January 6, 2024
When you're thinking about investing in real estate, it's not just about buying properties. There's a lot more to it, especially if you want to make money continuously. After you get a property, you have to do things like advertising it, finding tenants, collecting rent, and taking care of repairs. All these tasks can quickly become overwhelming, turning what you thought was a side project into something that takes up a lot of your time. Even if you have a beautiful building, it won't make money if you don't have good tenants. And good tenants want good service. This is where property management comes in – it's a crucial part that can make a big difference in how much money you make, and it's also something that doesn't have to cost a lot.
So, let's take a closer look at what's happening in the property market in Manila. Understanding the current situation will help you decide when and how to invest in real estate more wisely. The initial phase of purchasing or constructing a property is just the inception; what follows involves a complex set of responsibilities. From marketing and tenant evaluations to rent collections, repair and maintenance tasks, and overseeing bill payments, the multifaceted nature of property investment becomes evident. What may initially seem like tasks manageable in one's spare time can swiftly evolve into a myriad of responsibilities, consuming a significant portion of valuable time.
Given the intricate and substantial nature of property management, owners find themselves at a crossroads, contemplating whether to shoulder these functions in-house or seek the expertise of a dedicated property management firm. The real estate market now hosts a variety of firms, ranging from individual property managers to large multinational corporations, each specializing in the nuanced realm of property management.
The responsibilities within building and property management are myriad, varying significantly based on the type of property under consideration. Among the ten major functions, regulatory compliance assumes paramount importance, ensuring strict adherence to the laws governing the property. Drafting and implementing house rules and regulations becomes crucial to prevent chaos, covering diverse areas like the uses of common facilities, unit maintenance, restrictions, parking privileges, and the sale or lease of a unit.
Security is another vital facet; property management must not only supervise security personnel but also strategically deploy technologies such as CCTV to monitor and safeguard the facility. Maintenance of the building and its facilities is essential, as dilapidated structures can deter potential tenants. Janitorial services, pest control, and other housekeeping initiatives fall under the purview of property management.
Billing and collection of dues represent a major task that requires accuracy, efficiency, and politeness. The property manager is also entrusted with managing funds, necessitating a detailed and transparent report on their handling. The implementation of policies by entities like the Condominium Corporation further adds to the management's responsibilities.
Disaster preparedness programs are essential, encompassing aspects like fire prevention and safeguarding occupants during calamities or terrorist attacks. Often overlooked, these programs are critical for ensuring the well-being of residents during unforeseen events. Finally, customer service plays a pivotal role, with property managers striving for consistency in delivering courteous and excellent service. Building personnel must maintain a neat appearance, adhere to proper uniform standards, and undergo continuous training to sustain efforts towards offering exemplary customer service.
To truly unlock the potential of real estate investments, a strategic focus on improving property management is imperative. Understanding and addressing these multifaceted aspects contribute significantly to maximizing the return on real estate investments, ensuring that the journey in property investment remains both rewarding and sustainable over the long term.
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