Management is the direction, control, coordination and operation of resources towards specific goals and objectives. Property is something somebody or some entity owns, and may be tangible, such as real property, or intangible, such as a copyright. Typically, property management refers to the management of real property. This includes land, everything on its surface, such as buildings, ponds, streams, the air over it, and what may lie beneath it, such as minerals. It may also refer to personal or movable property, such as tractors, maintenance tools, and the like. The real property may be industrial, commercial, or residential. The activities of management are employed over processes, systems and employees, to facilitate and achieve the purpose for which the real property is used.
Most property requiring management is rented or leased property. From the owner's point of view, the purpose of the rented or leased property is to generate income. Maximum output is full occupancy by paying tenants at the highest market price. What that price should be is often determined by the owner, but a property management service may provide the data the owner needs to make a sound decision. Property managers may also be given authority to set rent or lease prices in order to remain competitive with the marketplace.
Once rent and lease prices have been set, the property manager will take over operations of the property and obtain tenants. The property manager may be responsible for the marketing of the property, including advertising and promotions. Prospective tenants will contact the property manager, who will show the property and screen the applicants. Generally, the property manager selects the tenants and administers the rental and lease agreements with those selected.
Property management then has the responsibility of collecting rents and handling any collection problems, from late payments to non-payments. In cases of eviction, the property manager will work with the owner's legal counsel. Property managers will be well acquainted with building, health and safety, labor, environmental, and business licensing codes in order to provide a managed real property that meets both its tenant's expectations and those of the law. Property mangers are responsible for the maintenance and repair of the property, as well as its security. Disputes with tenants often revolve around the level or quality of service or maintenance the property managers are providing. The property manager will want to provide the highest quality possible, not only to avoid these disputes, but to establish a quality reputation. The goal of the property manager is to provide a quality product for a fair, but also profitable price.
In addition to handling property and tenants, property managers keep accounts, manage insurance, and make purchases and acquisitions for the property's maintenance. They will also care for the property themselves or contract or employ maintenance and service personnel. Property managers may also be responsible for personnel and payroll.
Property management is a full business concern involving most aspects of business from accounting to marketing. Colleges and universities may offer specialized degrees in the subject. For the small business, a multitude of tools are available, including on-line education, books, as well as Internet sites offering guidance, services, and tools. For those who own property but do not want to, or cannot manage it themselves, a property management firm is your best choice.
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