What is Property Management?

Property management is the oversight of condominium units, detached houses, industrial real estate and/or commercial, shopping centers and apartments. Normally what it would entail is a property management company managing the asset, which is the home. The home would be leased by the property management company, then generates an income that the property management company would account for, all the while preserving the value of the home as well. Property management involves many things like collecting monthly rent, maintaining the property, and maintaining everything outside of the home i.e. the yard, and pool. The property management company is also the first point of contact for placing a tenant.

What could a property manager do for me?
Property management companies save you time and money by taking over everything it takes to keep a tenant in your home and keep a profit flowing for you. For example, property managers take over marketing. They deal with placing the tenant, handling the maintenance, pursuing evictions, repair issues, responding to tenant complaints, and even pursue evictions when necessary. Since a property management company is independent you are free of any weight to hold you down like being an employer. How can a property manager help me avoid bad tenants? Normally when an owner tries to rent a home on their own background checks are not as thorough as would be from a property manager standpoint. A property manager would do an extensive background check and check references as well, to avoid any eviction in the future. Because we all know that evictions can take months.

With this being said can a property manager help someone comply with federal, state and local laws?
Yes. All property managers must adhere to and understand the Americans with Disabilities Act and the Federal Fair Housing Amendment Act, as well as the local fair housing laws. Every property manager must advertise and rent under the laws of the Disabilities Act, Federal Fair Housing Act, as well as the local fair housing act.

What does the property management services consist of?
Many companies offer a full-service option or a partial service option. The full-service property management usually accommodates the following tasks: advertising, interior and exterior maintenance work orders, building professional relationships with attorneys, accounting i.e. for paying invoices, upkeep of the grounds of the property, some property managers even provide 24-hour availability to tenants for emergencies, showing of the property for potential tenants, collecting rent and fees, administrative tasks like income statements.
Written by: Christina S.