Question

What elements should typically be included in a property management plan? What elements would your plan have that would set you apart from other property managers?

Answer 1

The elements which should be typically included in a property management plan are:

• Licensing
• Landlord Tenant Statutes
• Lease Term & Rule Enforcement
• Insurance
• Financial Reporting
• Audits and Tax Returns
• Leasing
• Collections of dues
• Maintenance of property
• Vendor Contract Management
• Environmental Issues
• Compliance with Government norms and Regulatory Agreements

The elements in my plan which would set me apart from other property managers are:

• Making changes in property management plan as per conditions and requirements.
• Adaptability of the plan towards changing business environment.
• Utility management
• Marketing of property required
• Provision of trained and experienced staff at property when required.