Property Managers

Before property managers can manage the owner's property they must first seek legal distinction to operate within the state or other jurisdiction. Second, state regulators (or, in some cases, local regulators) must approve the property management services, services from which the owner receives them. And finally, in order to gain a sufficient volume of business, tenants must need to be screened to hire property managers.

To protect the owner's vested interest, a formal service agreement is usually drawn up between the owner and the property manager. Terms of this agreement can include everything from who pays for the cleaning of the parking lot to who handles the timely repair of the sprinkler system. But, this property management services formal agreement, which is commonly referred to as a lease or a contract of service, is really just a business arrangement with a "meeting of the minds." Only one party, the owner, signs documents such as this.

The owner's interest is protected by two distinct classifications of property. There are said to be three (3) kinds of real property that fall under landlord-tenant waterfront property. First is leased space. This forces the tenant to lease according to the terms of the lease. The second class of property is the land itself. Traditionally, these have been rocky land, imperfect land, developed property, developed land, or even forests. This type of property is distinguished from residential and commercial land by its greater immobility and hence less functionality. The third kind of property management services property is said to be common property. These are property which is owned as a whole, not in its particulars as a single parcel.

The residential-type property rental is usually the most tenable. This is because property that is not owned by the owner and rented by tenants has little or no value. The owner, therefore, cannot affect the value (or irrevocability) of the property by being malicious, grossly negligent, homeless, or ignorant.

Property owners are commonly governed by laws regarding landlord-tenant relationships. These laws are the "manters," or in legal jargon, "lords," because once a landlord has acquired title to a given property there is implied consent by the tenants to be rented. The landlord can evict tenants without much fuss if he doesn't want the property management services business, so the tenants are usually very courteous and will tend to look after the property if it is being used as their home. "Tenants," or in common-ownership terms, heirs of the tenants, are obliged to obey the landlord-tenant laws in most jurisdictions, though there are some exceptions.

Although the owner would obviously like to keep her property for herself, it is not unusual for an owner to sell her property. She does this because she no longer wants to dedicate her entire life (or, for that matter, even her entire working life) to the responsibilities of being a landlord. Usually a property owner who dies takes the property management services assets of what the owner left behind and invests it in a trust run by an estate attorney. Then the property is passed on to your estate, which is only terminated when the assets are all transferred or the property is released completely upon your death. The law allows one surviving spouse to act in the owner's place (if that is the case).

To become a property authority is a very lucrative enterprise; some property owners in South Africa can make a staggering 1,500 to 2000 Rental Reserve List (RsL) a week! Some of these property authorities break ground for new developments; others take care of the properties that no-one wants. A typical property management services real estate agent may make a substantial income managing such property agencies because the underlying fees are so lucrative.

In South Africa, property investment clubs and property investment training institutes have resulted in lucrative careers for trained property managers.

Property Service providers often recommend property management services to investors who want to purchase property but do not have current knowledge of the real estate market. For instance, they are often recommended by foreign millionaires and individuals who own substantial real estate portfolios in South Africa.

Good property managers tend to be well connected in the market and able to make informed recommendations. Property managers have the knowledge to know whether a particular piece of real estate would be in high demand in the local market at a particular time. Once the particular real estate becomes popular, the managers can use their connections in the market to purchase it before other investors do. The manager also has the property management services knowledge and connections to negotiate aggressively for the sale, assisting in making the sale.

Property managers almost always have the legal and financial background to ensure funds run efficiently. They also know how to work around tedious government legislation that may affect the transaction, enabling them to work around South African property laws, for their clients, knowing how the government regulations stipulate real estate property management services transactions.