When you are opening up a real estate or property management business you got to clearly define what your services are. The realm of estate management can be quite big.
It includes providing simple services such as general look after and maintenance but can also provide much more complex services such as tax filing and general consultation on wealth management for real estate buying.
Here are some of the services you are expected to deliver-
For rental properties
Finding best tenants
The best real estate managers will find out the best tenants. They will usually check the background of all the prospective tenant applications and check out their social and financial history to find authentic people.
Negotiating on the rent and finalizing the rental agreement
The real estate management companies will also negotiate between the estate owners and the prospective tenants and negotiate on the rent for the estate.
They will also draft the rent agreement and make sure that it is signed by both parties such that the tenancy application and move-in process is complete.
Estate managers also own the task of collecting the monthly rent sometimes and deposit into the account of the estate owners.
This may look simple but think of the rich people who own tens of estates, small flats, condos, or apartments in multiple cities, towns, states, or even sometimes in foreign countries. This can be a cumbersome task.
For maintenance service
Property repairing and general look after
Sometimes property owners are going out of the station and during this time they would want to hire real estate managers for the general look after of the estate.
This generally involves taking care of the property in general such as repairing, cleaning doing some basic household chores, and generally looks after the property.
Financial reporting and tax filing
In some countries, estate owners have to file and pay wealth tax on the real estate they own. They also have to show the capital appreciation of the purchased or rented property. Financial reporting, tax filing, and payment can be cumbersome tasks.
Providing consultation on tax implications and legal guidance
There are those people who want to buy real estate in foreign countries. This can mean tax implications as real estate tax rules are different in each country.
The wealthy people will hire real estate managers and consultants to get to know more about the taxes to pay whether it would act as a tax haven to their investment and the chances of appreciation.
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