About Property Maintenance

Definition of 'Property Management'

The administration of residential, commercial and/or industrial real estate. Property management typically involves the managing of property that is owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income. Managed properties include residential and vacation properties, commercial retail space or industrial warehouse space. Property managers are typically paid a fee and/or a percentage of the rent brought in for the property while under management.

Investopedia Explains 'Property Management'

Many real estate brokers also operate as property managers. For example, a broker in a resort town may provide buyer's and seller's agent services, and it may operate as a property manager as well, maintaining a listing of vacation properties in the area. The property manager is typically responsible for budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property. This includes preventive maintenance, repair or corrective maintenance, routine cleaning and maintenance, and construction, including tenant improvements when handling commercial or industrial space. Property management is that aspect of the real estate profession, which is devoted to the leasing, managing, marketing and overall maintenance of the property of others.

The property manager is responsible for maintaining the investment and income in the property and maintains physical features of the building and premises. In some states, entities performing such functions for others and for a fee must either hold real estate licenses or special property manager licenses. The property manager is a member of a real estate office or property management company that manages several properties for various owners. A property manager’s main responsibilities include to secure and keep tenants, provide financial records and accounts and to provide upkeep and maintenance of the property. The property manager performs three basic functions: fiscal management, physical management and administrative management. The property manager’s job, for an investment property, is to supervise every aspect of the operation and to produce the highest financial return over the long term. The manager’s tasks include tenant relations, renting the property or units, building repair and maintenance, accounting, advertising and the supervision of personnel and contractors.

Property Management is a part of management which deals with real estate. It plays an important role in property business. The main aim of property management is to organize and to realize successfully all the necessary operations concerning real estate, such as :

  • Renting
  • Buying
  • Selling
  • Leasing

Property management can be subdivided into 2 main parts : residential property management and commercial property management.

Investing money in property has become very popular nowadays. First of all it can be sold in the future in suitable time and can bring profit to its landlord in the present. But it's not an easy task to manage property.

Most property investors either don't have enough time to manage their property or they just don't know how to do it correctly. That's why there are so many property management companies all over the world which can successfully decide this task. They will always help you get the best tenants and the highest possible rent.

The main role of property management is to meet the demands and requirements of both the landlord and the tenant. And if a property manager does it correctly and professionally, his work brings profit to the landlord and satisfaction to the tenant.

In the present times the sphere of property management has professionals who are qualified, experienced and can carry out their duties perfectly. So, it's not a problem to find a professional property manager who can help you manage your property well.

Property management companies offer a wide range of services and managers are ready to do their best to meet their clients' demands. Property managers usually deal with :

  • Advertising
  • Accepting Rent
  • Financial Operations
  • Controlling Maintenance Work
  • Legal Operations
  • Property Forms & Property Management Reports

You hire a property manager for taking care of your property. He is the person who is called whenever any problems arise. He is the friendly help who has solutions to all your problems. Property managers should be paid a certain fee for their services, but taking into account all the advantages that you can get using their services it's always better to pay property management fee.

Just owning property is not enough to get profit from it. Only quality property management can solve this problem. Managing property is not an easy task, but on the other hand professional property managers are ready to help you maximize your profit and simplify this process for you.