Property management is the legal authority, control, care, and maintenance of real property and personal property owned by a person or entity. This would include commercial, residential, and vacant land property. Property managers are also responsible for collecting rents, escrow accounts, keeping records of utilities, and arranging for necessary repairs and renovations to the property. It is the duty of a property manager to protect the legal rights of the property owners as well as complying with applicable laws and regulations.
It is up to property management companies and individuals to ensure that tenants pay their rent on time and that property management fees are paid on time. Most states require property managers to pay into a certificate of insurance every year. In addition, most state laws provide for tenant and landlord inspections at regular intervals.recommended to know about Property Management.
A number of things can affect the rent collection of a property. First time renters may pay higher rent because they are inexperienced and therefore risk losing their rental unit. Other reasons for higher rent may be that a previously quiet rental unit suddenly becomes liable after some renovations. Property management companies may need to call in a temporary renter if they know that the owner has ordered the unit cleaned before requiring another tenant. In addition, property maintenance companies may choose to evict tenants who fail to pay rent. Some property management companies engage in “nuisance” practices such as cleaning units after the tenant leaves, hanging large banners advertising various services, and creating loud noise or playing music very late into the night.