Property Management Print E-mail
Written by Ideal Property Inc   
Property management is the operation of commercial, industrial and/or residential real estate. 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, Maintenance, Utilization, and disposition.

Roles
One important role is that of liaison between the landlord and/or the management firm operating on the landlord's behalf and tenant. Duties of property management include accepting rent, responding to and addressing maintenance issues, and providing a buffer for those landlords desiring to distance themselves from their tenant constituency. 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 and state laws and practices. Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).

Licensing
United States
Most states require property management companies to be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. A property manager may be a licensed real estate salesperson but generally they must be working under a licensed real estate broker. Most states have a public license check system on-line for anyone holding a real estate salesperson or real estate broker's license. A few states, such as Idaho and Maine, do not require property managers to have real estate licenses. Washington State requires Property Managers to have a State Real Estate License if they do not own the property. Owners who manage their own property are not required to have a real estate license, See the State Laws [1] however they must at least have a business license to even rent out their own home. Generally, property managers who engage in only association management need not be licensed real estate brokers. In Connecticut, however, a broker's license is required. Some states, while not requiring a real estate license, do require association managers to register with the state.