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Real Estate Articles
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Property
Management
Property management pertains
to the processes applied to
maximize returns by effective
administration of property--one
of the major assets of most
organizations. It also comprises
the disciplines implemented
on property rules and rental
policies.
Property Management is a career
profession that is a part of
our growing business industry.
A property manager's employment
can either be directly under
the supervision of a real estate
property owner, or for a property
management company, hired by
an owner or legal entity to
look after the real estate over
a particular span of time.
A property management company is tasked with the responsibility of managing the multiple aspects which come along with the ownership of real estate. This is akin to the role of management in any business.
One of the important roles property management companies play is that of acting as liaison between the landlord and tenant. Their duties include posing appropriate gross rent, accepting rent, responding to and addressing maintenance issues, advertising vacancies for landlords, and doing credit and background checks on tenants. |
In exchange for the service
provided, property management
companies charge landlords a
percentage of the gross rent
collected each month, in addition
to lease commissions.
In addition to managing income
and expense related activity,
property managers may also manage
construction, development, repair
and maintenance on a property.
The direction of repair and
maintenance is quite a large
part of a property manager's
function.
Property managers should develop
a relationship with the management
company, property owner and
tenants that is based on a mutual
trust and complete confidence
in one another. His alliance
with tenants gives an advantage
to the landlord and provides
them the necessary buffer servicing
their desire to profit and distance
themselves from their tenant
constituency.
There are many aspects to this
profession, including participating
in and/or initiating litigation
with tenants, contractors and
insurance agencies. Litigation
alone is at times considered
an entirely separate function,
set aside for trained attorneys.
Although a person or persons
will be responsible for this
in their job description, there
may or may not be an attorney
working under a property manager.
Special attention is given to
Landlord/Tenant law and most
commonly evictions, non-payment,
harassment, reduction of pre-arranged
services, and public nuisance
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 new
laws and practices in their
given localities, cities and
states.
Excellent property management
can only achieved by top-notch
managers. To be the best in
this field, one must know and
stay updated on local ordinances
and state laws; be highly honest
and ethical in enforcing property
rules and rental policies; be
detail oriented and organized
with paper works; have good
communication and computer skills;
like working with the public;
have a strong sense of duty
and commitment; and be an exceptional
follow-up person. |
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