Property Management

Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. 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, responsibility, maintenance, utilization and disposition.

Duties of property management generally will include a minimum of these basic primary tasks:

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, state and Federal Fair Housing laws and practices.

Property management, like facility management, is increasingly facilitated by computer-aided facility management.

Every state of Australia has different licensing and compliance requirements. Generally, to be able to provide property management services, a real estate licence is required. State of Victoria Australia information

In Canada, the laws governing property management and landlord/tenant relations are, generally speaking, a Provincial responsibility. Each Province and Territory makes its own laws on these matters. In most cases any person or company can offer property management services, and there are licensing requirements. Other than specific laws in each Province and Territory governing these matters, they are governed by English Common Law, except in the Province of Quebec where the Civil Code is used in place of English Common Law. In some cities, the Provincial Legislation is supplemented by City by-laws.

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Wikipedia