Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties. They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities, shopping centers, and industrial parks.
Understanding Property Management
Property developers generally want to move on to the next project as soon as each one is completed. Even if they continue to hold title to the property, they prefer to delegate the day-to-day operations to an outside company.
The responsibilities of a property manager generally involve the following:
- Screening potential tenants
- Drafting, signing, and renewing leases on behalf of property owners
- Collecting rent.
- Maintaining properties including landscaping and snow removal
- Arranging for necessary repairs to properties
- Setting up and adhering to budgets for property maintenance
- Understanding state and national landlord-tenant laws and regulations
- Marketing properties
- Supervising other employees
- Handling taxes.
Types of Property Management
- Residential Property Management
- Commercial Property Management
- Industrial Property Management
- Special-Purpose Property Management
What is a property management license?
A property manager will typically need a property management license or real estate broker’s license to have a career in this profession. A property management license allows property managers to work in real estate and perform business-related duties in this profession. The specific licensing requirements will depend on the country in which you live and work. Not only will you likely require a license but earning one will also give you credibility in your field.
Property Management is significant since one of the characteristics of Real Estate that sets it apart from other investment vehicles is the need to be managed. Due to the rapid rate of technical advancements or innovations, which has resulted in the construction of high-rise and high-tech structures in our cities, a qualified manager is required to deal effectively and efficiently with management issues coming from the latter. Multi-tenanted properties, such as office buildings and residential residences, offer the surveyor with the most management challenges.
With or without economic crunch, property remains an investment of choice. It is a place where we strategies for industrial activities. It is a place of rest, social and economic activities. It adds to the status of the occupier and is the most expensive consumer goods of man, generally. Property serves as store of value. It is pertinent that property managers must engage the use of legal advisers in the drafting of Lease Agreement. Inventory List must form part of the agreement or contract between the landlords and tenants, Service Charge clauses must also be expanded to include what will be serviced and how it will be charged. With the necessary basic tools of management, property will live up to its financial responsibilities. There is a property management software that will make the task easy.
By Chinedum Stan-Mbachu
Chinedum is an Estate Surveyor & Valuer, Author, and Business Development expert
From: Medium – https://medium.com/@justnydum/what-is-property-management-43727c2b9611