subject: How Does Commercial Property Management Help Individuals [print this page] Commercial property management is nothing but one kind of business service that is designed to assist property owners by taking care of their properties. A property manager is hired for fulfilling this job. The job of a property manager includes everything right from up keeping of records, qualify potential tenants, and ensure leasing of property, collect rents on behalf of the owner and any other job related.
Property managers can be hired for two reasons: if the owner is too busy with other activities or he is a non resident. In the first case, the management firm is given the necessary authority to make decisions on behalf of the property owner. These decisions could be anything that can has a direct or indirect impact on the income of the individual.
The process of commercial property management includes screening of potential tenants by accepting applications, conducting checks on them and finally prepares the lease document for final approval of client. It is the responsibility of the property management firm to provide all amenities during the entire tenure of lease period.
In order words, property manager acts as a liaison between the owner and the tenant. In case the property needs to be repaired or for other similar requirements, the tenants approach the property manager for taking necessary steps to resolve the issue. Another key role that is played by manager under commercial property management is legal proceedings. In case any tenant fails to abide by the guidelines provided in lease agreement, he is subject to judicial proceedings.
However, since most jurisdictions have different regulations, property manager should get himself familiar with those in order to conduct an eviction. Depending on the services rendered by the commercial management firm, they charge their fee. In most cases firms collect their fee as flat rate per month while there are few firms that collect fee as a percentage of revenue generated.
Non residential landlords also appoint commercial property management firms for taking care of their property. The services rendered by the firm however remain the same. In order to tax non residential landlords, a separate scheme has been introduced in UK. The purpose of this scheme is to tax rental income incurred by non residential landlords.
Who are non residential landlords? Non residential landlords are people who acquire UK rental income while they happen to reside abroad. Although this scheme has been named as non residential landlord, it is applicable even for people who have been staying outside for more than 6 months. Hence there is every possibility that though a person is residing in UK, for enjoying the benefits of this scheme he can project himself as residing outside UK.
The tax amount to be paid by non residential landlords is arrived at by excluding deductible expenses. Even though the rent is paid without any tax deductions, it still remains liable to UK taxes. So, non residential landlords are advised to include the same in the tax returns filed by them.
How Does Commercial Property Management Help Individuals
