PROPERTY
MANAGEMENT
The
property manager is concerned with managing an investment property so
as to maximise profits or net return. However, there is a conflict
between short term and long term profit making decisions. Generally,
quality and new properties will be managed on a long term basis while
older and poorer properties are managed on the short term. The
following are typical property management decisions:
- maintenance
costs
- recommendation
for redevelopment
- modernisation
refurbishing and renovating
- sale and
reinvestment of capital portfolio management.
The
responsibilities of the property manager include:
- maintenance
of the property
- collection
of rent
- dealing
with tenant's complaints
- keeping the
premises occupied with suitable tenants.
- issuing a notice to quit when necessary.
- finding and
advertising for new tenants
- carrying
out repairs
- prepare
regular monthly statements for the owners
- advise the
owner on investment strategies.
- meet the
duties laid down in the rules of conduct, code of
conduct, and in the common law.
See:
trust
account
duty
of agent