Looking for someone in Monroe County to handle your real estate? A professional real estate management office could be just what you’re looking for! Before you run off and start making phone calls, get a better understanding of what a real estate management office in Rochester NY can do for you and how you should go about looking for one.
What it IS…and what it ISN’T
Real estate property management is not babysitting! Even if at times it might seem like it is! Consider that the property manager is the property owner’s partner in maximizing the return on investment of the property through efficient performance of four important areas of responsibility: Marketing; Financial; Tenant; Occupancy add in Facility Administration and finally Risk Management to round it out. The real estate management company represents the owner while performing these responsibilities of maintaining the property, keeping it occupied with tenants, collecting the rent and maintaining the books!
Marketing and Financial
Real estate management involves an understanding of operating expenses and budgeting. Because without knowledge how can appropriate rental rates be set? The rent is balanced by the current market and what the market will support in terms of what can be charged for rent. A firm knowledge of the area and competitive rental properties is required. Furthermore, the property manager may recommend marketing programs and other advertising strategies to the owner in order to maximize occupancy and rental rates.
Tenant and Occupancy
Speaking of which, the real estate manager must understand the needs of the tenants. Getting the potential tenant to move in is only the tip of the iceberg. The property manager must then respond to their requests, monitor their activities related to lease requirements, collect the rent on time, and continually juggle tenant-satisfaction vs that of competing rental properties in the area. The unwelcome task of tenant-eviction due to non-payment is part of this function also.
Real estate management in Monroe County also involves the physical management of the actual apartment structure and outdoor areas. Landscaping, electrical, plumbing, roof, walls, appliances, and much more are all part of the physical property. The real estate manager must maintain relationships with contractors and repair companies and monitor the quality of all repairs and maintenance. Maybe now you can see how all these areas are related: facility management ties in with financial management because some improvements will require significant spending and the related budgeting for the work. Facility management also ties in with tenant and occupancy management because tenant-retention is tied in to well-maintained properties.
Administration & Risk Management
This is the files and records part of the real estate management function. Federal, state and local governments all have some jurisdiction over real estate property management activities. Certain reporting requirements must be met for all of them. Meticulous records for accounting and taxes are a must.
Now that you know the ins and outs of real estate management you can tackle your search for an individual in Rochester NY who can assume these varied responsibilities. There is a lot of professional talent in Monroe County and a better understanding of what is involved in real estate management means you have a handle on hiring the right individual to meet your needs and that of your property.