How Is Property Management Handled In TIC Investments?
In a TIC (Tenants in Common) investment, property management is typically handled by a designated property manager or a property management company. The property manager is responsible for overseeing the day-to-day operations of the property, including tenant relations, maintenance and repairs, rent collection, and financial reporting.
In a TIC investment, multiple investors own a single property together, with each investor owning a percentage of the property. Because of this shared ownership structure, decisions related to property management must be made collectively by the investors.
The TIC agreement typically outlines the roles and responsibilities of each investor, including their obligation to contribute to the property's management and maintenance expenses. The agreement may also establish a designated decision-making process for major decisions, such as capital improvements or the sale of the property.
Overall, property management in a TIC investment is a collaborative effort among the investors, with the property manager serving as a liaison between the investors and the property. Good communication, transparency, and cooperation are key to successful property management in a TIC investment.
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