Definition of Property Management

Property management is the work of different forms of real estate like commercial, residential and industrial which is relevant to the manner you supervise any companies. It also comprises the management of personal property, capital assets and equipment that are earned and are utilized to create, repair and maintain deliverable products.

Property management also refers to the processes, techniques and staff needed to carry out the life cycle of all procured property as marked above such as acquisition, control, responsibility, accountability, utilization, and repair.

One of its principal parts is that of link between the landlord and/or the management firm working for the part of the landlord and its tenants. The work of property management include receiving rents, taking actions on maintenance issues, and acting as an intermediate for landlords who want to detach themselves from their tenants.

There are a lot of forms to this profession. This includes taking the accounts as well as the finances of the real estate properties. They also have roles in filing lawsuits and litigations against tenants and other parties involved. Legal complaints is at times grouped as a different function, set aside for experienced attorneys.

Special consideration is given to the landlord and tenant laws. Evictions, non-payment, harassment, and public nuisance are just some legal subjects that gain the most amount of consideration from property managers. Therefore, it is important that a property manager should always be updated and knowledgeable with the important municipal, county and state laws and practices like for example in Berkeley CA property management.

Majority of the US states are obliging property management companies to have licensed real estate brokers. A property manager may have a licensed as a real estate salesperson but generally they must work under a licensed real estate broker. Other states have a public license online checking system for anyone who is holding a real estate salesperson or real estate broker's license.

Other states, such as Idaho and Maine, do not obliging property managers to get real estate licenses. Owners who run their own property are not required to have real estate licenses but they must at least have a business license. Owners who are not living near their rental properties may be obliged by the local government to get the services of a property management company.