The processes that are applied in order to maximise the returns by effective administration of property are together referred to as ‘Property management’.

It is one of the major assets of most of the organizations. Besides, it also includes all the disciplines that are implemented on property rules and rental policies.

In other words, ‘Property Management’ is yet another career profession, which is a part of the growing business industry.

A property manager’s employment can be in either of the following ways:

 Directly under the supervision of a real estate property owner.

 For a property management company.

 Hired by a legal entity to look after the real estate for a certain period of time.

Following are certain roles played by a property management company and the property managers. These roles are more or less similar to the roles played by management in any business.

 It takes the responsibility of managing the multiple aspects involved in the ownership of real estate.

 It acts as a liaison between the landlord and tenant. In this case, they perform duties like posing appropriate gross rent, responding to and addressing maintenance issues, accepting rent, advertising vacancies for landlords, doing credit and background checks on tenant, etc.

 Apart from managing income and expense related activities, property managers are also required to manage construction, development, repair and maintenance.

 It is quite essential for the property managers to maintain good relation with the management company, property owner and tenants.

 Initiating a ‘litigation’ with tenants, contractors and insurance agencies is an important aspect of this profession. However, it is an entirely independent function meant only for the trained attorneys.

 They also look into legal aspects like evictions, non-payment, harassment, reduction of pre-arranged services, public nuisance, etc.

Following are some characteristics of an ideal property manager:

 He should have an updated knowledge about new laws and practices in the given localities, cities and states.

 He should also stay updated on local ordinances.

 He should be very honest while enforcing property rules and rental policies.

 He is expected to be well oriented and organized with paper works.

 He ought to have good communication and computer skills.

 He should not refrain from working with the public.

 He should have a strong sense of duty and commitment.