What are the responsibilities of property companies?

Posted by highstreetauction on September 27th, 2016

Plenty of documentation and cross checking works are there to carry out before finalizing a deal.  Some of the responsibilities handled by the property companies in South Africa are mentioned here for the benefit of our readers.  They can be broadly divided into four groups.  They manage the marketing and financial aspects on behalf of owners.  They provide assurance to tenants about the property and occupancy security makes tenants feel happy.  Number of facilities provided by the companies’ make people rest assured about all those features related to property dealing.  Why they are important? What makes them to be in the business when owners and tenants can handle most of the dealings?  Some of the questions need to be answered to show their importance in the property dealing business.  In fact, it is a billion dollar business where everybody gets their share of profit without causing harm to others. 

It is an activity where real estate agents, managers, property owners, tenants, are all involved in one or other way to complete the transactions.  It is well known that every property needs to be monitored and proper maintenance ensure life and good condition of the existing property and empty properties.  In fact, property management is also a business like any other business domains.  Again one should not confine the idea of property management with respect to land and buildings, but it has got a very wide perspective.  Those who are into the field knows how wide this domain is and how much talent is necessary to manage entire operations with zero error.  Error in this business means insurmountable losses.

It involves everything that is considered as property.  It might be personal property, it might be equipments, it might be tools, or it might be anything that is precious and require guarding and management.  Most capital assets require regular maintenance, timely repair work, upgrading, logistics, and essential management of manpower with respect to all the above mentioned work load.  One circle of management involves acquisition of the targeted property, repair (if essential), maintenance, control or monitoring, documentation, accountability, and disposition of the same. 

Even though different types of maintenance work are there for the property managers, here maintenance of rental property is explained.  The company or the manager will be responsible for setting a person for rent, collecting rent, and adjusting rent.  A fixed percentage of rent is increased every year or as agreed by the tenant and property owner.  This only a brief description related to rental property.  There are number of associated tasks involved in these three aspects.  If the tenant fails to pay the rent, then the manager has to handle the quit notice, and he has to take about the legal procedures.  He is also responsible for the eviction process.  Every transaction should be carried out as stipulated by law.  Various rules and regulations related to rental properties are observed by them by default.  Once the agreement is executed they need to follow and other conditions as stipulated in the agreement.

About the Author:

The writer is an expert in the field of Online Property Auctions with focus on Auctions For Property