Property management? |
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A property management company typically acts as a liaison between the landlord and tenant. Duties of property management companies include accepting rent, responding to and repairing problems, advertising properties for landlords, and doing cr and background checks for tenants. In exchange for the service they provide property management companies typically charge landlords 8-10% of the gross rent collected each month, in addition to lease commissions. If disclosed in the management agreement repair costs may be marked by some property managers. Some property management companies also manage home owner associations (HOAs).
In addition to managing income and expense related activity, property managers can also manage construction, development, repair and maintenance on a property. The direction / choreography of repair/maintenance is quite a large part of a property manager's function. Property manager relations with Tenants gives a face to the Landlord and provides them the necessary buffer servicing their desire to profit and distance themselves from their tenant constituency.
There are many facets to this profession, including participating and/or initiating litigation with tenants, contractors and insurance agencies. Litigation alone is at times considered an entirely separate function, set aside for trained attorneys. Although a person or persons will be responsible for this in their job description, they may or may not be an attorney working under a property manager. Special attention is given to Landlord/Tenant law and most commonly, evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with new laws and practices in their given localities, cities and states.
