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Property management refers to the daily care, maintenance, operation, control, and oversight of residential, commercial, or industrial real estate and physical property. Property management can also refer to the management of personal property, equipment, tooling, and physical capital assets. Normally, third-party contractors or property managers take responsibility for the day-to-day repairs and ongoing maintenance, security, and upkeep of properties.

Good property management is important for many reason and has the following benefits:

  • Return on Investment (ROI) — maximizing rental returns for investment property, which leads to expenditure reduction and tax benefits
  • Improving the quality of life of others —clients / tenants will receive a better quality of life by having their needs met & property managers can receive a good price in return
  • Safety for all — a good property manager should do proper screening of tenants
  • Proper planning — outlook for the future, continuous & excellent financial performance, up-to-date property maintenance, best & most cost-efficient suppliers to reduce maintenance costs
  • Maintaining healthy relationships — good & effective communication & regular contact between client / tenant is required for a property to succeed.
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