Property Management is the managing of properties on a daily basis on behalf of the owner for maximum rental benefits. Such property include commercial, residential, industrial or agricultural real estate. Houses for Rent, apartments, warehouses, condominium units, empty plots, idle land, shopping centers may all be put forward for management. The Property Management concept characteristically involves the supervision of property owned by another party. The are various types of properties that can be managed for tremndous monetory outcomes.
A company or person who executes property management role is called a property manager. The exact tasks of a property manager vary depending on the type of property to be managed, the amount paid and the terms of the management contract.
Property managers support owners in creating budgets, handle monthly bills, advertise rental properties and qualify suitable tenants. They also help in collecting rent, conform to local landlord-tenant and real estate industrial standards plus maintaining properties in good shapes. Preventive maintenance, construction plus interior and exterior cleaning all are under the responsibilities of a property management company. Land Lords pay property managers a fee of the rent made from the managed property.
Some owners may have many rental properties in their portfolios but lack the time or expertise to maintain the properties and deal with tenants. Some owners only have an interest in owning rental properties and earning profits from them. When this is the case, they hire professional property managers. Absentee landlords also make use of property management services. A property manager is expected to have wider knowledge of local guidelines regarding properties.
Summarized Roles of a Property Manager
- Show properties to potential tenants or buyers,
- Clarify tenancy terms and collect rents periodically
- Collect rent on behalf of the owners
- Pay taxes plus some other maintenance fees.
- Ensures that properties operate smoothly,
- Uphold the property appearance for maximum enjoyment by tenants.
- Make regular inspection of all the facilities
- Hire, oversee and allocate duties to daily maintenance manpower
- Ensure removal of trash from garbage bins
- Administratively, managers ensure that all procedures comply with pertinent laws, like those of city authorities or local governments.
- Keep property records and formulate budgets and financial reports for landlords.