Definition of Property Management

One important role of a "Property Management" is that of liaison between the Owner of record and the actual tenant/leesee tenant. Providing a buffer for those owners who are desiring to distance themselves from their tenant constituency. Duties of property management generally will include a minimum of these basic primary tasks;

A. The full and proper screening or testing of an applicant's credit, criminal history, rental history and ability to pay.

B. Lease contracting or accepting rent using legal documents approved for the area in which the property is located.

C. Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.

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, 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 applicable municipal, county, state and Federal Fair Housing laws and practices.

Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).

Sources: Wikipedia

Posted in: Property Management