The business real estate sector is changing quickly. Either method, companies supplied by property administration corporations include finding and vetting tenants (that’s if the property management company can also be performing as a letting agent, which many are), drawing up legal tenancy contracts, checking on how tenants are looking after the property, dealing with upkeep and restore issues, managing financing and liasing between the tenants and the owner.
In Hong Kong, property management companies (PMCs) 2 and property administration practitioners (PMPs) 3 are regulated below the Property Management Providers Ordinance (PMSO) (Chapter 626 of the Laws of Hong Kong) 4 , which was enacted in 2016.
17 Following completion of the review, the Associate Minister of Justice, Hon Nathan Guy, announced on 2 July 2009 that no new occupational regulation would be imposed on property managers 18 partly resulting from there already being existing laws which may very well be used to protect customers.
Should you begin your property management firm with a portfolio construction, chances are you’ll be hiring people who require a license, relying on the state you’re in. As soon as you might be established, you would possibly find it is easier to continue expanding inside a portfolio structure.
Skilled property managers have seen tons of, even thousands, of tenants, so they have a better idea of how to choose the appropriate tenants ; those who will pay their rent on time, have a longer tenancy and create fewer issues.