Property management is essentially the daily supervision of commercial, residential, or industrial real estate property by a third-party provider. In most cases, property owners hire property management companies to take care of the upkeep and safety of their properties, repairs, and general everyday maintenance. While this may seem like a simple arrangement, property owners often come to appreciate that having an experienced third-party to care for their investment provides them with the peace of mind that comes from knowing that someone other than themselves is responsible for the upkeep and safety of their property. After all, property owners are usually too busy trying to get their business or lives in order to ensure the continued safekeeping of their real estate property.
The role of property management encompasses much more than just ensuring that property owners get the maintenance work done on a regular basis. Instead, property managers ensure that their clients receive full payment for all daily services rendered. This includes routine housekeeping, lawn and garden care, cleaning of interiors and exterior premises, mowing and trimming lawns, among many other services. In addition, property management companies help residential customers schedule routine inspections, repairs, replacements and renovations, while commercial tenants are usually responsible for arranging scheduling and preparation of all necessary paperwork.
Today’s real estate market has increased the need for property managers as more property owners have realized that they cannot do everything themselves. With the assistance of a professional, property owners can enjoy greater profitability and decrease the time-consuming nature of day-to-day operations. Many property managers offer additional services, such as property management software, which helps property owners manage their real estate assets, including inventory, accounts, marketing data, property taxes and mortgage information. These programs also provide property owners with budgeting tools and advice on effective, real estate marketing strategies.