Tham khảo tài liệu 'commercial real estate investing for dummies for dummies business personal finance_9', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 200 Part IV Day-to-Day Ownership and Operations So he had to make a decision Keep on trucking at a mile a minute or let go He decided to let go and hire professional property management companies to oversee his properties. He soon got his life back. We don t want you to get sucked in like Peter did so in this section we discuss how to successfully hire and manage property management companies. Understanding the ins and outs of professional property management Professional property managers are a special breed. They have to be extremely effective organizers and they must be masters of the day planner. Frankly we don t know how they can keep track of thousands of apartment units and millions of square feet of space at any one time. But the successful ones do this quite well. And thankfully so. Here s a typical list of the day-to-day responsibilities of a professional property manager. She must do the following Collect and deposit rents Oversee maintenance of the property Handle day-to-day operations Contract in the name of the owner for utilities Enforce leases Hire and supervise all employees and independent contractors Keep accounting books and records Pay all bills in a timely fashion Furnish the owner with financial reports Prepare and execute annual operating budget and capital expenditures Write a sales and marketing plan Monitor effectiveness of the sales and marketing plan Handle legal matters such as evictions Handle emergencies Work with local officials such as police and code enforcement What the previous list does is help you define the role of the professional property manager or property management company. It s always helpful to know what to expect out of a person or company that you hire. Be clear and concise upfront and have everything in writing before signing on the dotted line. Chapter 11 Property Management Who s Minding Your Ship 201 Deciding to hire a professional property management company Think of your million-dollar investment as a suitcase
