| The idea of property management (sometimes | | | | management company. Typically property |
| referred to as 3rd party management) has been | | | | management companies will charge their landlords |
| around since the dawn of time. But, before | | | | a percentage of the gross rent collected each |
| property management was a job or career, a title | | | | month. This percentage for property |
| or a company, property management has been | | | | management fees can range from 3 to 10% |
| an action that many people attended to around | | | | depending on the property management market. |
| the land or buildings that they owned themselves | | | | Sometimes a flat fee is more appropriate when |
| or leased from someone else. Property | | | | the property is a condominium or a type of |
| management can mean different things to | | | | cooperative complex for property management. |
| different people. For some, property management | | | | Some states might require that property |
| might mean keeping their own property safe, | | | | managers have a property management license |
| secure and pleasant to the eye. For others, | | | | or a real estate license to be able to claim the title |
| property management could mean paying | | | | of property manager or property management |
| someone else to make sure your property is in | | | | business. |
| tip top shape. Some types of properties that may | | | | A cousin to property management is facility |
| need property management are; houses, condos, | | | | management. Facility management is like property |
| duplexes, town homes, apartments, shopping | | | | management but the focus is the management of |
| centers, malls, offices buildings, airports and public | | | | buildings and services. One definition from a large |
| transportation buildings, hospitals and many more. | | | | facility/property management association says, "A |
| Property management is very similar to the role | | | | profession that encompasses multiple disciplines to |
| of management in any business. | | | | ensure functionality of the built environment by |
| One important role that property management | | | | integrating people, place, process and technology." |
| has is to act as the middle person between the | | | | Australians prefer the term: Commercial Services |
| tenant and the property management landlord. | | | | to property management, this term replaces |
| Property management should provide the | | | | facilities management in some organizations. |
| property management landlord with a sense of | | | | Besides keeping the property up to date, |
| security, knowing that everyday needs from the | | | | commercial services can also include duties such |
| renter can be resolved without involving said | | | | as waste disposal, parking, security, landscaping |
| property management landlord unnecessarily. Hand | | | | and more. |
| and hand with that security, the tenant can be | | | | A homeowner may provide his or her own |
| assured that the property will be maintained to | | | | property management, but property |
| some set of standards which can be reviewed | | | | management is not limited to the duties of house |
| with the property management team before an | | | | cleaning, lawn care and landscaping, building |
| agreement is reached. Property management is a | | | | maintenance, trash and waste disposal and interior |
| delicate balance between pleasing the property | | | | upkeep. Property management can be all of |
| management landlord and keeping the renter | | | | these, and can be hired out to a professional that |
| happy as well. The task of property management | | | | can provide better property management |
| can prove to be harder than it sounds. Maintaining | | | | services than the homeowner can or would |
| an open line of communication in property | | | | provide themselves. These property management |
| management and being able to address the needs | | | | services come with a price and if the homeowner |
| of both property management parties will make a | | | | is willing to pay for outside property management, |
| successful property management business. Other | | | | the sky is the limit on what they can have |
| duties for property management but are not | | | | managed. Some property management |
| limited to; collecting rent, posting and showing | | | | companies even manage home owners |
| vacancies, maintenance issues, evictions, failure to | | | | associations (HOAs). In this instance the property |
| pay rent issues, harassment, and background | | | | management company is the middle person |
| checks on the application forms. It is very | | | | between the homeowners and the land developer. |
| important that a profitable property management | | | | Once the developer has completed his contracted |
| staff or team be knowledgeable in the current | | | | tasks, the neighborhood is then turned over to |
| laws of the city, state and county concerning | | | | the HOA. The property management company |
| tenant rights vs. landlord rights. Be sure your | | | | may stay on board for a fee to help the HOA. A |
| property management team is up to date on | | | | landlord may also provide property management |
| current property management codes, and other | | | | services himself or have it hired out to a property |
| items that will benefit your property management | | | | management company. A large company or |
| business. Getting caught up in property | | | | corporation might have internal structures in place |
| management legal matters is no way to run a | | | | to provide property management on site or they |
| property management business. | | | | may choose to hire an outside property |
| The following is the definition of property | | | | management company to provide the property |
| managers/property management as posted by | | | | management services that they would need on a |
| Wikipedia on their website. Property management | | | | day to day basis. Both of these operations are a |
| is a person or firm responsible for the operation | | | | reasonable and effective way to tackle the issue |
| of a real estate property for a fee, when the | | | | of property management on a large scale. |
| owner of the property cannot or is not interested | | | | With the world of technology growing everyday, |
| in managing the property themselves. The | | | | it makes perfect sense to have applicable |
| property manager or the property management | | | | property management software and property |
| company has a primary responsibility to the | | | | management computer systems that deal with |
| landlord and a secondary responsibility to the | | | | property management in place to help with |
| tenant. Relationships the property manager or | | | | property management or facility management. |
| property management team have with the | | | | You can have your home wired and programmed |
| landlord and with the tenant are crucial in forming | | | | to turn the lights on and off when entering a |
| the expectations of both parties to the lease | | | | room. Constant temperature and humidity levels |
| since both parties will seek and expect certain | | | | can be monitored along with major appliance |
| rights and benefits out of it. Owner's expectations | | | | functions. Watering of lawns and security systems |
| from the property manager/ property | | | | has become high tech and available to the |
| management team are to carry out the owner's | | | | everyday homeowner who wants property |
| instructions, control costs and maximize revenue | | | | management. Some passenger vehicles now |
| to maintain a stabilized cash flow as a return on | | | | include a "remote" that when programmed can |
| capital invested, exercise control over the building | | | | turn the lights on, turn the TV on your favorite |
| to safeguard the capital invested, provide a duty | | | | station and more, all from the comforts of your |
| of care through proper maintenance of the | | | | car. Heaven forbid you will have to walk into your |
| building, to be professional and well informed, | | | | dark and quite home. Home builders, architects |
| enhance the value of the property by making | | | | and engineers saw the potential for using large |
| improvements that will increase its market value, | | | | scale property management ideas in the home. |
| retain and enhance pride of ownership. The | | | | Beyond the home, large commercial properties, |
| tenant's expectations from the property manager | | | | computer aided facility management (CAFM) has |
| property management team are the "quiet | | | | been a natural progression of the marriage |
| enjoyment" 'assurance of the use and enjoyment | | | | between technology and facility/ property |
| of the premises for the intended purposes | | | | management. In the late 1980's CAFM evolved to |
| without interference from the landlord, | | | | allow larger properties to manage their property |
| comforta living environment properly heated, | | | | management sites more efficiently. Most often, |
| cooled and ventilated with as many amenities as | | | | CAFM systems track and maintain; floor plans, |
| possible compatible with the rental level, security | | | | LAN and telecom information, business continuity |
| and safetyto live or work in a building in which | | | | and safety information, workplace assets, |
| there are no inherent defects or conditions that | | | | employee and occupancy data, building and |
| might be hazardous to health or to property, | | | | property information and space characteristics |
| statusaccommodation and facilities that meet | | | | and usage. Being able to supervise the goings on |
| social-economic and cultural standards for the | | | | of your with a property management company in |
| tenant's and their guest. | | | | an efficient and well structured way will help your |
| Property management can be a very lucrative | | | | property management bottom line. |
| business when handled correctly. Property | | | | If you need information about property |
| management takes an organized, well | | | | management, the internet is a great place to |
| communicated, and dedicated individual or staff to | | | | start. |
| be able to pull off a successful property | | | | |