INTRODUCTION TO PROPERTY MANAGEMENT

What Is Property Management?

Property management is the everyday oversight of estate by a third-party contractor. Generally, property managers assume the responsibility
for the marketing of a property, tenant placement, rent and other collections related to the property/tenancy, day-to-day repairs and ongoing
maintenance, security, and upkeep of properties and more. They usually work for the owners of investment properties such as apartment and
condominium complexes and private home communities. Owners can range from portfolios of thousands of properties to individual investors
with just one or two properties.

KEY TAKEAWAYS

• Property management is the oversight of real estate by a third party.

• Property managers are generally responsible for the day-to-day operations of the real estate, from screening tenants to arranging for
repairs and maintenance.
• Owners pay property managers a fee or a percentage of the rent generated by the property.
• Every state has its own laws regulating the activities of property managers.
Here are some of the activities often performed by property managers:

• Advertising property
• Setting a rental price
• Ensuring the property is ready to be rented
• Open homes – giving potential tenants the change to view the property and answering any questions they may have
• Screening tenants
• Reference checks
• Contracts and condition report at the beginning of the lease
• Regular inspections and condition reports throughout the lease
• Handling maintenance requests and out of hours emergency calls
• Finance – security deposits, paying bills, ensuring the rent is coming in on time
• Dealing with late payment of rent or other tenant problems
• Adjusting rent
• Responding to requests or queries from tenants eg: request to have pets
• End of lease – ensuring property is cleaned and left in its previous state, keys are handed in and paperwork signed.

In summary, property management is all about looking after the investors property and making sure that the property is rented out and well-
maintained.