Basically, property management is the process of operating, controlling, and overseeing property or real estate. The management of the property is to care, monitor, and account the property itself in terms of its useful lifespan and its condition. Property management is no different from the management position in any other company or business.
Other than real estate, property management can also manage other types of property like equipment, tools, capital assets, deliverables, and your own personal property. The job of property management involves a number of processes done in a certain system and requires certain manpower to be able to manage the property’s life cycle from the acquiring of the property until it is disposed of including the processes in between (controlling, accounting, maintaining, utilizing, etc.) One of the efficient ways to do property management is to make use of Property Management Software.
So what are the roles and duties that are performed by a property manager? Well in general it includes these basic tasks:
1.) Properly screening and testing the credit, rental history, rental history, criminal history, as well as the ability to pay of the applying tenant.
2.) Contracting the leases of your property as well as accepting the rent of the tenant and checking his legal documents to approve it or not based on the laws in the area where the property is.
3.) Remediating and mitigating any issues regarding the maintenance of the property as well as taking care of budget problems and work with a lawyer in any legal issues.
4.) Maintaining and overseeing the needed records regarding tax and law.
With Online Property Management Software, you are better able to oversee the works of your property manager as the owner through the internet and other programs removing the need for you to have to meet up with the property manager to access the files and records.
The profession of property management has many facets. These can include account management, financing of properties in real estate, as well as initiating any litigation with your tenants, insurance companies, contractors, etc. At time the process of litigation is left to trained lawyers which is why you can find lawyers and attorneys who are working under a property manager.
It is still quite important for property managers to be updated with the laws of the state, county, country, or whatever area the property is in because there will always be situations regarding legal issues that will occur with the tenant. The property manager will always give attention to issues regarding eviction, failure to pay rent, harassment, being a nuisance to the public, as well as the reduction of any services that are pre-arranged. So if ever multiple issues arise, the property manager will first have to work on the issues mentioned as these are the ones that greatly affect the livelihood of tenants, the property, as well as the reputation of the owner. At the end of the day, the owner himself will want to know what is going on so he can just access his Property Management Software.