Property management
Property management pertains to the oversight of residential, commercial, or industrial real estate that is owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income. Property management licensing requirements vary among the states. Most states require property management companies to be licensed by the local real estate board.
- Property managers help owners create budgets, advertise rental properties, qualify tenants, collect rent, comply with local landlord-tenant and real estate board laws, and maintain properties.
- Preventive maintenance, interior, and exterior cleaning, and construction all fall within the scope of a property management company's responsibilities.
- Owners pay property managers a fee or a percentage of the rent generated by a property while under management.