Property management is the administration, supervision, management, and control of physical real property and personal property. This includes residential, commercial, and agricultural real property. Property managers typically deal with issues that relate to contracts, taxes, safety, building codes, development issues, maintenance, aesthetics, tenant concerns, title policies, financial responsibilities of the property, and related matters. Property managers typically report to an office manager or a department head. They may also serve as a mediator between tenants and owners.
Self-managed properties are managed by individuals who act as owners or managing members on their own. An individual who is interested in becoming self-managed must first acquire a permit from the Office of the Realtor. These permits are valid for a period of one year, after which they must be renewed. Once renewed, property managers are automatically licensed to manage properties on behalf of their tenants. Some states require that self-managers be licensed or registered brokers, while others simply require that they have an associate’s license in the state where they are licensed.
The primary role of a tenant is to pay rent and maintain the dwelling, but property owners and managers also take care of other responsibilities as well. These can include doing chores around the property such as gardening and lawn care, and scheduling periodic inspections of the property by the Tenant representative. In addition, some property managers handle the inventory, cleaning and maintenance of the rental property itself. A property owner or manager should be careful to remember that they are a landlord and not a tenant.
There are many benefits of hiring a property management company to manage one’s rental properties, but there are some risks as well. It is important to know the specific duties, responsibilities, or the laws that apply in your particular area. You also want to know that you are working with someone who has a lot of experience in dealing with situations such as yours. If you make the right decisions and hire someone who knows what they are doing, finding new tenants can be easy and stressful work.