MapMuse - Locate Property Management Agents Near You

...of the gross rent collected each month (typically 3-10%), in addition to lease commissions. If disclosed in the management agreement, repair costs may be marked by some property managers. Some property management companies manage home owner associations (HOAs).

Property managers may manage construction, development, repair and maintenance on a property. Property manager relations with tenants gives a face to the landlord and provides them the necessary buffer servicing their desire to profit and distance themselves from their tenant constituency.

There are many facets to this profession, including participating in and/or initiating litigation with tenants, contractors and insurance agencies. Litigation alone is at times considered an entirely separate function, set aside for trained attorneys. Although a person or persons will be responsible for this in their job description, there may or may not 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 new laws and practises in their given localities, cities and states.

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

Most states require property managers be licensed real estate brokers if they are collecting rent, listing properties for rent or helping negotiate leases. Alternatively, they may be licensed real estate salespersons working with a licensed real estate broker. Most states have a public license check system on-line for property management companies that engage in 'commercial building' management functions, such as strip malls, and professional buildings. Those how manage multi-unit apartment buildings, townhouses and condos do not require a real estate license.

A few states, such as Idaho and Maine don't require property managers to have real estate licenses.

Generally, property managers engaging 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 register with the state.