Over 60% of Americans owned property of some kind in 2021. While investing in property is important, managing it is arguably even more crucial. If you're someone who leases homes, you might've heard of leasing management.
So what is leasing management? What goes into it and how does it all work?
That's what we're here to look at today. Read on to find out more about what leasing management entails.
What is Leasing Management?
Leasing management is the process of overseeing the leasing of different apartments, houses, or condos. Those in leasing management make sure that housing units are leased out as efficiently as possible.
Leasing management entails reporting, coordinating between different stakeholders, and handling other administrative duties. Leasing management handles the various stipulations and obligations tied to all leases.
Legal Tasks Associated With Leasing Management
When a tenant signs a lease, the contract goes through several legal and financial procedures to make sure it's valid. Once that's done, the lease itself has to be stored and monitored.
All of those are key factors in leasing management, as is an abstraction. Abstractions compile all the important information from a lease and data that stakeholders might want to take a quick peek at.
Tenants and Leases
Leasing management also involves onboarding the tenants. This includes handing out keys and doing any needed renovations. The details of all those actions also need to be tracked.
Those who work in leasing management also need to maintain their duties throughout any given lease. When renewals get closer, leasing managers have to alert the right parties to make sure everything is in order.
They also need to track each individual lease. This means tracking rent payments and charges for common area maintenance.
Leasing managers are often hired to maintain a specific occupancy percentage. This means they need to have a certain number of tenants in their properties at one time.
As such, they're often responsible for making properties look attractive. Whether it's through TV or online advertisements, seasonal discounts, or flyers, leasing managers employ different tactics to get higher occupancy.
An inevitable aspect of leasing management is dealing with all the paperwork that's associated with leasing and managing properties. They can organize and optimize the paperwork in the most efficient way.
Leasing management also works with tenants to make sure that they fully understand all the aspects of a lease. They help explain all the stipulations while ensuring that the information they put in is accurate.
Once the tenant understands the lease and signs it, leasing managers will store it in the right place. This way, leasing documents will be ready to go whenever there's an issue or if it needs to be retrieved for another reason.
Leasing Management for You
Leasing management is a crucial aspect of your property management process. Use this guide to help you understand what leasing managers do and why they're so crucial for managing your properties.
Are you looking for reliable property management services in the Mississippi area? Contact us today and we'll get you started on a solution right away!