What Is Property Management?

Whether you're a commercial letting agent in the US or a live-in landlord with houses in Bristol

, property management is a term you should be familiar with. This discipline effectively applies the principles of business management to the operation of commercial, industrial or residential real estate.

At its heart, property management involves the relation between owners and tenants. Frequently this is more accurately described as that between the owner's agents - an agency, manager, landlord or other functionary - and the tenants. These agents generally handle all tenant and property facing duties, including maintenance, rent collection, tenant complaints, even dealing with due property taxes, duties and legal obligations.

Property managers may work exclusively for a single client; manage property assets for several different groups, deal strictly with residential, commercial or industrial properties or any combination. The relationship between owner and agent can be quite specific, such as the terms of a commercial lease where the manager also operates the business, or more general, such as a letting agency.

Managing properties effectively often involves tasks that may fall outside of the typical landlord/tenant arrangement. For example, the manager may arrange for security, delivery, cleaning, telecoms or facilities management services for commercial or industrial premises, or even residential portfolios.

In principal, property management establishes clear expectations for both owners and tenants. Tenants have he assurances that their accommodation or premises will be available for their use, in an accepted state and condition, without unexpected interference from landlords or other tenants. Meanwhile owners can ensure that costs are controlled, revenue maximised and property safeguarded through a clear framework of management - and that agreements are made in compliance with housing and property laws.

Thanks to this planned approach, owners can ensure that cash flow from property assets is consistent and manageable; costs can be effectively evaluated alongside income, whilst routine procedures and duties are handled regularly. Contractual and administrative work becomes streamlined and investments are protected by a methodical approach.

by: Benjamin Turney

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