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Definition
Property management
is the operation of commercial, industrial and/or residential real
estate. This is much akin to the role of management in any business.
Property Management is also the management of personal property,
equipment, tooling and physical capital assets that are acquired and
used to build, repair and maintain end item deliverables. Property
Management involves the processes, systems and manpower required to
manage the life cycle of all acquired property as defined above
including Acquisition, Control, Accountability, Maintenance,
Utilization, and disposition.
Roles
One important role is that of liaison between the landlord and/or
the management firm operating on the landlord's behalf and tenant.
Duties of property management include accepting rent, responding to
and addressing maintenance issues, and providing a buffer for those
landlords desiring to distance themselves from their tenant
constituency.
There are many facets to this profession, including managing the
accounts and finances of the real estate properties, and
participating in or initiating litigation with tenants, contractors
and insurance agencies. Litigation is at times considered a separate
function, set aside for trained attorneys. Although a person will be
responsible for this in his/her job description, there may 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 applicable municipal, county and
state laws and practices.
(source: wikipedia)
Unpaid rent
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