What Is Property Management?
Property management is the supervision of residential, commercial, and industrial properties, including apartments, detached houses, condominium units, and shopping centers. It typically involves administering property owned by another party or entity. On behalf of the lender, the property manager works to protect the integrity of the property while producing revenue.
Property Management Explained:
A few real estate brokers also work as property managers in land management. For example, a resort town broker may provide services to buyer's and seller's agents, as well as property management services. The real estate broker will also list, show, and lease vacation rentals when that is the case.
Property managers assist owners in creating budgets, advertise rental properties, qualify tenants, and collect rent. They also comply with the local landlord and real estate board laws and maintain the property. Preventive maintenance, cleaning, interior and exterior, and construction will all fall within the scope of the responsibilities of a property management firm.
Owners pay a fee or a percentage of the rent generated by a property while it is under management.