Property management is managing different types of property such as commercial, industrial or residential real property from different angles. It is acting as a bridge between the landowner and the tenant. The works that are included in management of a property is collecting rent on behalf of the landowner, to listen to the complaints of the tenants and ultimately convey it to the owners, and to rectify the defects that the tenants are facing at present.
Sometimes the person who is assigned to the management of the property also acts as a supervisor. The supervision starts from the very building process of a new-built property and continues to its maintenance. The property owner, to shed of his or her work pressure appoints someone to manage the whole process. Actually the purpose of property management is to run the property business smoothly. It is a paid service. The person who is appointed in this work is paid by the property owner. Sometimes the person gets a portion of the collected rent or a fixed amount of money as a salary. Generally a person can manage more than one property at a time but sometimes the management work is restricted by the owner of the property who wants exclusivity.
Property management also takes care of the finance of the landowner. The tax clearances, audit, keeping accounts for different purpose of a property are included in the work of the management of the property. If you are interested in this type of work first understand the present trend of the realty market and their effects on the market. If you are good at understanding the trends of the market then you will be able to assist the land owner properly. Side by side you will have to understand the present stock market because this market and the market of the property are very much interrelated.
Sometimes property management is entrusted to management firms which look after many properties at a time. The firm acts as an agent. Appointing any manager to a property needs a written contract and in case of individuals the contract is made between the owner and the manager while in case of the firms the contract is made with the firm instead of an individual. The agency or the firm appoints one of its employees as the manager to conduct the management work and this person is responsible for maintaining a clear relationship between the owner of the property and the firm.
Property management deals with the day to day aspect of property and plays an important part in maintaining the relationship between the owner and the tenants. Management of any property is not an easy job as it includes everything from caring for the daily maintenance to the accounting to the legal hassles if they arise. The landowners often do not want to handle this complicated paperwork, maintenance and other hassles that are related with the property themselves. A natural choice then is to engage managers. Many management firms looking after properties have in house lawyers who guide them in legal issues such as eviction, zoning laws and other problems for which an owner might need to go to the court. It is also the duty of the management agencies to be aware of the tenant vacancy position, financial health, and physical condition of the property to effectively and satisfactorily serve the owner.