Property management is the oversight, control and operation of real estate and is utilized in terms that are broad and the management gives the indication of the requirement which will be taken care of and accountability is taken into consideration and monitored by those who do the management and there is no difference with the way a business is run.
In property management the work is to manage physical assets which are used to maintaining the deliverables, repair and build as well as tooling, equipment, and personal property and the management also seeks manpower, systems and processes needed for managing the cycle of life of all properties and they include the disposition, utilization, maintenance, responsibility, accountability, control and acquisition.
The work includes the management of finances and accounts of the properties, the participation and initiation of any litigation of involving the tenants, insurance agencies and contractors even though litigation is seen as being different as a function of property management which is intended for lawyers who are versed with the field of laws of property.
There are sometimes lawyers who work with the firms that deal with property management and exceptional attention is offered to the tenant and landlord law and these lawyers deal with some evictions, public nuisance, reduction of pre-arranged services, harassment and non-payment of rent and this is where the property managers are required to be well versed with the applicable property laws of the county, municipal and housing practices and other laws if a lawyer is not available.
Management deals with real estate matters manages family houses, multi-single units, residential houses as well, as commercial buildings and there is an agreement entered into with the owners of the property and the property management companies which allows them to collect rent from the tenants and the owners do not even know who the tenants are but the company that manages the property gets to keep between 10 to 15 per cent of the rent collects as their commission and the rest is given to the property owner.
They take care of sites of land that are empty so as to ensure they are safe and more secure and they always gives a report to the owners about the situation after a period of time and they are paid a monthly fee that is fixed.
This concept is applied to the commercial establishments and space of apartment including business centers, retail centers, which generate some good revenue and the manager of the property enters into an agreement with the owners of the property and gets the right to do some conversion of the property so as to get more revenue from it and instead of paying the owners of the property any rent the company of the property management gives a share of the money they make and there also some structures which are hybrid where they combine a share of the revenue and as well pay some rent which they pay to the owner of the property.