What is Property Management?
Property management is a manager’s oversight of a property, on behalf of the property’s owner. The owner pays the property manager to handle day-to-day management tasks. Property managers are commonly used to manage a variety of real properties, such as apartments, homes, and commercial buildings. Laws governing property management vary by state. Property management is especially beneficial to owners of more than one property, and to owners who live far away from their properties.
Property Management Tasks
Ask Diane Management tasks differ, depending on the needs of the property owner. In general, property management tasks involve all everyday duties necessary to maintain and manage a building or other rental property. Tasks that are commonly taken care of by a property management company may include:
- Determine Competitive Rental Rate
- Market the Property
- Screening Tentant
- Preparing for Tenant Move-In/Out
- Collection of Rent
- Evicting Tenant
- Managing Finances
- Maintaining the Property