Prices can vary enormously but in these “credit crunch” days you can get some excellent deals, especially if you are staying for a period of more than a month.

4. Optional extras. There are many optional extras available at some of the locations including on-site gyms, restaurants, breakfast rooms serving coffee and croissants, business centres, food delivery services. Many apartments offer free broadband internet access.

5. How long for? Amazingly, in many locations you can rent an apartment for one night upwards!

6. Use a good agent. There are a number of agents in London who offer very efficient booking services with a wide range of property available in the key areas of the capital. A good agent will ensure that you are offered the best property for your requirements at the best price.