Professional Property Management

Ever since the early 2000s, the real estate sector continues to grow steadily. As a result of this growth, new requirements based on real estate emerge every day. This situation leads to the emergence of new business lines in this field. Big projects, which are done in big cities, enable differentiation of business lines in the real estate sector. Small property units such as buildings, flats are gradually being replaced by larger projects such as shopping malls, housing estates and residences. As the physical and material aspects of the property grow, its management becomes increasingly difficult. Therefore, old and relatively amateur forms of management, such as building management, are gradually being replaced by professional property management.

Also: Escrow Agreement

What is Professional Property Management?

Property management means that a different person or institution manages the processes related to the property rather than the property owner. These processes can be material or legal. As the size of real estate projects grow, their management becomes harder. Working with a professional in this process helps you get the most benefit out of your property. Some processes such as preparation and follow-up of rental contracts and property inventory may require legal advice.

Legal counselling may arise in processes such as making evaluations about the property and consequently renting for a long time or selling the property. If professional property management concultancy is not received, various financial losses may occur in proportion to value of the property. The limited time of the property owner is also a sufficient reason to receive property management support. In addition, the fact that the owner is physically distant from his property also  increases the importance of property management.

Property Management Agreement

The management of property with large monterary value such as shopping malls, residences and mass housing projects requires properly prepared contracts. The responsibilities of the company that will conduct the property management should be clearly stated in the contract. Accordingly, material liabilities such as the amount to be paid to the company must also be clearly stated in the contract. All answers to the question of how to manage property are inclued in the contract with details. The jurisdiction of the company that will carry out the management should also be in the contract.

In an era when urban transformation is continuing at a rapid pace and affecting the economy in large cities, property ownership becomes more difficult. Problems such as not being able to share real estates by inheritors and mismanagement of high-value properties can lead to major economic losses. Legal consultancy services has great importance in the real estate sector, as in any sector with high material returns.Compared to the economic value of the property, reasonable wages for the property owner can prevent further losses.

You can also benefit from the experiences of Marhan Law Office in property management as in all areas of real estate law.