Property management is defined as the operation and control of commercial, industrial and residential buildings that are owned by themselves or leased by someone else. Management includes the need to care for, monitored and accountable for its usable life and condition. Property management means hiring someone and paying them to keep the property safe, secure and pleasant and also manage the life cycle of acquired property including acquisition, control, responsibility, maintenance, utilization and disposition.
Property management allows to create a balance between the actual landlord and the tenant. Property management duties include primary and basic tasks such as collecting rent using legal documents for the property that is approved for the area located, posting and showing vacancies, background checks on application forms, etc. A knowledgeable property management staff is very important as they will be aware of various factors governing the current laws of the city, state and country concerning tenant rights versus owner rights. The property manager has a primary responsibility to the owner and secondary responsibility to the tenant.
Owner’s expect many things from the property managers and property management team to carry out the instructions given by owner’s, control costs, maintain a stabilized cash flow and maximize revenue, provide control over the owner’s building, enhance the property value by making improvements that increases the market value and increase the pride of ownership.