Introduction to Property Management

Property management is as old as civilization itself. Real estate is one of, if not the most valuable asset mankind has ever possessed. From the ancient Egyptians to the sprawling megapolises of ancient Babylon, the value of real estate has been known to man since time immemorial.

Recently, the world has witnessed a global property boom with real estate prices increasing manifold. From China to India, and from America to the UK, property has become one of the most valuable investments you will ever make.

It is in this context of increased investment that effective property management has assumed special significance. The professional management of property will see to it that your desired property retains its value and significance. A professional property management solution will help you realize your objectives.

A profound role of property management is liaison between the landlord and tenant. Duties of property management include responding to and addressing maintenance issues, sourcing rent, advertising various vacancies for the landlord, and performing background and credit checks on tenants. As remuneration for the services they provide, property management firms charge landlords a percentage of the gross rent collected each month. Some lease commissions may also be charged. Additionally, certain repair costs may be charged by some property managers. Some property management companies also manage home owner associations (HOAs).

Apart from the management of revenue and expense related activity, property managers may also cover repair and maintenance, construction and development on a property. The direction or choreography of repair and maintenance functions is a significant aspect of a property manager's duties. A property manager's relationship with tenants gives a remote face to the landlord, providing them with a tactical buffer vis-a-vis the tenant and servicing their desire to profit and distance themselves from their tenant body.