What is Property Management?
Property Management simply refers to the act of the operation, control, and oversight of real estate.
The term property management, therefore, refers to the act of overseeing and managing real estate by third-party property management firms. It typically involves the management and oversight of property ( real estate ) owned by another party or entity.
These can be residential, commercial, and industrial real estate, and are normally investment properties such as flats and apartments, gated communities, warehouses, and commercial buildings. Property managers act on behalf of owners to preserve the value of the property while generating income.
Typical roles of a property manager include:
- screening potential tenants on their suitability to rent the property
- drafting and signing leases on behalf of property owners with tenants
- the collection of rents on due dates
- maintaining properties including landscaping and general cleanliness
- arranging for and making necessary repairs to properties
- setting up and adhering to budgets
- following through with eviction proceedings if and when required and when necessary