The Roles of Property Management Professionals in Lowell Ma

Real estate Lowell Ma continues to grow in leaps and bounds every year. The growth can be attributed to an increasing median income and the numerous amenities in the city including museums, galleries, historic industrial mills, colleges, canals, and rivers, such as the Merrimack, that host numerous recreational activities.

The growth has necessitated proper real estate management to help property owners with propertymanagement to link tenants with the homes of their choice.

A property owner may seek the services of property management firms if they want to delegate property management responsibilities either to remove the stress of the process from themselves or to ensure the property is managed by professionals.

Real estate management firms in Lowell serve four core roles in the growth of the industry.

4 Main Roles of Property Management Firms in Lowell

1. Administration

The federal and state government of Lowell requires property managers to be meticulous in accounting and observe tax remittance uncompromisingly. The managers oversee rent collection and disimbursement of the funds to the landlords and payment of expenditure in accordance with the law.

A real estate manager plans the property’s budget, plans operations, and sets the property’s rental rate.

2. Facility Management

Facility management includes all aspects of the physical structure. The function involves maintenance planning, plumbing, renovations, handling maintenance requests, pest control, electrical wiring, appliances, and roofing.The property manager has the responsibility of ensuring the property structures are in good condition. They oversee maintenance firms’ recruitment, payment of maintenance costs, and also monitor repairs.

3. Occupancy Management

The property manager has the responsibility to maintain a professional relationship with the tenants. Managers draft lease agreements, do background and credit checks on prospective tenants, monitor tenant satisfaction,and respond to tenant requests and complaints. They also oversee tenant eviction and handle tenant’s lease agreement breach.

4. Marketing

A real estate manager in Lowell has the duty to stay updated on the real estate market in the city. The manager should give the property a competitive advantage through marketing programs. The property manager works with the property owner to develop effective advertising and promotion strategies to maximize property rental rates and occupancy.

Managers facilitate open days and hold negotiations with prospective tenants. They coordinate the purchase process and develop asset management strategies on behalf of the property owners.

Qualifications of Property Managers in Lowell

Although there are no specific education requirements for one to be a property manager, a bachelor or masters degree in Finance, Accounting, Public Administration and Sales, are an added advantage. Individuals who have worked in the industry in any capacity also have a good opportunity to grow in the field.

There are short certification courses for various specialties of property management. Property managers in Lowell are required to acquire licenses.

The success of real estate in Lowell Ma has been due to excellence and efficiency in property management. A property manager wears many hats: marketer, accountant, risk manager, advertiser, property inspector, and legal custodian.

Property management is more complex than meets the eye. Therefore, property owners greatly benefit from the professional services offered by property managers.