The Role Of A Property Manager Explained

Have you ever considered hiring a property manager to optimize the value of your property? If you haven’t thought about it, now is the time to consider hiring one. A property manager is an individual hired to manage the maintenance and rental of a particular part of real estate. Ensuring the safety of all the people occupying the property is their first role. Besides, what else do they do? In this post, we explain the critical role of a property manager. Keep reading to unearth more.5t6y75j66hy

Occupational security

Facility managers have to manage and control numerous tasks to ensure that the occupants pf the property are safe. He needs to make sure that the property does not cause injury to an occupant. Otherwise, the property owner will be held accountable and might end up facing prosecution and claims. Unsafe properties always put investors at risk, but with a property manager, you can maximize on occupational safety as much as possible.

Fire safety

Fire is one of the common threat that faces buildings. In fact, it poses the highest risk for both the business and the lives of the tenants. A property manager will ensure that everything works in order and that several effective measures have been put in place to curb incidences of fire. For instance, a property manager can choose to schedule frequent inspections, maintenance and testing of the fire fighting systems installed in the premises to ensure tenants of the safety of their lives and property.

Physical security

The safety of the lives and the belongings of the tenants is of utmost importance. A good property manager will put adequate security measures to ensure that the occupants of the building are safe from in-house and outside threats. Without physical security, tenants are vulnerable to robbers, and all of them may choose to leave just because of that.

Maintenance and repair

45t6y76rh54gtAnother role a facility manager plays is the repair and maintenance of the property. For instance, if there are any leaking pipes, broken fixtures, equipment just to mention a few, a property manager will ensure that they are immediately fixed and working in perfect condition. Apart from that a facility manager also ensures that the equipment that is already installed in the property is periodically serviced to maximize their life and use. Tenants are looking for well-maintained buildings, and if yours is not then, you may be missing out on a lot.

Commercial cleaning

Tenants or employees need to live in a clean environment to stay healthy and fit. Otherwise, they will not give their hundred percent to any task that they wish to complete. Thorough cleaning of the property is a must not only for the occupants but also for the better functioning of the equipment already installed. A facility manager will ensure that the property is cleaned daily, weekly or monthly to make sure that the tenants are living in a healthy environment. Residents try to keep away from dirty buildings as much as possible because they are either putting their health at risk and are likely to lose all their clients.

Four Major Rules Of Securing Real Estate Development Capital

If you intend to do some real estate development, getting the capital you need will be, perhaps, the most important aspect of your real estate endeavor. It is probably the most important factor that will decide whether your real estate project will end up as a success or failure. Even if you do not need to borrow money for your project, borrowing at least some of the cost of your development project would make a lot of financial sense. For this to succeed, however, you will have to know how to raise capital for real estate development.5g6hyfhtbgr

The first thing you should know is that real estate investments, like all other investments, carry an element of risk, to a greater or smaller degree. It requires risk management, like every other business enterprise. However, it is that risk that allows the profit, or, in some cases, loss. If you are someone who doesn’t like risking, real estate development just might not be the thing for you. But, if you are not such a person and you do realize that risks have to be taken to make money, you should take them. You can, however, lessen those risks. To do that, you will have to familiarize yourself with some of the basic principles of raising the necessary capital, without risking too much.

Four basic rules you should consider before raising the capital

1. Work with experts

First and foremost, make sure you deal with people who have the experience and extensive knowledge. When it comes to real estate development, never invest in anything you do not fully understand. If you are a novice investor, there is a high probability you will make mistakes. Learning from them on your own can be quite costly and can completely ruin any chance of making profits. That is why you should surround yourself with experienced investors and developers. When asking for capital, almost every bank will insist that you have regular access to professionals such as Building Surveyors, Real Estate Agents, Structural Engineers, and Architects.

2. Do not borrow too much

r45t6hr5eg4Do not expect to get a big loan against your project. In most cases, banks will expect you to put up no less than 25 % of your combined total of development costs and initial project purchase. Also, do not forget to include a contingency fund, which is usually around 5 – 10% of the complete project cost figure. It would also be wise to possess a large enough starting capital, which will be used to finance the beginning stages of the individual build stages. This capital will have to last you until a bank releases the funds, according to a staged payment arrangement.

3. Avoid using a limited liability company

When starting out, make sure to avoid the services of Limited Liability Companies. The primary goal of these companies is to limit the potential personal risks of company owners. This is exactly what no bank would like to see. In the case of some problems, banks would rather be willing to closely work with you, to sort out these problems, instead of just enforcing the agreement covenants.

4. The importance of the CV

If you have a good record when it comes to real estate development, banks will be perfectly willing of giving you the capital. If you are new or have a rather poor record, they will hesitate. If you are a novice, make sure to start gaining experience by taking on lighter projects, such as redecorations or modernizations. Avoid any major rebuilding projects. It makes much more sense to start small and simple and then gradually proceed towards major projects.