Property management, is a service or function related to the daily operation and maintenance of real estate. This term is often associated with commercial properties such as office buildings, shopping centers, industrial buildings, or residential rentals.
The tasks of a property manager may vary depending on the type of property and contractual conditions but generally include:
- Tenant Recruitment and Selection: The property manager may be responsible for advertising available spaces, conducting tours with potential tenants, screening tenants, and negotiating lease agreements.
- Rent and Fee Management: This involves collecting rent, tracking payments, and pursuing unpaid rent. The property manager may also be responsible for managing expenses related to property operation and maintenance.
- Maintenance and Repairs: The property manager must ensure that the property is safe, well-maintained, and functional. This may include planning and coordinating repairs and maintenance, addressing emergency situations, and conducting regular property inspections.
- Compliance with Laws and Regulations: The property manager must ensure that the property and its operation comply with local laws and regulations. This may involve compliance with building codes, health and safety regulations, and rental laws.
- Communication with Tenants: The property manager serves as the primary point of contact for tenants and should be able to address their inquiries and complaints and ensure their needs are met.
In essence, a property manager helps the property owner maximize the value and returns on their property by managing its operation and maintaining good relationships with tenants.
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