Property ManagementJan 19, 2010
Property management is commonly defined as the operation of commercial, industrial and/or residential real estate. This kind of management is usually encountered in landlord-tenant relationships. Particularly, it deals with the performance of duties that include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency. Other important tasks involved in Property Management include managing accounts and finances of real estate properties and participating in or initiating litigation with tenants, contractors and insurance agencies. Although litigation is more in tune with the duties of a lawyer, property managers knowledgeable in the law may participate in enforcing property rights. Special attention is given to lease agreements particularly on situations dealing with evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance Therefore, it is a necessity that a property manager be current with applicable municipal, county and state laws and practices.