Property management is the operation of commercial, industrial and/or residential
real estate. This is much akin to the role of managementin any business.
One important role is that of liaison between the
landlordand/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, advertising vacancies for landlords, and doing credit and background checks on tenants. In exchange for the service they provide, property management companies charge landlords a percentage of the gross rent collected each month.
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 a buffer for those landlords desiring to distance themselves from their tenant constituency.
There are many facets to this profession, including 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 software [http://www.propertyboulevard.com] .
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 [http://www.allpropertymanagement.com/propertylaw/] . 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 Washington, Idaho and Maine, do not require property managers to have real estate licenses.
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.
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.Fact|date=July 2008
Republic of Ireland
Republic of Ireland, there is no legal obligation to form a property management company. However, management companies are generally formed to manage multi-unit developments, and must then follow the general rules of company law in terms of ownership and administration.
No specific qualifications or licences are required to operate as a managing agent in Ireland. This is likely to change once the National Property Services Regulatory Authority is established on a statutory basis.
A Bill providing for the statutory establishment of this body is expected to be published by the Irish Government in 2008. The new authority will license and regulate managing agent services, but is not expected to have legislative power to investigate individual complaints against managing agents.
National consumer agency(NCA) has campaigned in this area, and in September 2008 it launched a website explaining consumer rights. The NCA does not have a legislative or regulatory function in the area, unless a consumer complaint is in relation to a breach of consumer law.
Building Owners & Managers Institute International (BOMI) offers industry-standard designations that certify the training associated with Property Management:
Real Property Administrator(RPA)
* the Facilities Management Administrator (FMA)
* the Systems Maintenance Administrator (SMA)
* the Systems Maintenance Technician (SMT)
The Institute of Real Estate Management (IREM)
* Certified Property Manager (CPM)
* Accredited Residential Manager (ARM)
* Accredited Management Organization (AMO)
The National Association of Residential Property Managers (NARPM) has the following designations:
* Residential Management Professional (RMP)
* Master Property Manager (MPM)
* Certified Residential Management Company (CRMC)
* Certified Support Staff (CSS)
National Apartment Association (NAA) has the following designations:
* Certified Apartment Manager
* Certified Apartment Property Supervisor (CAPS)
State recognized and (sometimes) required licenses:Florida - Community Association Manager (CAM)
The term "property management" is used to describe the practise of managing capitalized assets that are not real estate in nature, such as equipment and consumables. This is particularly the case in some post-secondary institutions, federal agencies and organizations that must manage government-furnished property, such as government contractors.
* Rhodes, Trevor. American Landlord: Everything U Need to Know... about Property Management. 384 pages. McGraw-Hill, January, 2008. ISBN 0-07-154517-4.
* [http://www.boma.org/ Building Owners and Managers Association International (BOMA) Web site]
* [http://www.bomi.org/ Building Owners & Managers Institute International (BOMI) Web site]
* [http://www.irem.org/ Institute of Real Estate Management (IREM) Web site]
* [http://narpm.org/ National Association of Residential Property Managers (NARPM) Web site]
* [http://www.naahq.org/Pages/welcome.aspx National Apartment Association (NAA) Web site]
* [http://www.consumerproperty.ie National Consumer Agency's (NCA) consumer property Web site]
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