Property Management is the administration, management, upkeep, and control of real property and physical property owned by a person or an entity. This includes residential, industrial, and commercial property. For the purpose of this definition a property could be a building, lot, land, or structure. It also could encompass an individual’s personal belongings kept on the property, or even a portion of that property. In other words, property management encompasses the act of managing the property so it is well cared for. Bridlewood Real Estate-Property Management has some nice tips on this.
The principles of property management include the maintenance and safety of the property, including apartments, condominiums, townhouses, row homes, mobile homes, coops, and privately owned residential lots; managing and maintaining records of tenant responsibilities and financial obligations; and maintaining a fair and reasonable rental rate. The duties related to residential lots may include maintaining sidewalks, streets, alleys, parks, sidewalks, landscaping, snow removal, graffiti removal, tree removal, emergency electrical system, fire alarm system, security and lighting, as well as maintenance of equipment and machinery associated with those areas. This also includes managing the daily operations such as cleaning the interior of apartment buildings, condominiums, townhouses, row homes, mobile homes, coops, and privately owned residential lots.
Additionally, property managers ensure that all of the necessary applications are filed, including the lease agreement, and all necessary documents were delivered to the tenants, including receipts, documents, and leases. They also ensure that the security deposits are returned to the tenants, including security bond, according to the provisions of the lease agreement. Furthermore, they collect rents on behalf of the tenants, collect the late fees for late payments, collect the change in the rent due for the day the rent was paid, set the rules and regulations of the tenants’ community, work with the management corporation, reserve funds for legal and insurance purposes, conduct background checks of management staff and current and past tenants, keep track of information concerning the property including repairs and expenses, collect money from the tenants for refund checks and deposits, and maintain a bookkeeping record of all of this information. Lastly, property managers work with the landlords in an attempt to reach a rental agreement that both parties agree upon. Ultimately, they ensure that all aspects of the management process are properly completed and managed.