Property management involves the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Property managers act on behalf of the owner to preserve the property's value while generating income.
In the property market, property management is a critical service that encompasses a wide range of functions related to the daily oversight of residential, commercial, or industrial real estate. Property managers are tasked with ensuring the optimal operation of a property, including managing tenant relations, collecting rent, handling maintenance and repairs, and complying with all relevant laws and regulations.
The role of a property manager often extends to financial management, such as budgeting for property expenses, setting rent levels based on market rates, and maximizing rental income. They also play a key role in tenant screening, lease management, and even the marketing of properties to ensure high occupancy rates. For property owners, engaging a property management firm can relieve the burden of day-to-day operations and provide peace of mind that their investment is being professionally managed to maximize returns and maintain property value.
Property Management is a term that you may have heard before, but you might not be sure what it means. Here are some common questions and answers to help you understand what it means.