Property Management
Property management is the operation of commercial, industrial and/or residential real estate. This is much akin to the role of management in any business.
ROLES
One important role is that of liaison between the landlord and/or the management firm operating on the landlord's behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency.
There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices. Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).
LICENSING
Most states require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. A property manager may be a licensed real estate associate but generally they must be working under a licensed real estate broker. Most states have a public license check system on-line for anyone holding a real estate broker's license.
ROLES
One important role is that of liaison between the landlord and/or the management firm operating on the landlord's behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency.
There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices. Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).
LICENSING
Most states require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. A property manager may be a licensed real estate associate but generally they must be working under a licensed real estate broker. Most states have a public license check system on-line for anyone holding a real estate broker's license.
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The information contained herein is believed to be accurate and timely, but no warranty as such is expressed or implied.
All rights reserved.
The information contained herein is believed to be accurate and timely, but no warranty as such is expressed or implied.