Property Management
Candlefocus EditorProperty managers are responsible for ensuring that tenants have a safe and comfortable living environment. This includes screening potential tenants, handling tenant issues and evictions, collecting rent and administering security deposits. Managers are also responsible for upkeep and maintenance of the property, as well as keeping all necessary records.
Property managers can manage various types of real estate, including residential, commercial and industrial. They may also manage property for special purposes, such as properties for student housing or for senior living. Every state has its own laws regulating the activities of property managers, so it’s important to familiarize yourself with these laws and regulations in the state you’re managing property in.
Property managers typically charge a percentage of the rent generated by the property, as well as any other fees for their services. This percentage can range from 8 to 10 percent, but can vary depending on the services provided and the size of the property.
Property management isn’t easy - it requires an extensive knowledge of real estate law, excellent customer service and organizational skills, and the ability to maintain standards and keep tenants happy. As the industry continues to grow and evolve, it’s expected that more individuals and firms will begin offering property management services, which will make it easier to find the right property manager to fit your needs.