What is Property Management?
Property management involves overseeing and maintaining real estate for owners. Services range from rent collection, maintenance, tenant screening, lease negotiation, to eviction handling. The main duties are to ensure the properties are well-kept, tenants are content, and rents are timely collected.
It also involves financial accounting of the real estate. The goal is to provide sustainable scalability for property owners.
This is usually done by a third-party property management company. They manage the physical property, ensuring its optimal condition.
Property owners coordinate with these companies, paying them to manage their rentals. The company also handles tenant inquiries, advertises the property, checks applicants, drafts lease agreements, and collects rents.
Property management aims to increase the property's value while ensuring tenant satisfaction and property upkeep. It requires skills like communication, organization, and understanding of local laws. Effective property management leads to increased tenant satisfaction, fewer vacancies, and increased rental income.