The Hidden Ingredient
Author: John E. Damianos, Esq. - Damianos Realty Group LLC 10/17/16
Much of the sparkle and glamor of real estate shines in the form of ultra-modern building facades, smartly dressed brokers driving distinguished clients in impressive (high-end) luxury automobiles, awesomely decorated lobbies and smart landscaping. You will learn, if you’ve not already, that basic components of real estate life are, the buildings, grounds. Tenants, landlords, and real estate brokers
While these comprise the ostensible elements, there is yet another area often overlooked – the hidden infrastructure of Property Management. Buildings just don’t maintain themselves, or run by themselves for that matter, even if people don’t see maintenance personnel in overt locations. There is the additional component of Property Managers.
Behind the scenes is usually a crew consisting of managers working with their superintendents. Very technical (or time-consuming) work is subcontracted out, such as electrical, plumbing, heating and air-conditioning, landscapers – and the list goes on and on.
It is critical to realize that tenants do not – cannot - and will not remain in one place for long if essential services aren’t kept up. If a building shows signs of wear then rent increases aren’t so easily justified. It is the job of Property Management to cut or maintain expenses while pushing for peak quality, service and appearance.