Property
management is the administration of residential, commercial and
industrial real estate including apartments, detached houses,
condominium units, office complex/buildings and shopping centers.
Property management typically
involves the managing of property that is owned by another party or
entity.
Property management includes tenant placement, maintenance
and repairs, and the ongoing administration of real property.
Tenant
placement begins with advertising and showing the property, and it ends when
the tenant has signed all necessary paperwork, provided all deposits and required
rents, and has been handed the key to the property.
Maintenance
and repairs may occur prior to occupancy or during occupancy as the need
arises. The difference between maintenance and repairs is that maintenance
sustains
the current condition of the property while repairs restore the property to its
proper condition.
Ongoing Administration involves but not limited to routine property inspection, rent collection, administration of service charge and service providers e.t.c
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Credit:
www.investopedia.com/terms/p/property-management.asp
www.pennfoster.edu/~/media/files/pdf/.../513-property-management-certificate.pdf
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