Here is the transcript of this short training video on explaining what property management is through 4 perspectives, with a PDF document of these slides available here at Issuu:
Here’s a quick video explaining what’s involved in property management. This will help you understand better this often confusing role within property so you know what you’re trying to achieve and who’s involved with it. The best way to explain this is through 4 different perspectives, all beginning with the letter ‘p’.
So firstly, the Property Perspective is looking at the physical property itself and managing it, whether that’s basic repairs, or making sure it’s properly secured and there are enough car parking spaces. This is the nuts and bolts of looking after the bricks and mortar building.
Secondly, the People Perspective is involving everyone who needs to be with the property, a classic miss understanding being when you first get a new tenant, as often you need a separate letting agent to first find and check the tenant with property managers then looking after them, although this can fall within property management if you wanted.
As well as the usual landlord and tenant, there are other advisors like surveyors, solicitors, and accountants, with property management often tieing all these areas together.
Thirdly, the Payment perspective looks at what money is needed, with landlords generally wanting rents to pay mortgages, and tenants a lower rent and running costs. There’s other hidden costs like service charges, insurance premiums, and utilities, and you need to make sure all these monies are correctly held in separate bank accounts with correct sets of accounts and taxes paid, even separate deposits and sinking funds.
And number four, the paperwork perspective tends to be all the compliance and documentation side of managing properties, both the leases and legal side of things, as well as compliance areas like fire regulations and health and safety. They not only need correctly carrying out, but correctly logging.
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