Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties. They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities, shopping centers, and industrial parks.
Their main roles are to manage routine tasks delegated to them by the owners and to preserve the value of the properties they manage while generating income.
Property developers generally want to move on to the next project as soon as each one is completed. Even if they continue to hold title to the property, they prefer to delegate the day-to-day operations to an outside company.
The responsibilities of a property manager generally involve the following:
Screening potential tenants
Drafting, signing, and renewing leases on behalf of property owners
Collecting rent
Maintaining properties including landscaping and snow removal
Arranging for necessary repairs to properties
Setting up and adhering to budgets for property maintenance
Understanding state and national landlord-tenant laws and regulations
Marketing properties
Supervising other employees
Handling taxes
1. Role of property management
1.1) Definition of management
1.2) What is property management
1.3) Why property management is required
1.4) Scope of property management
1.5) Statutory provisions concerning property management
2. Objectives of property management: Public and Private
2.1) Investor/property owner’s and tenants and private objectives
2.2) Short term objectives
2.3) Long term objectives
3. Organizational set up
3.1) In house property management
3.2) External property management
3.3) The property management team
3.4) Staffing requirements
4. Policy formulation
4.1) Decision making process
4.2) Constraint that affect property
4.3) Formulation, implementation and review of property policies
5. Property management fundamentals
5.1) The management and administration of urban property
5.2) Selection of tenant, tenant mix, negotiation of tenancies, leases and renewal of leases.
6. Service and other charges
6.1) Important of maintenance of common areas and building services
6.2) Service charges : calculation collection
6.3) Insurance
6.4) Taxes
6.5) Rates
6.6) Outgoings etc.
6.7) Administration of client’s accounts