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