The importance and benefits of hiring a Property Manager

By Melios Price, Supervisor Property Management REINVEST

Managing properties, whether for an institutional investor or for an individual with a single asset, requires time, effort, and knowledge. Failure to dedicate the required resources can lead to potential loss of revenue, property damage, and unnecessary time delays, turning a potentially profitable asset into a bad investment.

The fundamental role of a Property Manager is to provide an end-to-end solution for their clients, ensuring that all day-to-day operations are carried out in a professional and timely manner. Clients ranging from individual owners, building tenants, Developers, lawyers, receivers, and institutional investors will see tangible benefits in hiring a Property Manager. Such benefits include:

• Property Health & Safety. A Property Manager can carry out inspections to ensure the property is in good working condition and any potential problems are resolved promptly.
• Management of 3rd party associates. Property Management companies have established relationships with contractors, tradesmen, maintenance workers, etc. which will ensure the client is receiving a competitive price with good quality. Additionally, oversight of any works carried out by associates and facilities management companies can be carried out.
• Document remediation and storage. A Property Manager will ensure that up-to-date asset-related documents are collected, stored and available for marketing or other purposes.
• Market Knowledge and suitable tenants. Through established relationships and associates, a client can be brought in contact with licensed agents in order to ensure suitable tenants are selected based on the requirements of the client and to market assets at the right price resulting in maximum income whilst maintaining a low vacancy rate.
• Management of tenants. A Property Manager will act on behalf of the client ensuring that all aspects of the owner-tenant relationship are managed. Emergency works, routine inspections, and tenant requests will be dealt with.
• Collection of rents and payments. Ensure rents are collected on time, and outgoing payments (utilities, taxes, communal expenses, etc.) are handled promptly.
• Reporting and portfolio oversight. Through intelligent business solutions a Property Manager will be able to provide the client with a concise and targeted overview of their portfolio ensuring their requirements and targets are satisfied.
• Owner representation in Committees. Represent and act in the client’s best interests during building committee formations, annual general meetings, or any other time required.

At REINVEST, we aim to provide our clients with the best services possible in Property Management, Project Management, and Rentals/Sales. If you require any further information or clarifications, please feel free to contact us by telephone: 7778 7771 or by email: info@reinvest.com.cy