Property Management is the management, control, upkeep, and organization of real property and physical property. This includes residential, commercial, and agricultural real property. This is an exciting career that is highly competitive. The market for property management positions is constantly growing; therefore, many individuals with the right qualifications are being hired into this profession.
Commercial property managers deal with the operations of commercial properties. They oversee day to day operations of large retail shopping centers, office complexes, strip malls, hotels and other commercial properties. These managers are required to be very organized and detail oriented. They are responsible for the scheduling and opening of doors, the cleaning of premises after vacancy, property inventory and reporting. Other duties include general repairs, budget planning and long term care planning for these commercial properties.
The Bottom Line Property Management deals with paying the rent to the tenants of the commercial properties. They are also responsible for collecting late fees and delivering payments on time. When the tenant defaults in rent payment the manager has the authority to apply the penalties provided in the lease. These laws are usually laid out by the Residential Landlord's Organization.
A Property Manager must have a Bachelor's degree in either the management field or business. Property managers are expected to have strong negotiating skills to ensure that tenants pay their rent on time. The majority of rental contracts contain a clause which states that if the tenant does not pay their rent for one month the property owner has the right to enter into a contract with another party to rent the space at the same rate as the previous tenant. The property owner must follow all local and federal regulations when entering into any rental agreement.
There are various professional organizations that can assist property owners in the area of property management. These associations are made up of independent members whose sole responsibility is to represent their fellow members and help them achieve the best bargains in the real estate market. These professional organizations provide unbiased advice to members on all aspects of the real estate market including trends, rental prices, tenant rights, fair-dealing and more. All members are also screened for their legal competence and background information so that only the most reliable members are allowed to join the Property Management Associations. These professionals are there to guide their fellow members through all the processes involved in property management. Visit www.rentbottomline.com to learn how the property management average is calculated.
The National Association of Property Managers has the highest membership in terms of number of members. The national average is also higher than the average of other professional associations. The association gives its members the opportunity to earn a comprehensive certificate. This certificate is then required by most state boards. It is important that you find out how the national average of property managers is so that you can get an idea about the services and rates being offered by the property management company you are considering.
Check out this blog to get enlightened on this topic: https://en.wikipedia.org/wiki/Property_management.
