Property Management

Property management is the management and operation of any commercial, industrial or residential piece of real estate. Property management companies take on many duties, including accepting rent and maintaining the property. Property management also usually includes some form of account and finance managing and participating in any litigation with tenants or contractors. For this reason, most states in the United States require property managers to be licensed real estate brokers if they’re collecting rent or listing any real estate for sale. This may not always apply.

Property managers do a wide variety of services and can be of great benefit to individuals that own many properties, are traveling, or wish to distance themselves from the business. Common services for apartment owners include handling complaints from tenants, collecting rent and revenue, taking action on any delinquent accounts, advertising and showing units for rent, collecting and screening applications, and executing leases. The property manager will also take care of repairs and maintenance, plan improvements, provide a laundry area, and create a budget, as well as creating reports every month. Property managers are often used in apartment settings because they can control everything efficiently, rather than leaving a possibly inexperienced or overworked landlord all the work.

Banks also commonly employ property management companies to take care of homes that are foreclosed or have been built but not sold. In these cases, services include taking care of the outer area of the home and yard, maintaining grass and plants, and keeping thieves out of the home. These services are vital because they keep the home presentable and in good shape so the bank can sell the home.

Property management services are gaining popularity and becoming more affordable for landlords and property owners will all types of income. Their services can be invaluable at times, preventing property owners from missing important work. They’re also of great benefit to owners that don’t understand all applicable laws.

For more information and discussions on property management, visit the Property Management Forum.