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.
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 managers lease and manage residential, commercial, industrial and retail property on behalf of property owners.
The property manager’s Normal duties include:
- selecting tenants
- collecting rent
- arranging repairs
- marketing the property
- negotiating leases and rent reviews
- advising on market rents
- representing the property owner at Tribunal hearings.
Every state of Australia has different licensing requirements. To be able to trade as property management company the company has to be licensed with a principal or licensee in charge. Each staff member of the company has to have a certificate of registration.
Residential Property Managers in New Zealand currently come in two types. Those that are licensed and those that are unlicensed. The New Zealand Government is currently reviewing whether all forms of property management need any legistlation http://www.justice.govt.nz/property-managers-review/. New Zealand licensed property managers offer a full and complete service with qualified professionals who collect rent through an audited trust account to protect both investment property owners and tenants.
The professional property manager needs excellent communication and people skills, knowledge of all relevant legislation, including building maintenance and town planning, and an understanding of how economic conditions affect the property market.
For many years, property management was regarded as a good ‘stepping stone’ for a career in sales and marketing. It is now widely recognised as an attractive, long-term career option in its own right.