The profession of property management can be summarized as a paid employee that deals with the day to day issues of a tenant controlled building. A property manager is usually responsible for accepting rent, responding to maintenance issues, advertising suite vacancies, and doing credit and background checks on tenants.

Property management companies provide these services for their employer, the landlord. They are in turn paid a percentage of the rent that is collected each month, this percentage is usually around the 3-10% mark.

Property maintenance is the largest job of a property manager. Regular property maintenance will make the property safer. A safe and clean facility insures fair market value for rents due. All day to day maintenance issues can sometimes be overwhelming to the average investor. This is why property management has become such a high demand profession.

Depending on the age of a property you may find more problems need to be dealt with in one property than in another. Preventative action maintenance is highly important before tenants move into a property. A property should be checked so that any problems found can be fixed prior to the tenant moving into the unit. This maintenance can range from being major constructional problems, to minor jobs such as interior painting, plastering, carpentry and gardening projects. The term building repairs is a broad term that covers a range of services including interior and exterior repairs such as; brickwork , windows, wet or dry rot in which any rotten timbers would be replaced and the cause of the problem. British Columbia has been hit hard with leaky condo’s the last 15 years. Construction is constantly monitored and building standards have risen as a result.

Another highly importance aspect of maintenance is ensuring that the electrical installation is safe. Electrical installation covers a range of tasks ranging from changing a light switch through to more complex work such as a complete house re-wiring. A property manager should have seasoned experience in construction and be able to deal with all issues. However, if the manager does not hold a license to conduct complex electrical work there may be an additional expense for an electrician.

A real estate investor knows their time is valuable. The maintenance required to efficiently run a building can easily suck the life blood out of any real estate investor. If you’re finding yourself unable to expand your business because your time is spent maintaining your building and tenants, property management is for you. Look to the future and hire the help you need today to expand your business tomorrow.